Bitcoin (BTC) is now trading in the green again after plunging deep yesterday. As the value of Bitcoin (BTC) swings higher, it is carrying other top digital currencies in the market along, including XRP (XRP), Ethereum (ETH), and Tron (TRX).
Bitcoin (BTC) is continuing its volatile movement again this year despite the hopes of many traders and investors that the last year’s bear market would have ended. The bear market of last year was named ‘Crypto Winter’ because of its debilitating impact on the Bitcoin (BTC) and crypto industry.
Tron (TRX) – One of the Biggest Gainers over the Past 24 Hours
Tron (TRX) is one of the top gainers in the digital currency market over the past twenty-four hours. Tron is now seen as a very strong rivalry to the decentralized application platform of Ethereum. The digital currency has seen an increase of about ten percent over the past day.
The Reason for the Recent Wild Swings
The recent wild swings of Bitcoin (BTC) and entire digital currency market over the past couple of days have been attributed the looming hard fork of Ethereum blockchain. In December last year, Alex Kruger – a digital currency trader and economist – said that he expected a bullish reaction from the forthcoming Ethereum hard fork.
In a tweet, Kruger said, “Once mining is past the initial adjustment phase, less mining supply mined by fewer miners will be decidedly bullish.”
The looming hard fork of Ethereum will see the reward of Ethereum miners fall from three to two ETH. It will also make the network much faster by decreasing the block time. The Core Dev team of Ethereum has scheduled the launch of the hard fork for January 16.
The update is thought to be a very important component of the transition of Ethereum from using the Proof-of-Work consensus protocol to Proof-of-Stake protocol. Digital currency fork doesn’t always mean the value of the coin will increase. Nevertheless, the forks of Bitcoin in the past have led to slight declines in the value of the digital currency in the near-term.
When Bitcoin Cash (BCH) was hard forked from Bitcoin blockchain on the 1st of August 2017, the value of Bitcoin (BTC) dropped by about 4 percent. Though the digital currency had been rising prior to the hard fork and it continued its rise in the months after the fork before it peaked in December 2017.
The value of Bitcoin Cash (BCH) also surged higher prior to its split in November last year. Nevertheless, the bull run was only for a short period, with both BCH and its split Bitcoin SV, plunging sharply in the following weeks.
In 2018 alone, Ethereum (ETH) lost more than 80 percent of its value. The massive losses were also attributed to the digital tokens built on the network for not being able to hold their values.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is changing hands at $3,740 after an increase of about four percent over the past twenty-four hours. Bitcoin (BTC) currently boasts of a market cap of $63.79 billion and its trading volume over the past twenty-four hours is $3.10 billion.