It's been a while since I've written here due to extremely busy period in my life both on and off workplace. Couple days off have given me some time to reflect on some of the recent developments in the cryptosphere. In this post, I'll go over the development that has been a major game changer, although unnoticeable to many, in these hectic markets. As some of you may know, last Sunday Chicago firm CME began trading bitcoins. Many have wondered how this might change the future of the markets. Here's an interesting notion how the change has affected the alt-coins. After last Sunday, alt-coin market cap and especially the 24h volume have increased massively both in absolute numbers as well as in comparison to the bitcoin itself. Take a look at two graphs, first which shows market cap and trade volume development in the past week for the market with bitcoin, and the second graph which shows a similar time period and development attributes only except it excludes bitcoin.
Is it just me or does it seem like the 24h volume for market excluding bitcoin has increased massively since the futures trade for bitcoin began? Moreover, the price development of BTC has been stable, if not stagnant by cryptomarket standards, over much late days. The stagnation of price due to futures trade initiation is something that many have been predicting in advance, and some analysts have also recognized the alt-coin boom of past few weeks happening because of this exact expectation.
Today's interesting development has been the surge of Bitcoin Cash since its entry to Coinbase, although there is an ongoing investigation at Coinbase on whether there has been market manipulation involved in this process by Coinbase staff.
Nevertheless, I'd predict that there are exciting times ahead for alt-coins in the upcoming months in case Bitcoin price continues to remain as it is at the moment. Moreover, Bitcoin to Bitcoin Cash size-ratio might shift significantly from 5:1 where it's now to even 2:1 where Bitcoin Cash market would be worth half of Bitcoin's. Roger Ver surely would be happy if that development occurs.
Hodl tight on those alt-coins folks!
I agree 100% Alt cryptos will see insane gains in the next few months. People want 100% gains in a few days or weeks that can't happen with Bitcoin at this point.
Congratulations @geopoliticsnow! You have received a personal award!
Click on the badge to view your Board of Honor.
Congratulations @geopoliticsnow! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!