The price of Bitcoin has had ups and downs over the last few days, and even declined sharply, marking the lowest level in the last 30 days, losing up to $ 200 worth. $ 938.73 marked in the Bitstamp price index, reaching the second lowest marker of the year, only surpassed by the index's $ 915 at the beginning of February, when the exchange platforms in China decided to suspend their withdrawals, a decision that remains to date. On Friday afternoon, the BPI of the cryptocoin indicated $ 1,160; Hours later, $ 948.73, more than 15% depreciation over a greatly reduced period of time. At this time the Bitcoin index stands at $ 1,030.
Some of the possible causes of this erratic behavior are related to the recent successes of some altcoins, such as Ethereum, Dash and Zcash, which have their own beneficial characteristics independent of Bitcoin and, except perhaps for Ethereum, do not present the difficulties around scalability, transaction processing and delays that currently afflict the bitcoiners community. In addition to the already recognized Litecoin, Ethereum, Dash, DogeCoin and Ripple, Bitcoin's bache has allowed other altcoins to position themselves in the ecosystem, such as Monero, ZCash or Factoids, among others.
These alternative cryptocoins gain importance in the ecosystem at an accelerated pace, and considerably increase their value in the market, such as Ether which rose up to 60% of its value. Within this boom of altcoins also highlights the case of Dash, which in the last month has grown to 1000%, reaching almost 120 dollars per coin, supported by the utility Evolution, an application designed to facilitate the use of Dash to the merchants and thus increase the adoption of the payment platform.
On the other hand, we can not forget the influence of China within the market. From the end of 2016 and the beginning of this year, the government has intensified its efforts to establish clear legislation on the cryptocoins, and some meetings of the Central Bank of China with representatives of the exchange houses had immediate results as the elimination of the transaction scheme without commissions and the suspension of payments of the main exchange platforms of the country.
However, Bitcoin's main thrust in recent days was the recent publication of a communique by the world's largest exchange houses, where a contingency plan for a possible hardfork of Bitcoin blockchain between Core and Unlimited is explained. The exchange houses state that they will list the coin of that network as BTU (or XBU), while the original Bitcoin will continue to be denominated under the acronym BTC (or XBT), "and all the exchanges will continue processing deposits and withdrawals in bitcoins (BTC) even if the Bitcoin Unlimited (BTU) chain has more hashing power. "
This contingency plan has undoubtedly raised alarms among the community of bitcoiners, who fear a drastic fall in the price of bitcoin before a fork in the network. This is further aggravated when one takes into account the security flaws that the Bitcoin Unlimited protocol has shown in recent times. Faced with the possibility that bitcoin undergoes changes, the market has responded with some nervousness, which would explain this behavior of ups and downs, as well as the parallel and sustained growth of other of the digital currencies.