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The first week of November is seeing a lot of action in regard to cryptocurrency markets worldwide. The top cryptocurrencies combined now command a whopping $200B market capitalization, with bitcoin’s $119B market cap dominating by 60 percent. After bitcoin reached a peak at $7,500 per BTC, the decentralized currency dipped a touch and is now hovering just above $7,250. Bitcoin’s value has increased immensely over the past four weeks as the network prepares for the pending Segwit2x fork expected on or around November 16.
Speculators believe a lot of money is flowing into bitcoin so that traders can get in on the 1:1 split scenario that could take place during the fork. In addition to that, people think it’s possible that bitcoin is gaining a lot more mainstream acceptance. For instance, mainstream media covers the currency’s performance daily, and CME Group’s recent announcement concerning the launch of bitcoin-based futures may have had an impact. Whether it’s the fork or the talk of a mainstream tipping point, bitcoin proponents see a lot of demand for the cryptocurrency’s benefits and can’t ignore the 500 percent gains.
The Value of Bitcoin Cash Has Risen Relentlessly
Another market that is doing phenomenally well is bitcoin cash, which is seeing an 18.7 percent increase over the past 24-hours. BCH markets currently command the third highest market cap, and the second largest trade volume over the past few days. BCH markets are swapping over $1.7B in trade volume and holds a market cap of $11B at the time of writing. Global exchanges leading in bitcoin cash trade volume include Bithumb, Korbit, Bitfinex, Coinone, and Hitbtc. The South Korean won is dominating the BCH trade volume by currency with BTC trailing behind the state issued tender. Presently bitcoin cash is trading at $650 per BCH at press time.
BCH speculators believe demand is stemming from the optimistic belief that the Difficulty Adjustment Algorithm (DAA) will be fixed on November 13. The BCH network’s DAA has caused an issue for the protocol’s participants with erratic block times and mining pools jumping between two chains. Another speculative theory, which some BCH supporters believe, is that the upcoming Segwit2x fork may cause problems for those specific networks. Some individuals think BCH will be a ‘safeguard’ from this event and there is talk about the fork causing a ‘flippening’ from BCH’s perspective. The BCH chain is 7537 blocks ahead of the BTC’s blockchain and is operating at only 8 percent of BTC’s difficulty algorithm. This has made the BCH chain more profitable to mine by 3.2 percent for the time being.
Cryptocurrency Markets In General Inch Towards $200 Billion
Overall the top 20 largest cryptocurrencies by capitalization are all in the green today except for three token markets. Ethereum (ETH) markets are up 3.5 percent, and is averaging $299 per ETH. Ripple (XRP) is up over 5 percent at the time of writing as each XRP is $0.20. The fifth highest market cap position is held by litecoin (LTC), as one token is hovering around $55 per LTC. Two notable run-ups in the top ten come from NEO and IOTA markets, as both cryptocurrencies have spiked 6-8 percent on November 3.
It’ll be an interesting time leading up to the Segwit2x fork as well as after the event takes place. Additionally, watching what will happen after the bitcoin cash DAA fork, and watching all the cryptocurrency markets in general post-Segwit2x will likely be a spectacle. However, the latest crypto price spikes seem to be making people more comfortable with the pending uncertainty ahead.
Where do you see the cryptocurrency prices heading from here? Do you think markets will continue to rise? Let us know in the comments below.