Another week, same story – Bitcoin is still king, rising another 28% over the previous week to $7,400. This feat is incredible given that it is already at $123 billion valuation. It takes more money than ever to move a coin this size.
Because of this, the market capitalization for all cryptocurrencies is now an all-time high at $200 billion. There is now an astonishing $95 billion gap in valuation between Bitcoin and Ether, the second most valuable cryptocurrency.
Meanwhile, it was a different story for almost all other coins except Bitcoin Cash. Ether remained unchanged at $300 while there was a bloodbath for alt coins.
There was one day where all alt coins dropped sharply because there were just no liquidity for the market. However, there was a strong recovery afterwards. We believe that was the bottom for the alt coin market and that the alt coin bear market is over.
It may take a while for the alt coin market to recover, at least not until the Bitcoin SegWit 2x chain split happen on November 16. However, we don’t think it will decline substantially again.
SEC Warns that Promotion of ICOs by Celebrities May Be Illegal: https://www.sec.gov/news/public-statement/statement-potentially-unlawful-promotion-icos
Vitalik Unveils Multi-Year Vision for Ethereum at Devcon 3: https://www.coindesk.com/modest-proposal-vitalik-unveils-multi-year-vision-ethereum/
CME Group will launch trading of Bitcoin Futures: http://www.cmegroup.com/media-room/press-releases/2017/10/31/cme_group_announceslaunchofbitcoinfutures.html/
Bitcoin Cash will have a hard fork to change its difficulty adjustment mechanism: https://www.coindesk.com/bitcoin-cash-developers-set-date-november-hard-fork/
Vietnamese Central Bank Bans Cryptocurrencies: https://cointelegraph.com/news/vietnamese-central-bank-bans-cryptocurrencies
Japan's SBI Holdings Is Gearing Up to Mine Bitcoin: https://www.coindesk.com/japans-sbi-holdings-reveals-wider-push-into-cryptocurrency-industry/