Bitcoin’s Market Share Falls to an All-Time Low, Nearing Less Than 60%

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Bitcoin’s price is up and up, reaching a near all-time high on Coinbase, currently trading at around $1,340. It’s market cap has surpassed $20 billion, but the currency’s market share has fallen to 61.4%, from a previous near dominance of 95%.

The sentiment in bitcoin trading spaces appears very subdued, while non-trading public communities are consumed by a never ending scalability “debate” which has descended into in-fighting and two political negative campaigning camps.

The currency is further facing regulatory uncertainties. PBoC has ordered Chinese exchanges to halt bitcoin deposits and withdrawals, ostensibly temporarily, but until they start normal operations we can’t be for sure.

On the other hand, Bitfinex, one of the bigger bitcoin exchanges, is going through some difficulties after being shut-off from the banking system some months after a hack of 120,000 bitcoins, currently valued at around $160 million.

Bitfinex has stated they have paid back in full all their customers affected by the hack, but a “bitfinex whistleblower” alleges that was done through “accounting tricks” which have moved the loss from bitcoin holders to Tether holders, a currency that aims to be pegged to the dollar but has fallen in value recently, coming off the peg.

Add the SEC’s rejection of the ETF and you’d think bitcoin would be going down, but buying pressure from Bitfinex customers who are trying to leave the exchange has instead sent the price up.

It’s not clear how long this will continue or how the liquidity situation will be resolved, but due to the overall atmosphere in bitcoin’s community which some have called “toxic,” much attention seems to be turning to Eth.

Just today, ethereum learned that Germany’s energy giant RWE has launched “100s of electronic vehicles (EV) charging stations all over Germany.” The “EV Charging assets will be on public ethereum blockchain.”

That’s one among many positive recent news for ethereum which has led to an ever increasing price and a positive, even celebratory atmosphere. In the process, taking much of bitcoin’s market share, now standing at around 30% of its market cap. An all-time high.

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