November 27, 2017
By Christine Masters - November 27, 2017 (cryptovest.com)
As Bitcoin nears $10,000 with certainty, altcoins are also inviting back investors, doubling in the past weeks and continuing to gain ground lost in September and October.
For cryptocurrency investors, an event likened to a "super moon" is rising right now, a joint bull market in Bitcoin and altcoins. While before the expected SegWit2X hard fork altcoins were sold to acquire Bitcoin, now, other digital assets are once again having their moment to shine and invite new buyers.
And the rise of all digital assets has been happening for several days now, with only temporary corrections.
The events of the last days, when a pump was expected for Bitcoin Cash, led Bitcoin to a height at $9,769.50, while the total market cap of all cryptocurrencies spiked to more than $304 billion. At the same time, Bitcoin's dominance is going down again, to 53.5% of the market cap.
The data spans more than 1300 cryptocurrencies of various ages, traded across more than 7,000 platforms.
The market dominance of assets has been mixed, with Ethereum's influence sliding, while Bitcoin Cash seems to pick up strength. But the climb of the price of altcoins taken as a whole mimics that of Bitcoin, showing that Bitcoin is not going to destroy the hundreds of other digital assets, but perhaps give them a boost.
Among the strong growers was EOS, at around $0.50 a month ago, now pushing to the $3 levels. EOS rose by more than 40% in the past day, to $2.76.
Litecoin has headed for the $100 projected for the year-end, adding 7% in the last day to top the $90 levels and settle there. Ethereum is within the $500 range, to be easily reached within hours. DASH has slowed its climb at $634, almost without change in the past 24 hours.
The top 50 coins on CoinMarketCap have grown in the past week by leaps of between 30 and 140%, with very rare losers. As the year of records approaches an end, and new investors are accelerating the adoption of cryptocurrencies, the price rally may continue- or come to an abrupt end, as the assets are still extremely volatile and prone to deep corrections and selling.