Things have been getting very hot for Bitcoin as it spent the last one year trying to fend off market attacks from altcoins. Bitcoin hasn’t done very well in this war as altcoins have managed to grab a significant market share right from under the pioneer coin.
Altcoins Are Getting Attractive
Startup crypto projects that only entered the market after issuing their ICOs just a few years back are now challenging the king of cryptos. They have managed to develop their blockchain infrastructures to admirable levels that have worked to actually dismount some crypto investors off the Bitcoin horse and onto theirs.
One key reason for this development has manifested itself in the way people think about cryptocurrencies and how they gauge various investment opportunities. For example, some shrewd investors have spotted very lucrative investment opportunities in-between price ranges during the ons and offs of the bear market. One very clear reason for this is because of the altcoins’ low prices, with some of them trading at penny prices.
As such, most of the investors have chosen to invest in altcoins rather than Bitcoin, and that’s how the cryptocurrency has been slowly falling out of favor. However, that’s not the only reason that Bitcoin is ceding ground against altcoins. As a matter of fact, the break-neck competition for the market share in an ever expanding market environment is no small feat for most cryptocurrencies, but some of them have made significant technology and strategic improvements that have actually accorded them an advantage in the market, especially those offering credible alternative solutions to Bitcoin’s use cases.
The Only Way For BTC Is Down
At the dawn of the crypto space, Bitcoin was the first and had a whole 100% market share. However, its trend in market share dominance can only be expected to drop as other altcoins play catch up. Since the crypto price peak of 2017, altcoins have gone up hard against Bitcoin in terms of market share competition. They have risen steadily over the months, and their peak happened in April this year.
That’s not to say that altcoins haven’t seen their fair share of cases of fraud and scams during their early days, but it’s fair to say that they have come a long way in terms of viable projects and implementable use cases. For example, projects imitated by some altcoins like Stellar, Tron, and EOS will definitely present competition for investors against Bitcoin – if they’re successful. That’s despite the fact that Bitcoin still reigns supreme as the biggest and most popular coin in the crypto market.