Bitcoin pares gains as prices fall below $15,000
On the GDAX exchange, Bitcoin falls to $14,750
This comes as more news on altcoins hit the wires today. Bitcoin's market share has fallen to 37% compared to the 56% a month ago, based on numbers from CoinMarketCap.
Bloomberg released an article in which they measured the correlation between Bitcoin and altcoins, and this is what they found:
It seems as though all of a sudden people are starting to be aware that not all virtual currencies serve the same purpose - which is in fact baffling to believe if you're an investor/trader.
Kyle Samani - managing partner of Multicoin Capital, a digital asset hedge fund in Texas - says that the recent surge in altcoins comes as "investors" shift away from more traditional means of purchasing virtual currencies - moving to ones which are not closely eyed by hedge funds/institutional investors:
Before the recent bitcoin bull run, the investor base in crypto was mostly engineers, nerds, and libertarians. Most retail investors are only buying assets available on Coinbase. We should continue to see a decoupling between what's on Coinbase versus other altcoins.
At present, Coinbase offers an exchange for Bitcoin, Bitcoin cash, Ether, and Litecoin.