Many have seen the ups and downs of the cryptocurrency industry in the past month alone as a reason to stay away, but Bitcoin, the largest of the digital currencies, may be rising even more. Those who owned Bitcoin during the second week of October had reason to celebrate, as the coin passed a solid $4,600, while SegWit also gained a 10% transaction share.
The value of the cryptocurrency hit a staggering $150 billion market cap, which has shown to be a good sign for the coin. This has helped to make the coin break out of what some view as a stagnant period, after it failed to stay above the amount of $4,400.
Looking at other coins, appropriately dubbed ‘altcoins’, things are not as positive. Looking at the next 10 coins by market capitalization or market cap, the majority of them have decreased in value.
A token, popularly created by Vinny Lingham, known as Civic token, dropped from $0.70 to its lowest price since August of $0.37.
Since a large majority of the industry is based on speculation, it is difficult to tell whether or not the market will continue with its current state. Chris Burniske, a commentator on the cryptocurrency market stated that “money will flow back into the others soon enough.”
It is a difficult market to predict, but since a majority of the altcoins work off of the larger, Bitcoin pricing, it can often be a solid indicator of market growth as a whole. Hopefully Bitcoins currency rally can affect the other coins and bring the market up as a whole. With the creation of new technologies every day, cryptocurrencies are finding more uses in the modern world. As digital currencies become more widely adopted, the hopes are high that the price will go up as well.