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 $121B 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.
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.
Full story at http://bit.ly/2iw9qmk
Source: Bitcoin News
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