Was reding news from cointelegraph. Wanted to ask where is our Great Bitcoin Bull?!??! Perhapsee Bitcoin heading to Hippo market!??
After breaking through the $20,000 mark on Dec. 17, Bitcoin suffered a rather large correction to $12,000 before rebounding and settling between $13,000 and $15,000. However, the digital currency has suffered a few setbacks since that monster rally, leaving some to wonder if the bull run might be over. The 2013 bull run was ended by the dramatic collapse of Mt. Gox, and so far, nothing that big has happened to Bitcoin. Nonetheless, it’s always possible that the end of 2017’s extraordinary run could die by a thousand cuts. Last year, China first banned ICOs and then closed cryptocurrency exchanges in the country. Now the government is taking aim at mining. China has long been the epicentre for Bitcoin mining, in large part due to the country’s inexpensive electricity prices. Now the Chinese government is considering restricting Bitcoin miners’ access to inexpensive sources of power, which would significantly change the economics of Bitcoin mining. There has also been a change in the dominance factor of Bitcoin as many looked to diversify their digital currency portfolios to better performing altcoins. Coins like Ripple, Ethereum and Tron have surged in value, essentially stealing market share from Bitcoin. As recently as March 2017, Bitcoin made up 85% of the total market capitalization of the entire market. Today, Bitcoin’s so-called dominance, or market share, has dropped to an all-time low of 33.6%.
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