Bitcoin at a threshold and the future of mining

Bitcoin dominance testing major support

Bitcoin currently has a market cap of about $225 billion, or 37.5% of the total cryptocurrency market cap. It is very close to breaking the previous low set last June, after rallying back to about 66% less than a month ago. Part of the reason is the recent surge in the market share of Ripple, which briefly approached half the market cap of Bitcoin by itself a few days ago. It seems inevitable that Bitcoin will break its support and eventually be overtaken by competitors.

Mining obsolete?

With the entrance of Stellar (XLM) into the top ten, five of the top ten coins do not require wasteful and unnecessary mining to provide security, as Bitcoin does. And it is expected that Ethereum will eventually transition to non-mining. How can any coin dependent on mining compete? It shouldn't be surprising if some day all of the top ten coins are non-mining.

Prognostication

Be forewarned: Bitcoin may suffer the fate of Netscape, Myspace, 8-track tapes, dial-up modems, floppy discs, and public payphones.

Update -- 2 days later

Bitcoin's dominance did break support and is currently at 35.2%. And for the first time, the market cap of Bitcoin is surpassed by the combined market cap of the next three cryptocurrencies.