Overall, bitcoin has suffered a 50 percent drop in market dominance since November of 2017… Currently, market share for Bitcoin as of this post is exactly 33.8 percent, having not too long ago been at over 60 percent. So is this digital gold diminishing as a store of value, and potentially being replaced by market demand for faster blockchain?? Bitcoin took a big hit today.. If you look at my chart above, this was the 2nd worst drop this year so far. The 1st big drop this year was on Jan 17,2018 at 1500 hrs . where it tanked to approximately $9,029.14 Today, 14 days later from the 1st major drop, on Tuesday Jan 30, 2018 it tanked as low as $9,597.50
Bitcoin is down about 11% today. It was a day for the crypto community and the those big giant mean bears won.. Keep in mind that when BTC goes down, so do all the other alternative coins that piggy back on BTC . According to information from sites like CoinMarketCap and OnChainFX, the prices of all of the top-10 cryptocurrencies by market capitalization have fallen in the past 24 hours. These include NEM , EOS and Cardano, per info from CMC , all of which have shed at least 10% in value since yesterday. Today, I struggled to find coins or tokens to invest only to realize very few coins were putting up resistance to hold and fight back. In the evening, I shut off my around 3pm and called it the day. It gave me time to relax , recoup and plan my next strategy for tomorrow!
So, the bears have won this fight today, and now it's time for me to stack up bitcoin…. The grandfather of all Cryptos.. The puma, the 1st president if you will of this awesome new asset class worth $496,391,113,442 with a 24 current hour of $ 27,708,042,959, according to coin market cap. The crypto king, who is currently being threatened by rivals like BitCash and a few others who can transact faster with millions more transactions through the nodes without expensive mining fees, this king has an array of mean rivals who want to dominate and take over the seven kingdoms. What is yet to be seen is, where and who will this new king emerge from??
If you enjoyed my update don't forget to hit the like button since im a new analyst on trading view working hard to build some reputation points. I have always enjoyed video marketing as my choice of media distribution…
Disclosure: This is not financial advice, you must do you own research.