Bitcoin Vs Altcoins: Market Share, Growth And Popularity Of Bitcoin Vs Crypto Tokens
The last one year has been very tough for Bitcoin. This is because it has spent the better part of it fending off attacks from alternative coins. And things do not seem to be getting any better, as altcoins seem to be becoming more popular with each passing day. Altcoins have managed to eat into Bitcoins’ market share, and they do not seem to be stopping or slowing down anytime soon.
They Have Become Attractive
Cryptocurrencies that have been around for many years are now finding themselves having to fend off competition from startup crypto projects. Mind you, many of these startups only issued their ICOs recently. The reason why they have managed to challenge the crypto kings can be traced back to their blockchain infrastructures.
Startup projects are taking their time to study the market, and come up with admirable blockchain infrastructures. Their infrastructures are so admirable that they have been able to attract investors who had pegged all their fortunes on the Bitcoin horse.
One major development that has contributed to the emergence of this scenario can be seen in the way investors look at cryptocurrencies in relation to investment viability. For instance, there are sharp investors who have been able to spot profitable investment chances in-between the price variations during instances when the markets are experiencing on and off bear tendencies.
A clear reason for this lies in the altcoins low prices. Some of these alternative coins are trading at pennies to the dollar. Many investors have, therefore, made a decision to invest in the alternative coins, as opposed to investing in major coins like Bitcoin. And this is how Bitcoin has slowly started to fall out of favor with many seasoned cryptocurrency investors.
It is, however, important to note that this is not the only reason why Bitcoin has been slowly ceding ground to the altcoins. Truth be told, the kind of competition being experienced in the ever-growing cryptocurrency market is not for the faint of heart, though this is not the reason why altcoins are outdoing Bitcoin.
There is a simple explanation for why altcoins have become more popular: they have made strategic improvements and introduced technological improvements that have provided them with a much-needed advantage in the crypto market. This is more so for cryptocurrencies that have chosen to provide great alternative solutions to some of Bitcoin’s popular use cases.
What Is The Way Forward For Bitcoin?
As the crypto universe was starting, Bitcoin had all the crypto space. This means that it had 100% market share as it did not have any known competitors. However, its market dominance trends can only be expected to drop moving forward, as more and more altcoins join the market, and start to catch up with it.
From the moment the crypto prices peaked in 2017, altcoins have been going really hard against Bitcoin in a bid to eat into its market share. These coins have continued to rise with each passing month, and this is expected to continue for the foreseeable future.