BOOM! Bitcoin is down just like that. The Weak buying power has caused a ralley in the ALTS, but BTC is not out for the count just yet. Where has the top 10 gone? besides ripple, the top 10 have been at a standstill. See more below.
Bitcoin Donwfall, ALTS Rise
Bitcoin has drastically lost its dominance,
dropping a total 24% in the last 20 days. Where has the money gone you might ask? The only significant change in the top was ripple going from 2% to 10%. We are seeing money going deeper into the lower market cap coins. Several coins this past week such as ICX, AION, XVG, XZC, and ZCL.
A quick search on Google Trends can show the drastic increase in the search term “altcoins” on Google. We can see can the interest peak around December 19th and a slight fall in interest interest, but one could assume that now users have found out what coins they are wanting to invest in.See Zcoin and ZClassic trends below.
Google Trend – Altcoins
Google Trend – ZClassic (ZCL)
Google Trend – Zcoin (XZC)
Expect a possible increase in lower marketcap coin prices if the market cap continues to increase and BTC dominance declines, especially if the buying of BTC continues to decrease.
Market Cap Excluding BTC
In Other News
Charlie Lee Sold his LTC (at the Top)
Charlie Lee, the founder of Litecoin, sold and donated almost all of his holdings in LTC. He states that “Over the past year, I try to stay away from price related tweets, but it’s hard because price is such an important aspect of Litecoin growth. And whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit.”
He also made later remarks that he will not be quitting litecoin and will spend his time on Litecoin’s continued success. Fortunately for Charlie Lee, he also sold at or near Litecoin’s all time high.
South Korean Regulation
As what many people believed to be an outright ban, the South Korean government announced that it will move to prohibit domestic exchanges from allowing users to make transactions through anonymous accounts. The initial news caused the markets to drop, but the ban can be seen similar to know-your-customer (KYC) due diligence that the US and China have already implemented. The market quickly heated back up after the misunderstanding.
John McAfee claims to have had his Twitter account hacked. Mcafee orginally had set up a “Coin of the Day” which were causing a pump and dump to the coin’s prices.
Due to the volatility of his choices he decided to make it the “coin of the Week.” On December 27th, the Twitter account sent out Several ‘Coin of The Day’ tweets encouraging others to buy some lesser known currencies and potential scams.
Extra – BUT WAIT! B2X is ALIVE!
Check out the video here:
As we can see that this video is great, but a complete joke. The hardfork that was disbanded in November has risen from the grave. The promotional video is great. If this isn’t the best damn video you have seen TODAY… you need to share that video with us. With currently 364 views, the B2X hardfork for December 28th is crashing scenes. Hopefully, it is going to wallet near you, but check it out. Unfortunately, none of the exchanges have come out to let the public know if they support this new hardfork. In the meantime, here is a quick analysis of B2X.