In the world of cryptocurrency, some coins are more popular than others. Finding a viable metric to determine this success is pretty difficult. For Shapeshift, it seems their BTC to BCH conversion generates most of the volume. While this statistic only tells part of the story, it’s still interesting to keep an eye on.
There will always be a tight correlation between Bitcoin and Bitcoin Cash. Not everyone is in favor of those two currencies doing their own thing. Community members tend to sling mud on a regular basis, yet both coins are successful in their own way. It now seems the BTC to BCH conversion is the most popular trade on ShapeShift.io.
An Interesting Trend on ShapeShift
To put this into perspective, this is the most popular trade on ShapeShift over the past 24 hours. Looking at the bigger picture, we see altcoin to altcoin conversion represent 45% of the platform’s volume. Bitcoin to altcoin represents just 26%, whereas altcoin to Bitcoin makes up the missing volume. All of this shows most currencies derive value from one another, as it has been for quite some time now.
What is interesting is how the Bitcoin Cash conversion is so popular right now. It is rather surprising, as both BCH and Bitcoin are rising in value. One would expect people to hold onto their Bitcoin when things finally go their way. For some unknown reason, that is not the case. At least, as far as the ShapeShift platform is concerned at this stage.
Whether or not this trend will continue, remains to be seen. It is possible people will diversify their portfolio now that all currencies see positive momentum. Bitcoin remains the go-to currency for newcomers, rather than any of the altcoins. How that will affect Bitcoin Cash, remains to be determined. ShapeShift is not a platform novice cryptocurrency users will flock to from day one.
Header image courtesy of Shutterstock
