Market Wrap-up November 17, 2018
A week does not go by in the world of cryptocurrency without some kind of drama. Examining the events of the past week and observing the trends of the crypto market, our weekly Market Wrap-up aims to keep you informed of the latest happenings in crypto, even if you’re not the type to peek at your Blockfolio on an hourly basis.
Squabbles and in-fighting among rival Bitcoin Cash camps put a major damper on the markets over the past week, as prices across the board tumbled by 10-20%, resulting in around $30 billion evaporating from the entire market.
Bitcoin Cash showed just how centralized its network is over the past few days of hash wars, being led nearly single-handedly by a few wealthy entities, including Roger Ver and Craig Wright, along with their mining pool allies. Roger Ver’s Bitcoin.com diverted hashing power from BTC (which was more than 100% more profitable to mine at times) and poured BTC funds into keeping the ABC fork of BCH ahead of the SV version.
BCHSV harkens back to the 0.1.0 version of BTC, casting aside network upgrades that stray, in the SV camp and particularly in Craig Wright’s opinion, from the original vision of the Satoshi Nakamoto white paper. More recently, the underdog SV has gained ground and has at times nearly reached parity in block creation with ABC, but is struggling to keep up. This battle could go on for some time.
The unfortunate side effect of this (unless you’re a contrarian screaming “Buy! Buy! Buy!”) is that the large holders of BTC may be selling their assets simply to keep this race going, thus contributing to a plunge in market values across the board.
Few projects have escaped the negativity of the past week’s goings-on. Among the hardest hit are promising projects such as IOST, Ravencoin, Ark, WanChain, and Waltonchain, all falling more than 30% in the past week. Outside of the clearly manipulated Nasdacoin, with extremely low volumes and pump and dump-style volatility, almost no coins were in the green other than Factom and a few so-called stable coins.
It’s been a tough go out there this week! Many traders may be considering tucking away their portfolios for a while, but the contrarian may finally be in a position to start buying as the majority appears to have finally turned to capitulation.
It should be noted that all of these observations are just that — observations I have made about the market over the past week. This is not professional financial advice and is intended only to act as a quick wrap-up of the week’s events for you to enjoy. Please do your own research before doing any investing and never risk more than you can afford to lose.