Updated: Oct 2, 2019
New indications might point to the chance of a bull market in the coming future as Bitcoin has just added a brand-new feather to its hat.
The vast Bitcoin network, according to the insight provided by Coinmetrics.io on 2th September, hit a realized market cap above $170 billion for the first time ever following a surge that began in April.
In the previous year, Bitcoin’s realized market cap increased from $84.5 billion, to its existing value of $100.15 billion, which is nearly 18%. At the same time, the value of Bitcoin increased from $6,685 to current $10,360, which amounts to 55%.
Realized market cap, a near substitute for the regular market capitalization, is measured by a multiplication of the cost of each last transacted Bitcoin, by the size of the trade. This new hit goal adds more credibility to the Bitcoin network which is still on the developing process. It recorded an all time increase in both hash rate and general volumes of trades.
This accomplishment is just an addition to the string of near continuous records for Bitcoin, which recently posted its all-time highs in fields such as hash rate and regular trading volumes.
Adding on this, Nick Szabo, a cryptography pioneer stated that “the long-term charts indicate the superior deep safety, global seamlessness, and the monetary soundness of Bitcoin”.
But it turned out to be detrimental for Altcoins by creating a lot of pressure on them. Now apart from Altcoins, Zcash (ZEC), Steller (XLM), Bitcoin Cash (BCH) and Ether (ETH) are struggling to achieve higher process and to maintain their dominance. The only token which is performing well is Binance Coin (BNB) by being the best investment of choice. It has grown 44% more than Bitcoin since August 2018.
Commenters are having a hot discussion on the decline of Altcoins due to fight against Bitcoin. Peter Brandt, a veteran trader, and also the Bitcoin bull Max Keiser, recently claimed that non-Bitcoin tokens will be experiencing their version of the dot-com boom and may never recover. Ethereum, the largest Altcoin by market cap, has lessen its influence dramatically to 8% from 17% in March 2017.