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How Does Ethereum Work? The Bitcoin miners jumped ship and began mining alternative cryptocurrencies. & Cryptonex (CNX) Make Huge Gains but What Are They?

Now that Bitcoin’s price has dropped to $15,463.20 when it was previously above $19,000 just 5 days ago, there have been a lot of speculations on why it’s currently dropping after gaining so much this past year and on where Bitcoin will go next. One of the main reasons behind the current Bitcoin drop, experts say, is because of the high transaction fees that Bitcoin is subject to at the moment. According to Erik Voorhees, the CEO of ShapeShift (private) – a company that offers global trading on a variety of digital assets through web and mobile platforms – the average Bitcoin transaction fee has increased to $40 per transaction over the past 12 months. That’s a rate that is even higher than most bank wires. Higher Bitcoin transactions fees could be a reason behind Bitcoin’s current price slump (the high fees could be deterring some people from wanting to trade as much in Bitcoin), but another reason that has been given to the slump, which has declined another 5% as of Thursday, is linked to Ethereum, along with other altcoin cryptocurrencies in general.

Bitcoin used to have the dominant share of the cryptocurrency world, but that share has dropped before, and this week it dropped again. Bitcoin now holds slightly less than 44% of the crypto market, which is the lowest that it has seen since August.

The main factor behind this is that Ethereum has upped its share in a gaining price rally, as have several other altcoins such as Ripple. Ethereum increased its market share to 13%, effectively helping to lower Bitcoin’s share, thus reducing Bitcoin’s worth. Despite the slump, many analysts are saying not to panic. A drop like this is normal after the extreme growth Bitcoin saw this year (the last month alone saw Bitcoin soar from $8,000 to $19,000). Also, the slump certainly hasn’t been dissuading investors from speculating on Bitcoin’s future price.

Just recently, an unknown trader, or group of traders, put up a million-dollar bet declaring that Bitcoin will reach $50,000 by the end of 2018. Featured Image: Depositphotos/© maxxyustas.

Bitcoin Cash is back on the rise and broke its previous record back on Nov. As per CoinMarketCap, the Bitcoin Cash-U.S. Dollar (BCH/USD) exchange rate skyrocketed to a high of $ 2,353.64 at 16:54:57 UTC. At press time, the cryptocurrency is changing hands at $ 2,272. Nexus NXS Cloud Mining Contract there. 64 and is up 23.08 percent on the day. BCH price is up 60.93 week-on-week and for the month, Bitcoin Cash is up 75.79. Source: CoinMarketCap Back on November 12th, the off-shoot became more profitable to mine than Bitcoin and miners began dumping the original cryptocurrency for its counterpart.

When Bitcoin’s difficulty mining protocol became too high for profits, the Bitcoin miners jumped ship and began mining alternative cryptocurrencies, specifically Bitcoin Cash. During that time, BCH reached a record high of just under $20,000 before it’s difficulty protocol caught up to it and miners jumped back to mining the Bitcoin blockchain. Bitcoin Cash’s market cap is now $38 billion and its growth can be pinpointed to Bitcoin.com’s CTO and co-founder Emil Oldenburg. He recently expressed in an interview that Bitcoin is the “riskiest” investment that anyone can make and he has sold all of his Bitcoin’s and invested in Bitcoin Cash. As Bitcoin continues to see minor corrections due to its futures now trading, it will be interesting to see how many miners jump ship to altcoins as it’s growth is slowed. Featured Image: depositphotos/ yamabikay.