How richer have the cryptocurrency holders become in a week?
Risk or carefulness?
Let’s try to calculate the revenue of investors who bet on cryptocurrencies from Coinmarketcap’s Top 10 last week. Despite that Bitcoin has managed to secure its position of a king of the cryptocurrency market due to the fact that its price has gone beyond the level of $9000, it is still not the first one when it comes to the increase volume. Over the last week, the most expensive cryptocurrency has grown by 21%. Buying BTC on a minimal price of $7762.71 last week and selling it for $9721.35 (maximal price) on 27th November, one could get +25% of investments, which is also not the biggest number in comparison to other coins from Top 10.
Risk lovers have turned out to be the luckiest this week – the Bitcoin Gold holders have managed to get 168% of revenue. Even that grim story with Mybtgwallet which was considered safe by the Bitcoin Gold team and from which, by different assessments, from $2.5 to $3.3 millions was stolen, even this negative factor did not extinguish the flame of interest towards this cryptocurrency. On Sunday, 26 November 2017, another cyberthreat news messages have emerged. The project team told that malefactors have replaced the installation file of Windows client on GitHub to the one they intentionally infected. But the latter news did not affect the price of the “digital gold” considerably. The hype over Bitcoin Gold can, among other factors, be explained by the fact that this altcoin is a fork of Bitcoin, the most popular cryptocurrency, and investors, seeing the rapid growth of BTC, hope that its “daughters” will stay in the leaders too.
By the way, the holders of another Bitcoin hard fork, Bitcoin Cash, have increased their investments by 41%, which is the third biggest increase in the Coinmarketcap’s Top 10.
Dash has also grown considerably over the last week, increasing by 43% from $442.02 to $632.64 per coin.
It should be highlighted that over the past week, all top ten currencies have demonstrated the cap growth, excluding NEO, which decreased in price a bit (by 0.23%, from $39.94 to $39.85).
| Coin | Price on Nov 20 | Price at the press time (Nov 27) |
Price increase |
Max price during the period | Min price during the period | Difference between min price and max price |
| Bitcoin | 8039.07 | 9721.35 | 21% | 9721.35 | 7762.71 | 25% |
| Ethereum | 354.09 | 484.04 |
37% |
485.19 | 350.69 | 38% |
| Bitcoin Cash | 1172.43 | 1656.9 | 41% | 1758.61 | 1140.88 | 54% |
| Ripple | 0.231336 | 0.252341 | 9% | 0.252914 | 0.2272 | 11% |
| Bitcoin Gold | 135.2 | 362.12 |
168% |
413.74 | 105.79 | 291% |
| Litecoin | 71.41 | 91.44 | 28% | 91.44 | 68.11 | 34% |
| Dash | 442.03 | 632.64 | 43% | 656.13 | 438.42 | 50% |
| IOTA | 0.862672 | 0.953642 | 10% | 0.957121 | 0.718574 | 33% |
| NEO | 39.94 | 39.85 | -0.23% | 36.86 | 33.38 | 19% |
| Monero | 129.5 | 165.58 | 28% | 173.45 | 128.49 | 35% |
Table 1. Top 10 most popular cryptocurrencies’ price dynamics
Source: Bitnewstoday, based on Coinmarketcap stats
Bitcoin Gold replaces Litecoin and drives NEM out of the Top 10
At the press time, the top 10 cap leaders consisted of the following cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Bitcoin Gold, Litecoin, Dash, IOTA, NEO and Monero.
NEM also was on the list last week, but the growth of Bitcoin Gold capitalization has driven out this currency out of the leaders’ list.
It’s worth mentioning that the share of Bitcoin in the overall cap has decreased from 55% to 54%, while Ethereum (the second biggest cryptocurrency) has +1% of the share.
Dash and Bitcoin Cash were the leaders when it comes to cap growth (+43% and 41%, respectively).
|
Coins |
20 Nov 2017 | 20 Nov 2017 | ||
| Cap, bln of dollars | Cap share | Cap, bln of dollars | Cap share | |
| Bitcoin | 134167.0 | 55% | 162390.8 | 54% |
| Ethereum | 33933.4 | 14% | 46461.7 | 15% |
| Bitcoin Cash | 19710.2 | 8% | 27877.6 | 9% |
| Ripple | 8934.9 | 4% | 9746.1 | 3% |
| Bitcoin Gold | - | - | 6038.2 | 2% |
| Litecoin | 3849.4 | 2% | 4939.3 | 2% |
| Dash | 3403.0 | 1% | 4880.0 | 2% |
| IOTA | 2397.8 | 1% | 2647.9 | 1% |
| NEO | 2596.1 | 1% | 2590.1 | 1% |
| Monero | 1990.9 | 1% | 2551.0 |
1% |
Table 2. Cryptocurrency cap leaders
Source: bitnewstoday based on Coinmarketcap stats
What happened on the market last week
1. Americans or Swiss: who would be the first to connect the cryptospace with traditional markets?
Chicago-based exchange called CME Group is hesitating with the date of Bitcoin futures launch. Previously, they told they are going to build bridges between traditional and cryptocurrency markets in December this year, but right now, the scheduled dates are no longer voiced. Maybe Thomas Peterffy, the head of one of the biggest American electronic brokerage companies called Interactive Brokers, has influenced their policy with his recommendation not to implant cryptocurrency in the fiat markets just yet. Who knows…
But the businessmen in Switzerland liked the idea of bridges between the fiat and crypto financial worlds, and two companies have already voiced their intention to include BTC futures in their marketplaces. At the end of the day, time will show who will become a pioneer.
2. Hackers remain active
As the cryptocurrency market grows, so does the interest of malefactors towards it. Apart from the aforementioned wallet hacks, the last week was marked by the news about token-trading project Tether losing 30 million dollars due to the actions of cybercriminals.
In the regulation sphere, there has been news that Lukashenko could allow Belarusians to change coins for fiat. But the exact date still unspecified.
All in all, the week was relatively usual for the cryptocurrency market, without serious shocks. Bitnewstoday will continue to watch the subsequent turn of events and keep an eye on the price of Bitcoin which might hit ten thousand dollars soon.