Josh Olszewicz is a self-taught trader who began his bitcoin journey in late 2013. After being exposed to and learning as many technical indicators as possible, he became an expert on the Ichimoku cloud, largely influenced by ChaosTrader, TriforceTrader, and Rob Booker.Twitter: @CarpeNoctomYouTube: www.youtube.com/carpenoctom
More from this author
Ethereum (ETH) now has a US$31 billion market capitalization, second only to Bitcoin’s US$93 billion. Over the past 24 hours, ETH was the second largest digital cryptocurrency or asset by trade volume, below Bitcoin. Despite a spike in price in the days preceding the Byzantium Fork, which is now live and running smoothly, price remains largely range bound. The Metropolis update will also include a second hard fork, Constantinople, expected in 2018.
Private Instant Verified Transaction(X) (PIVX) currently has a market cap of US$202 million. The asset spiked in February of this year, yielding a 72x return.
PIVX is a fork created from Bitcoin and DASH, originally released as Darknet in February 2016 and later rebranded. The main goals and benefits of PIVX are similar to DASH, instant private transactions with a decentralized, community-driven governance model. This is achieved through a Proof of Stake (PoS) consensus algorithm which also uses Masternodes requiring 10,000 PIVX (US$37,000). There are currently 2,045 PIVX Masternodes which lock up 20,450,000 of the total supply, or about 27%.
Litecoin (LTC) now has a market cap of US$2.68 billion, up from US$206 million in April of this year. After posting a new all time high in the beginning of September, the market has retraced and largely trended sideways.
Litecoin hash rate and difficulty continue to rise steadily on the SegWit enabled network. The Litecoin block reward is due to halve around August 2019. LTC transfers about a tenth of the transactions processed by either Bitcoin (BTC) or ETH per day.
Ripple (XRP) has broken out of its sideways consolidation, and retraced the entire breakout. The cryptocurrency's market cap now stands at US$25 billion, third overall, largely based on its ~100 billion XRP supply.
Unlike most cryptocurrencies XRP does not use a Proof of Work or Proof of Stake consensus algorithm but instead uses consensus. For this reason, there are no available mining or staking statistics, but figures are available for transactions per day, which have declined since the beginning of 2017. Most of these transactions represent the OfferCreate function, or currency exchange.
Bitcoin has now recovered most of the 40% decline which occurred throughout the month of September, which was largely due to regulatory news out of China. The leading crytocurrency's market cap now stands at US$75 billion.
As the first successful decentralized cryptocurrency, Bitcoin has traditionally dominated the market, largely due to first mover advantages including network effect. While the open source project continues to attract more capital, more and more competitors, alternatives, and ICOs have done the same. Bitcoin's market share has eroded significantly in 2017.