{"id":204518,"date":"2017-10-12T07:25:14","date_gmt":"2017-10-12T05:25:14","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=204518"},"modified":"2017-10-12T07:25:14","modified_gmt":"2017-10-12T05:25:14","slug":"bitcoin-is-back-on-top-as-smaller-tokens-slide","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/204518\/bitcoin-is-back-on-top-as-smaller-tokens-slide\/","title":{"rendered":"Bitcoin is back on top as smaller tokens slide"},"content":{"rendered":"

Bitcoin is so close to making a new record and it could be because it\u2019s taking market share from its smaller cousins.<\/p>\n

The largest cryptocurrency crossed $4,500 on Monday and is now hovering right below the $5,000 line.<\/p>\n

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.<\/p>\n

Also, there\u2019s yet another split – a.k.a “hard fork” (or even two) – looming, but that might be bullish as bitcoin rallied after the split into Bitcoin Cash earlier this year.<\/p>\n

But it could also be that bitcoin is benefiting as investors are becoming wary of tokens sold in initial coin offerings – maybe the Wu-Tang Coin, or Paris Hilton and Floyd Mayweather publicizing their ICO investments on social media was a bit much, and somebody losing $70,000 in one of those sales today adds to many other cautionary stories.<\/p>\n

\u201cThere has been a rotation of money out of the lower-quality names and into bitcoin,\u201d Ronnie Moas of Standpoint Research said in a message.<\/p>\n

Bitcoin\u2019s market capitalization as a percentage of all cryptocurrencies\u2019 market cap of $155 billion has climbed to 52%, from a low of 38% in June, according to CoinMarketCap.<\/p>\n

\"\"<\/a><\/p>\n

\n

Read: How the Reserve Bank\u2019s Bitcoin sandbox could lead to Etherium and other cryptocurrency regulations in SA<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is so close to making a new record and it could be because it\u2019s taking market share from its smaller cousins.<\/p>\n","protected":false},"author":59,"featured_media":194070,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[5537],"class_list":["post-204518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bitcoin"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/204518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=204518"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/204518\/revisions"}],"predecessor-version":[{"id":204522,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/204518\/revisions\/204522"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/194070"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=204518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=204518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=204518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}