Bitcoin shares hit a record high in the middle of September 2018. They are now in a fall to make up for all the activity on the cryptocurrency market. Bitcoin used to make up 60 percent of the cryptocurrency market and now only holds a position of about 50 percent of the market. Other cryptocurrencies like bitcoin cash, ripple (XRP), and litecoin have been seeing an upside which has contributed to the fall of bitcoin.
Investors Interested In Other Cryptocurrencies
Bitcoin started out at 37 percent of the cryptocurrency market in 2018, but when altcoins were traded off, Bitcoin took a 50 percent share of the market. Altcoins were popular in 2017 but sold off in August 2018, which gave bitcoin the boost up. Now bitcoin is down from $127 billion at the beginning of September to have a market share of only $117 billion. Investors and traders became more interested in other cryptocurrencies after hearing positive news on the other currencies and they bought up them instead of bitcoin.
Bitcoin rose to over $7,250 in August but the loss in September brought it back down to $6,700. That was even after the 5 percent jump up in a 24-hour period in September 2018. This 5 percent rise was due to a Bloomberg report that a rise is coming soon. The report was based on RIG trend lines and their analysis of momentum studies. Most of the rumors of institutional money coming into bitcoin died down in September of 2018 and that was another reason why bitcoin took a hit.
Goldman Sachs Pull Back on Offerings
Goldman Sachs was going to offer bitcoin products to their clients, but after the Securities and Exchange Commission delayed an approval of a bitcoin exchange-traded fund, Goldman Sachs changed their mind about the offerings. Many are hoping the SEC will someday approve the ETF. This will then allow the platform of Bakkt, to offer cryptocurrency and bitcoin in November 2018.
The platform called Bakkt was formed in partnership by Microsoft, a software giant, a Boston Consulting Group and the coffee chain giant Starbucks. Ripple’s market share in the cryptocurrency world rose from 5 percent to 10 percent in September over the news that banks would send money across borders.
Ethereum and ripple both have a market cap of around $22 billion. Ripple has recently overtaken Ethereum for a brief time to become the second largest in the market. Ripple has fallen back a bit but is still ahead of Ethereum. Both have fallen back from their high peaks since the start of the year. Ripple has made up most of the loses for the year and has gained ground on Ethereum. Ethereum had 21 percent of the market at the beginning of the year and is now only around 10 percent of the market.
Bitcoin could see its market cap come the Fall of 2018. Some significant investors are looking to call for a bottom to the bitcoin price. They are predicting that bitcoin may return to its highs of almost $20,000 per coin.
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