BITCOIN IS RETAKING ITS PLACE AS KING OF THE CRYPTOCURRENCIES

BITCOIN IS SO CLOSE TO MAKING A NEW RECORD AND IT COULD BE BECAUSE IT'S TAKING MARKET SHARE FROM ITS SMALLER COUSINS.

THERE HAS BEEN A ROTATION OF MONEY OUT OF THE LOWER-QUALITY NAMES AND INTO BITCOIN, RONNIE MOAS OF STANDPOINT RESEARCH SAID IN A MESSAGE.

Bitcoin's market capitalization as a percentage of all cryptocurrencies' market cap of $155 billion has climbed to 52 percent, from a low of 38 percent in June, according to CoinMarketCap.
Behind the rally could be reports saying the Chinese government will ease recent regulations and that Goldman Sachs is exploring how it could help clients trade cryptocurrencies.
"There has been a rotation of money out of the lower-quality names and into bitcoin," Ronnie Moas of Standpoint Research said in a message.

Bitcoin is so close to making a new record and it could be because it’s taking market share from its smaller cousins. The largest cryptocurrency crossed $4,500 on Monday and is now hovering right below the $5,000 line....

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Article ID: 194682 Date: 11th October, 2017 Social Shares: 901
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