Although Bitcoin is looking relatively strong compared to a week or two ago when it sank as low as roughly $8,000 USD a coin, BTC stated the day at a little over $11,000 and is now at roughly $10,850, at time of press. CoinMarket cap is showing BTC as down 4.76% in 24 hours and a scroll down the list of the top hundred 100 cryptos shows mostly red.
When Bitcoin experiences a correction, most other ‘altcoins’ (the name given to all coins other than Bitcoin) tend to follow suit, so to speak.
Breaking away from Bitcoin’s dominance
Notable exceptions to the general decline include Tether coin (no surprise there). Tether is the coins that’s tied to the value of the US dollar so doesn’t tend to change much. Although, when Bitcoin goes down and savvy traders either see it coming or want to avoid further losses, they ten to transfer their funds to Tether for safe keeping.
DigitalDAX actually increased in value over the last 24 hours. The coin’s up 14.52% per CoinMarketCap which bodes well for the coin. It’s always a good sign if a coin’s value isn’t too swayed by Bitcoin’s activity. It shows resilience. BitShares is up very slightly, along with Golem, ReddCoin, MaidSafeCoin, and SingularityNET.
Other success stories include Particl, up 12.57%, and Blocknet, up 5.65%, respectively.
ICOs generated $6B plus in 2017
The US Senate, with the help of the SEC, has long been discussing how best to deal with ICOs. ICOs generated more than $6 billion in 2017 alone and a lot of this almost definitely came from US investors. As such, it’s no wonder the government is beginning to clamp down on ones they see as unlawful.
SEC Chief Jay Clayton famously said at a recent US hearing: “Every ICO I’ve seen is a security.”