Bitcoin's market dominance has fallen to a new monthly low. Only slightly more than 51 percent of total market capitalization is accounted for by Bitcoin. On the other hand, Ripple XRP and Bitcoin Cash have recovered and gained several percentage points in the last week.
The market development of Ripple XRP has been particularly remarkable lately. Ripple continues to overhaul Ethereum in terms of market capitalization. The demand for Ethereum feeds from different sources. For example, some token platforms require Ethereum to function, process transactions, and offer Initial Coin Offerings (ICOs). The demand for Ripple XRP is a bit more complicated and depends largely on financial institutions. These have integrated ripple solutions over the last few years to move funds across borders.
Ripple XRP impresses with its current development. The cryptocurrency has a long course winter behind it, as well as some crashes. At the time of writing, a ripple XRP had a value of $ 0.53.
Many factors play a role in the recent increase in Bitcoin Cash's trading volume and trading volume. The most important aspect is likely to be the upcoming November 15 Hard Fork. Currently, the supporters of cryptocurrency divide into two large camps. The same people who created Bitcoin Cash through a Bitcoin Hard Fork want to turn Bitcoin Cash into something else.
A viable fork of bitcoin cash could turn out to be an arbitrage opportunity. Many experienced crypto traders already have this possibility in mind. When Bitcoin's Hard Fork took place, anyone who had previously held Bitcoin also got Bitcoin Cash. The new coin was immediately traded at rather high prices. This is probably the main reason for the current increase in demand for Bitcoin Cash. Nevertheless, the growing crypto environment and the ever-expanding crypto industry are also likely to play a role.
While bitcoin advocates might not like to hear that, bitcoin's declining dominance may be a sign of a healthy market. To put it in a nutshell, it may be that the main store is not thriving as well as before, but the sub-stores are enjoying greater success.
You also have to remember that this is not a zero-sum game. Some new entries in the world of cryptocurrencies might not have appeared at all, if everything was based only on Bitcoin. Straight Ethereum offers a variety of opportunities for businesses and individuals to use the Blockchain. Then there is Ripple, whose solutions are aimed at large institutions. Together, both cryptocurrencies represent nearly 20 percent of total market capitalization. They should not be underestimated.
Sources: Coinbase, CNBC, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-marktanteil-faellt-auf-monatstief-ripple-xrp-und-bitcoin-cash-gewinnen-hinzu/
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