In the latest Ethereum news, the price of the second largest cryptocurrency by its market cap has (again) dropped, this time to $173, marking a 10% decrease in less than 24 hours. The rest of the market is also in the red, but Ethereum is one of the biggest losers out there today.
The recent fallout in altcoin prices, specifically ETH, has boosted Bitcoin’s dominance of the crypto market, that is now commanding a new 60% market share. As of today, Bitcoin is officially closer to reaching 60% market dominance. On the other hand, Ethereum’s market dominance is 12.62%, according to new data from CoinMarketCap.
Bitcoin’s price woes over the past month haven’t been enough to compromise its market dominance – mostly because of ETH’s recent struggles which remain fiercer. None of the other altcoins plays a huge role in the Bitcoin/Ethereum rivalry for crypto market dominance – which is again rivalry that has consistently favored Bitcoin.
With a price of $1,377 in January 2018, a few months later Ethereum is one of the biggest losers for the year, dropping more than 80% and currently trading at less than 15% of its all-time high price.
According to our analysts here at DC Forecasts, the recent Ethereum fallout is largely attributed to a decline in ICO activity that boosted the Ethereum price since early last year. At this point, it is likely that the fallout will continue for the foreseeable future.
A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling
Financial Analyst Gary Shilling: Bitcoin Is Some Kind Of A Grand Ponzi Scheme
“There’s supposedly a limit on there, but where is it written in stone that can’t increase? And of course, the electricity that’s churned out by the miners trying to solve these algorithms is just extraordinary.”He dismissed bitcoin by calling it a black box which is a very complex investment model. Also, Shilling noted that he is very suspicious of many things that are clearly not transparent and said that it is not the best idea to invest in something if you don’t understand it. There are plenty of reasons why bitcoin fails as a currency such as not being a store of value, it’s also not a medium of exchange and it is still not accepted universally.
“All the requirements that you normally have for a currency, it just doesn’t have. The only legitimate use I can think of in bitcoin is off-the-books kinds of transactions, underworld transactions. I just don’t see a legitimate use. It is a game,’’ said Shilling.However, the younger generation of tech millionaires is extremely confident that bitcoin will eventually manage to toss aside all other currencies. Some of them even predict bitcoin to reach a price of $250,000.
‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
Crypto Exchange OKCoin Expands To Latin America, Launching A Fiat Market
"We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” Buyn said following the official announcement.He also pointed that the Latin American market is extremely important for the exchange as it is for many crypto and blockchain industries.
Join us on Facebook
- Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
- A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling
- SEC Shuts Down Two Crypto Startups For Illegal ICOs
- Q3 Report: Chinese Blockchain Company Xunlei Reaches $45.3 Million In Revenue
- Financial Analyst Gary Shilling: Bitcoin Is Some Kind Of A Grand Ponzi Scheme
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
wed05dec9:30 am5:30 pmDigital Asset Investment ForumExploring the Emerging Asset Class.9:30 am - 5:30 pm The St. Regis Washington, D.C, 923 16th and K Streets, N.W., Washington, District Of Columbia 20006 USA
Altcoin News5 days ago
Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’
Blockchain Archive2 days ago
ICO Promotion Services | Advertise your ICO | Promo for ICO
Blockchain News3 days ago
Bank Of America Secures A Patent For Crypto Aggregation Systems
Altcoin News5 days ago
CFTC With A Fine Of $1.1 Million To Crypto Fraudster
Blockchain News4 days ago
Iran Gets Removed From SWIFT, Considers Switching To Crypto As Planned
Blockchain Archive4 days ago
Blockchain Conferences Marketing | Advertise Cryptocurrency Events
Blockchain News5 days ago
The City Of Graz Opens A Cancer Research Laboratory That Will Use Smart Contracts On The Blockchain
Analysis4 days ago
Bitcoin Falls To $6,300, Recording Two Sell Candles On Its Daily Chart