US Federal Reserve Branch of St. Louis Says Altcoin Market is Slowing Bitcoin’s Price Increase

2019-1-13 22:31

According to the St. Louis Fed, altcoins are harming Bitcoin’s price and its market dominance. In a recent report released by David Andolfatto and Andrew Spewak, they mention that altcoins could harm Bitcoin’s future growth.

The world of cryptocurrencies is expanding: How will more options affect the value of Bitcoin? https://t.co/kmIqOUdwda pic.twitter.com/urNycBcFJ3

— St. Louis Fed (@stlouisfed) January 12, 2019

The authors of the report talk about Bitcoin’s performance and how it has become the largest digital asset in the market. They also try to understand the bearish and bullish proposal related to Bitcoin. The bullish one is related to Bitcoin’s price appreciating indefinitely, while the bearish refers to Bitcoin reaching zero.

The report reads as follows:

“While Bitcoin’s price is not likely to fall to zero, the prospect of a flood of Altcoins competing with Bitcoin in the wealth portfolios of investors islikely to place significant downward pressure on the purchasing power of all cryptocurrencies, including Bitcoin.”

If more virtual currencies are created but capital does not enter the market, Bitcoin’s value could continue to decrease. According to CoinMarketCap, Bitcoin’s dominance in the market increased in 2018 and during the last months, it remained stable between 50% and 55%. However, back in 2016, Bitcoin’s dominance was more than 85%.

Bitcoin has also experienced different hard forks such as Bitcoin Cash (BCH) or Bitcoin Gold (BTG), among others. These contingencies in the Bitcoin community have also played a negative role in Bitcoin’s price.

At the end of 2017 and the beginning of 2018, several new digital coins started to enter the market. This weakened Bitcoin’s relative position in the market. Furthermore, coins such as XRP and Ethereum (ETH) have also settled themselves in the cryptocurrency market. This is why Bitcoin, Ethereum and XRP are the three largest digital assets in the market.

Currently, Bitcoin’s market capitalization is $64 billion and each coin can be purchased for $3,665. Bitcoin’s market dominance is 52.4%. Furthermore, the number of digital currencies in the market is 2104, according to CoinMarketCap.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 67102.4 (+0.24%)
Îáúåì 24H $23.497b
Èçìåíåèÿ 24h: -0.30 %, 7d: 7.02 %
Cåãîäíÿ L: $66031.14 - H: $67143.86
Êàïèòàëèçàöèÿ $1321.976b Rank 1
Öåíà â ÷àñ íîâîñòè $ 3716.33 (1705.61%)

bitcoin louis altcoins market price could expanding

Èñòî÷íèê: bitcoinexchangeguide.com

bitcoin louis → Ðåçóëüòàòîâ: 15


Federal Reserve Praises Bitcoin and Blockchain Assets’ Legit Privacy Protection Attributes

Central banks and financial institutions across the world ended up having to choose a stance towards crypto, and most of them decided to approach this technology with skepticism. However, as time goes by, this stance might change, and some signs of this change may already be visible. Earlier in 2018, the Saint Louis Federal Reserve […]

2018-12-15 03:17


Ôîòî:

Bitcoin Transactions Get a Charge from the Lightning Network

On September 5, 2018, the Lightning Network launched hoping to give Bitcoin adoption another charge. Lightning Network collaborated with payment processing startup CoinGate which is adding 4,000 merchants to the off-chain system CoinGate merchants can accept payments from the Lightning Network which include high-end watch brands like Chronoswiss, and Louis Chevrolet.

2018-9-6 19:00


Cryptocurrency still cruising as US Federal Reserve Bank Recognizes it

One of the 12 regional Reserve Banks in the US central banking system, The Federal Reserve Bank of St. Louis, have added four cryptocurrencies to its database. Bitcoin, its off-spring from a fork, Bitcoin Cash, Litecoin, and Ethereum are the four cryptocurrencies which were chosen and daily data on their prices will be listed on […] The post Cryptocurrency still cruising as US Federal Reserve Bank Recognizes it appeared first on ZyCrypto.

2018-6-28 17:44


Ôîòî:

Government Save Bank of St. Louis Includes Crypto Cost Following to Inquire about Database

The Federal Reserve Bank of St. Louis will now be tracking the prices of four cryptocurrencies on their research database, according to a June 19 post on the bank’s website. The database, called the Federal Reserve Economic Data (FRED), will now include the prices of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) from

2018-6-22 00:48


Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

XRP holders dump tokens: Will price drop below $0.50 now?

The price of XRP could drop to $0.48 after a ton of holders sold the token. Volatility spiked, network activity slumped, indicating that recovery Addresses with 100,000 to 1 million XRP haveThe post XRP holders dump tokens: Will price drop below $0.50 now? appeared first on AMBCrypto.

Ripple records a strong Q1: What does the future hold for XRP?

Ripple made massive progress in Q1 in many areas. Development activity on the network fell. Ripple [XRP] saw massive fluctuations in terms of price over the last week. However, the progress The post Ripple records a strong Q1: What does the future hold for XRP? appeared first on AMBCrypto.

Ethereum's transaction size falls 54%: Why it's not bad news for ETH

ETH could be close to its bottom after the transaction size failed to spike. While the price might slip, traders are convinced of a quick recovery. On the 19th of May, AMBCrypto observed thaThe post Ethereum's transaction size falls 54%: Why it's not bad news for ETH appeared first on AMBCrypto.

Whale watch: $1B in Toncoin trades shake the market, tracking what's next

Toncoin has seen a surge in whale activity on its network. TON, however, is at risk of a price decline. Toncoin [TON] has witnessed a spike in whale activity on its network in the past few wThe post Whale watch: $1B in Toncoin trades shake the market, tracking what's next appeared first on AMBCrypto.

Predicting how ETH will react IF the SEC approves Ethereum ETFs

Coinbase analyst sees a 30-40% chance of approval for Ethereum ETFs. Ethereum's dominance and performance are at a low, suggesting a need for positive development soon. It is generally belieThe post Predicting how ETH will react IF the SEC approves Ethereum ETFs appeared first on AMBCrypto.

Ethereum sets sights on $4K: Will THIS spark a new rally for ETH?

ETH was up by more than 6% over the last seven days.  A few of the metrics suggested that the bullish momentum might not last.  Ethereum [ETH] caught investors off guard as its price gaineThe post Ethereum sets sights on $4K: Will THIS spark a new rally for ETH? appeared first on AMBCrypto.

Ethereum ETFs progress, but Solana may turn things bearish instead - How?

New data indicated that the likelihood of approval of Ethereum ETFs was relatively high. Ethereum lost market share to Solana, however, the price of ETH continued to surge. Ethereum [ETH] haThe post Ethereum ETFs progress, but Solana may turn things bearish instead - How? appeared first on AMBCrypto.