Ok, let's start as usual. Today the market cap is at $200,081,439,050 but that’s really not important at this point. What’s important is what happened last night (but not just last night).
First, let's take a look on our starting eleven:
Bitcoin’s back up to $6382.33 (and rising) after it was dumped to $5519.01 just 5 hours ago!!! Now there’s no technical analysis or any kind of common sense that could be applied here. There’s only one reason for these and its name is Bitcoin Cash.
To be more precise, large investors and miners who were pumping Bcash to $2448.06 this morning (CET) before the market reacted (or they just stopped for now). Now the price is $1356.77 (and going down).
Why are they doing that? They trying to replace the original Bitcoin with Bcash and take over the brand. So that Bcash would become Bitcoin, and the original Bitcoin would be Bitcoin core. There’s this post from last July where’s said that the Segwit2x fork was never actually planned to happen and that the big fork was actually the Bcash fork in August. At the time that seemed like a conspiracy theory, but now… You can read that post here.
Look at this chart. This is not organic nor healthy growth. This is pure market manipulation, that’s been happening behind closed doors. I’m not saying that one coin is better than the other, but this is very unhealthy for the crypto world in general. People who were thinking to invest in crypto will be very discouraged after they see what kind of a price manipulation can be done by just a handful of large players. If we want to see mass adoption of cryptocurrencies, this thing should not be happening.
Now, let’s see top 10 winners of the day:
A The rest of the market is not nearly as important as the BTC/BCH news, it’s just nice to see IOTA and Monero keeping it on the right course.
And now the losers:
These guys are even less important. No big names here today and MinexCoin is still leading this gang. Really, no big changes here since yesterday.
That’s it for today, I’ll be back tomorrow with more interesting movements on the market.
Until then, STAY SAFE AND HODL!
Source: Coin Market Cap
DISCLAIMER: I am not a financial advisor. All thoughts in this post are my personal opinion and not a financial advice. You should always do your own research before any investment.