‘Bitcoin’ Branded Altcoins Were a Phenomenon of Soaring BTC Price

bitcoin forks

Bitcoin has been forked to spawn more than 40 Bitcoin-branded altcoins in its history, and many remain completely unknown, new data published this week reveals.

Bitcoin Forks Surged At Price All-Time High

Compiled by cryptocurrency data analytics firm DataLight and uploaded to social media January 29, the summary sheds light on a host of altcoins which split off from the Bitcoin network at various points beginning in 2015.

Names include Bitcoin X, Bitcoin Red and Bitcoin All, familiar coins such as Bitcoin Diamond and Bitcoin Gold, along with more unusual entries such as Bitcoin Ore, Bitcoin Uranium, and Bitcoin God.

A total of almost 50 spinoff forks currently make up the tally, with DataLight noting that December 2017 – the month in which the Bitcoin price 00 reached its all-time highs – sparked 19 such forks.

“None of them became widely adopted,” the company adds.

In fact, the surge in BTC price at the end of 2017 appears to coincide with the emergence of new Bitcoin-branded forks.

Fork Me Once…

As Bitcoinist reported, the advent of the first wave of Bitcoin forks in 2017 received major publicity.

Coming four months after Bitcoin Cash, arguably the best-known Bitcoin fork, names such as Bitcoin Diamond and Bitcoin Gold failed to achieve credibility in the eyes of the industry. Commentators at the time accused development teams of simply trying to capitalize on the process to ‘create  money out of thin air.’

Bitcoin God, which also appeared in late 2017, was intended as a parody of the situation along the lines of Useless Ethereum Token, which had earlier mocked the ICO craze.

For those forks that have in some way endured, questions still remain as to their true purpose or unique selling point.

Sharing the DataLight piece, veteran trader Tone Vays said he was taken aback by the scale of hard fork activity on the Bitcoin network. He added:

We all know that (Bitcoin Cash) (aka (BCash)) was the big one (and) has now split into (Bitcoin ABC) and (Bitcoin SV) but how different are they from the other 40+ on this ever-growing list?

What do you think about the number of Bitcoin forks? Have they strengthened or weakened Bitcoin? Let us know in the comments below!

Images courtesy of Shutterstock, Datalight

The post ‘Bitcoin’ Branded Altcoins Were a Phenomenon of Soaring BTC Price appeared first on Bitcoinist.com.

Source: Blockchain

Bitcoin Price Now Hinges On 50-Month Moving Average

Bitcoin price analysis moving average

BTC traders were concentrating on one metric in particular this week as Bitcoin price slowly slides towards $3000.

Bitcoin’s ‘All Over’ Scenario

The largest cryptocurrency had recovered from fifteen-month lows over the weekend around $3130 to trade around $3200 at press time December 17.

In the short term, however, the situation could deteriorate exponentially, veteran trading guru Tone Vays warned in his latest market update Sunday.

Vays, who had previously correctly forecast BTC/USD’s drop to between $3000 and $3500, now singled out the 50-month moving average Bitcoin price 00 as a determining factor for the future.  

With the pair now hovering just above that average, a reversal must come to keep Bitcoin in line with its historical behavior, having tested the barrier twice before.

Conversely, a full candle below would spell a run down to $1300, Vays describing it as being “all over.”

“We have crossed the 50-month moving average twice before but never closed below it; I pray to God we don’t close below it because if we do, shit gets bad,” he summarized bluntly.

…The moment we can close below the moving average and have a full candle below the moving average, it’s all over; we’re going to $1300 and hopefully not lower.

Technical Strength Keeps Building

Analyzing weekly chart behavior, Vays said the 200-week moving average, which had likewise not seen a full red candle open and close below it before, could also represent a watershed moment.

“…Let’s hope it holds but I’m not very optimistic,” he added.

Cryptocurrency markets had broadly steadied over the weekend, with some assets gaining 1-2 percentage points to stem losses which had seen many reach 18-month lows.

The two strands of Bitcoin Cash (BCH and SV), which continue to fight a hostile publicity and hash rate war, likewise modestly improved, despite the legacy chain still trading at its lowest ever (BCH) price 00 in both USD and BTC terms since inception in August last year.

Bitcoin itself meanwhile has seen fresh technical improvements. Its mainnet Lightning Network implementation has been rapidly growing to reach 477 BTC capacity Monday.

What do you think about the short-term future Bitcoin price? Let us know in the comments below!

Images courtesy of Shutterstock

The post Bitcoin Price Now Hinges On 50-Month Moving Average appeared first on Bitcoinist.com.

Source: Blockchain