Bitcoin dominance index approaches 90% as ethereum and steem decline – coinjournal live bitcoin value

One of the main criticisms of bitcoin over the past two years has been that the community will not be able to come to consensus on a plan for scalability. Although a roadmap for scalability published by blockstream CTO and bitcoin core contributor gregory maxwell received support from developers who accounted for more than 90 percent of the commits to bitcoin core in 2015 , a key part of that roadmap, known as segregated witness , only recently became eligible for activation on the network.

Every bitcoin wallet of note is either currently integrating or plans to implement this improvement to bitcoin , although it currently has less than 30 percent of the necessary 95 percent of support from miners for activation.

The issues related to scaling bitcoin are what led former bitcoin developer mike hearn to refer to the P2P digital cash system as a failed experiment, but the price more than doubled over the course of 2016.Live bitcoin value

Among those who saw increasing congestion on the bitcoin network as a possible issue for the bitcoin price were altcoin supporters and proponents of a hard-forking increase to the block size limit. Ethereum and steem continue to fall

The main reason for bitcoin’s increased dominance over the entire cryptocurrency market since march has been the decline of ethereum and steem .

While the ether market cap increased to over $1.5 billion earlier in the year, it now sits at roughly half that amount . This decline in price has taken place in the aftermath of the fiasco related to the DAO , the hard-forking response to the DAO, and the subsequent creation of ethereum classic .

The (ethereum classic) price also doubled in terms of ETH (ethereum) over the course of december.

The steem market cap peaked at just over $400 million in july and has since declined to less than $40 million .Live bitcoin value

Large moves in the BDI over the years tend to be caused by a temporary rise or fall in one or two alternatives to bitcoin. For example, ripple’s XRP token was skyrocketing when the BDI dropped below 80 percent for the first time in its history. The XRP market cap peaked at over $800 million in late 2014. The current XRP market cap is under $250 million. Monero a rare bright spot for altcoins

One of the few bright spots for the altcoin market since march—at least when compared to bitcoin— has been monero . The privacy-focused altcoin received a boost in price and market cap after being integrated into alphabay , which is the darknet’s largest market. The monero market cap was around $15 million in march, and the market cap currently stands at roughly $175 million.

Alphabay recently claimed monero accounts for 2 percent of their business.Live bitcoin value

When comparing cryptocurrencies in a system like the BDI, it’s also important to remember that market caps don’t tell the whole story .

One of the main criticisms of bitcoin over the past two years has been that the community will not be able to come to consensus on a plan for scalability. Although a roadmap for scalability published by blockstream CTO and bitcoin core contributor gregory maxwell received support from developers who accounted for more than 90 percent of the commits to bitcoin core in 2015 , a key part of that roadmap, known as segregated witness , only recently became eligible for activation on the network.

Every bitcoin wallet of note is either currently integrating or plans to implement this improvement to bitcoin , although it currently has less than 30 percent of the necessary 95 percent of support from miners for activation.Live bitcoin value

The issues related to scaling bitcoin are what led former bitcoin developer mike hearn to refer to the P2P digital cash system as a failed experiment, but the price more than doubled over the course of 2016.

Among those who saw increasing congestion on the bitcoin network as a possible issue for the bitcoin price were altcoin supporters and proponents of a hard-forking increase to the block size limit. Ethereum and steem continue to fall

The main reason for bitcoin’s increased dominance over the entire cryptocurrency market since march has been the decline of ethereum and steem .

While the ether market cap increased to over $1.5 billion earlier in the year, it now sits at roughly half that amount . This decline in price has taken place in the aftermath of the fiasco related to the DAO , the hard-forking response to the DAO, and the subsequent creation of ethereum classic .Live bitcoin value

The (ethereum classic) price also doubled in terms of ETH (ethereum) over the course of december.

The steem market cap peaked at just over $400 million in july and has since declined to less than $40 million .

Large moves in the BDI over the years tend to be caused by a temporary rise or fall in one or two alternatives to bitcoin. For example, ripple’s XRP token was skyrocketing when the BDI dropped below 80 percent for the first time in its history. The XRP market cap peaked at over $800 million in late 2014. The current XRP market cap is under $250 million. Monero a rare bright spot for altcoins

One of the few bright spots for the altcoin market since march—at least when compared to bitcoin— has been monero . The privacy-focused altcoin received a boost in price and market cap after being integrated into alphabay , which is the darknet’s largest market.Live bitcoin value the monero market cap was around $15 million in march, and the market cap currently stands at roughly $175 million.

Alphabay recently claimed monero accounts for 2 percent of their business.

When comparing cryptocurrencies in a system like the BDI, it’s also important to remember that market caps don’t tell the whole story .