Bitcoin Dominance is Down But Crypto Market is Up
Bitcoin Dominance is down considerably from its average of 44% to around 37-38% (CoinMarketCap). Moreover, the overall crypto market appears to be looking healthy again, given that Bitcoin surpassed the $9,000 mark recently before falling back a bit. Similarly, other crypto-platforms such as Ethereum and IOTA are up significantly as well. This might be due to IOTA recently releasing a new website and the upcoming demonstrations of the various use cases of this platform at Hannover Messe.
Meanwhile, Ethereum has been gaining a lot of attention lately as it has been determined through a study that it could, in fact, be more decentralized than Bitcoin. Besides that, it is well-known that a very large number of new crypto-platforms make use of the Ethereum codebase and infrastructure. Then, among other gainers is Bitcoin Cash. Despite deceptive tactics being used to promote Bitcoin Cash, there are legitimate use cases for this fork of Bitcoin that have come to light and are getting closer to realization.
Fighting Unfair Regulations and Bans
As centralized institutions and governments attempt to restrict the trade and use of cryptocurrencies, the crypto community appears to fighting back. This, indirectly, could also be contributing to the spike in prices. Notably, a crypto company called Kali Digital presented a complaint to India’s Delhi High Court. The complaint, which alleged that the cryptocurrency ban was unconstitutional, was then served as a notice to the Reserve Bank of India. Notably, the online petition to fight the ban accumulated over 40,000 signatures.
Clearly, the crypto community is fighting back and centralized institutions will have their work cut out for them as we move toward mid-2018. Admittedly, the cryptocurrency market is still a highly speculative one and still does not represent even a fraction of the world’s GDP. However, all this could change in the years ahead as crypto-technology continues to be worked on and improved. While developing the technology, the responsible members of the Blockchain and crypto community should work toward educating people about what this nascent technology is all about.
With more understanding and clarity, people will begin to gain the confidence to actually start using it.