Bitcoin May Not Be The Best

maxabit (57)in #cryptocurrency • 7 years ago

Ever since Bitcoin was introduced in 2010 it has pretty much held away over the cryptocurrency market. As the pioneer of crypto it is also the most well known among all the offerings till date. In fact there are many who have not even heard of other coins, definitely not the new ones that have entered the market in the last couple of years.

If you look at the performance of cryptocurrencies during the year 2017 you will find that Bitcoin was not the best in terms of percentage change in value. It was only 65% in its case as compared to 155% of Ethereum and 93% of Bitcoin Cash. Ripple showed a percentage change of 1240% moving from a value of 0.25 USD to 3.35 USD during the year. EOS, Litecoin and Cardano have performed much better than Bitcoin with percentage changes of 342%, 222% and 720% respectively.

Most people including those who invest in Bitcoin are not familiar with these figures and go with it blindly due to its popularity and the hype created around it. As the percentage change figures show Bitcoin has showed the worst performance among all of them.

The sheer size of Bitcoins market cap has also influenced investors. At market cap of 160 billion USD it is more than double that if Ethereum which trails behind with a market cap of 75 billion USD.

The other crypto offerings have much less market cap which puts them out of reckoning while being compared with Bitcoin. People ignore the increase in value of coins and look only at market cap.

But the truth is that Bitcoin is a bit dated considering its slow processing time and technology. Others that have faster transaction speed and better products to offer will gain prominence in the coming years.

Moreover, while the main trading pairs consisted of Bitcoin as the main trading pair. This will change slowly as exchanged open up trading with other cryptocurrencies, something that has already begun with Ethereum.

While Bitcoin has certainly shown the way to developers in the creation of blockchain based offerings, better technology is being offered with newer altcoins. The market has started noticing them and it is a letter of time before investors start putting their money into them.

Altcoins will grow at a faster pace than Bitcoin in the time to come. When businesses including online retailers start accepting altcoins as a form of payment Bitcoin may lose its position as the number one crypto.

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