Cap Tag: BTC
Market Cap Rank: 1
Current Price (1:15PST – 2/2/2018): $8,551.78
Big daddy shitcoin is having a bit of a go these days. Or at least that’s what it looks like on the surface. If you’re Roger Ver, or basically anyone who hangs out in /r/BTC you’re probably thinking the the “Cashening” is upon us. Bitcoin is crashing, the bubble has popped, and you should probably save your yourself and just hope for the best when it comes to the women, children, and pets.
If you’ve been looking at Coin market cap and that’s it, you probably think Bitcoin is on its way down, barely standing, gasping for air as it chokes on its own blood. However, in reality, technology-wise things haven’t been this good, and promising for Bitcoin, in a long while.
As I type this, Segwit adoption on the bitcoin network is up over 20% (when the bitcoin network began clogging up, this number was 12%, and had been for months.) The Lightning Network, which was thought to have taken years to begin being implemented, now has over 1,000 payment channels on the main net. The amount of unconfirmed transactions has fallen from the 200,000 mark it was at during the worst of the network congestion it was experiencing, to 43,228 currently.
Granted the volume of bitcoin is a little lower than it was then, the network is getting some much-needed support from layer 2 solutions that were not long ago seen to have been far off. While there is a slight decrease in volume as opposed to 30 days ago, this seems to be a good thing overall, just so long as layer 2 implementation continues, and continues to improve the network. I do think there’s a strong possibility the correction was made much worse by a lot of people bailing off of the Bitcoin train when the network got bad, however, I do not think that spells the end of Bitcoin.
I am convinced this is just a regular correction, as Bitcoin has had before. There are many factors in play when you consider Bitcoin, and what could be causing this very specific fluctuation in price, but I am confident this is not the end of a crypto era, as others may. Big daddy shitcoin will, in fact, return to the bull runs of the not so distant past, and when it does it will have a network that works far more efficiently than it did the last time that happened. However, if Ethereum keeps up as it has… Bitcoin Cash is not the alt-coin we’ll have to worry about overtaking Bitcoin’s spot on the Marketo Cap list…
Cap Tag: ETH
Market Cap Rank: 2
Current Price (1:15PST – 2/2/2018): $888.18
Ethereum is such an interesting cryptocurrency. Open source and flexible, the backbone of so many other ICO’s and crypto start-ups. There are tons of ERC20 tokens out there, and every one that exists and even does moderately well just goes to make Ethereum that much more legitimate. To make things even more interesting, Ethereum is moving shortly to a Proof of Stake model, by way of a mining difficulty adjustment “time bomb” that seems to have begun around the end of 2017. If you google “Ethereum hack” you will see plenty about the negative side of Ethereum. Due to the nature of how it was constructed, it’s made it easier for hackers to take advantage of attacks in attempts to steal the cryptocurrency. All of that aside, Ethereum is unique in that it’s essentially just a worldwide supercomputer that is capable of so much, and already doing a lot. I do believe there is far more upside than there is a downside when it comes to Ethereum, and I believe the recent price spike and resistance is a clear indication of that.
While everything is dipping right now, Bitcoin is down 22.7% over the last week, Litecoin is down 28.6%, Bitcoin Cash is down 27.8% and Ethereum is down 14.8%, holding up better over the last week of turbulence than any of the other big cap coins that it shares space with at the top of the list (I’d mention Ripple but it’s not a real cryptocurrency so there’s no need to.)
I think what we’ve seen recently from Ethereum is the real deal, and as it grows it will continue to improve just as it has. The change to Proof of Stake will be interesting, and likely raise the value of ETH tokens quite a bit, if I were to assume an outcome. Right now Ethereum is around 50-60B away from jumping Bitcoin as number 1 on the market cap list, who knows if it will remain that close, but if it does it will be interesting to see just how long that 1 spot can be held down.