Many cryptocurrencies have followed Bitcoin, but none have been able to crack its dominance of the digital currency marketplace. The above interactive graphic, by CryptoReach, shows the top 20 cryptocurrencies ranked by market capitalization over the course of the past 2.5 years.
This ranking can teach us about the evolving market for cryptocurrencies and the direction it may take as more and more competing players emerge.
It’s been a tough stretch for bitcoin investors. After toppling the $3,000 level last month, bitcoin has shed more than $600. For crypto rival ethereum, it’s been even uglier. The sudden reversal in the market has sparked yet another wave of doom and gloom regarding the future of cryptocurrencies.
But while those late to the party have, indeed, been slammed the past couple of weeks, long-term crypto holders don’t have much to complain about.
According to buy-side analyst Chris Burniske, bitcoin BTCUSD, +0.29% and the rest of crypto market could plunge 75% from these levels and still be in a bull market. That’s because such a decline would only bring the total market down to $15 billion in aggregate value.
If that number sounds familiar to crypto investors, it should. Back in 2013, when cryptos first took out that level, it became known as the “big bubble.”
The doom and gloom isn't unfounded, but it's also not a foregone conclusion.
Is crypto about to disappear from the face of the earth?
No. No matter what MsM analysts are telling you, that's not going to happen.
Is it in flux and subject to massive upheaval/transformation?
The cryptocurrency sector has lost about a third of its market value since peaking in early June. Bloomberg's Lily Katz reports on "Bloomberg Daybreak: Asia."
Panic aside, James Dennin reported on why this might not be the massive deal the MsM are making it out to be...
Of course, these types of wild swings are not unusual for cryptocurrencies. Indeed, many in the industry are treating the dips as a healthy "correction" — which is when a price dip is welcomed because it brings the asset more in line with its perceived fair value. Sheba Jafari, head of technical strategy at Goldman Sachs echoed that sentiment in a note to clients reported by Business Insiderthat bitcoin prices were "heavy," meaning high.
"I'm happy that the price is being corrected to something more realistic," Daniel Vaughn, a programmer who builds products on the Ethereum platform, told Mic. "This sort of wildly speculative investment is bad for the technology since it's still in its infancy."
A popular bitcoin wallet service and mining pool is appealing for the user who made an incredibly large erroneous bitcoin transaction fee to come forward and claim their money back.
BTC.com is a bitcoin miner, which means it mines series of bitcoin transactions and writes them into a list known as a "block". Once mined, each block lists the total amount of transaction fees that have occurred within the last 10 minutes.
On Wednesday 7 June, the company was surprised to discover a block that had a gigantic transaction fee of 80BTC ($215,520, £167,481) in it.
"If it had been a normal day, we would have received 2BTC ($5,047) in transaction fees from everyone put together," BTC.com's vice president of business development Alejandro De La Torre told IBTimes UK. "80BTC is insanely high. Someone added way too high a transaction fee on their transaction."
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