With the success of Bitcoin in 2017, a multitude of other cryptocurrencies suddenly made their presence known to the public eye. By the end of 2017, Bitcoin’s value had exploded, going from under $10000 to around $20000.
Since then, the price of Bitcoin and hence, its total market cap has gone through many fluctuations. The market cap is basically the total value of all the Bitcoin in the world. The value of one coin has hit $12000 just this year in July, but it currently rests at around $8000.
The question on everyone’s mind is: Can Bitcoin, the so-called father of crypto, still keep up with all the competition?
With the emergence of multiple alternatives to Bitcoin, some have certainly made their name on the landscape of cryptocurrencies. Some of these include Ethereum, Ripple, and Litecoin. There’s also Facebook’s upcoming crypto, Libra, which will be backed by multiple high-level organizations, and potentially governments.
Despite a large number of competitors, Bitcoin still rises far above the rest. Resting at $8000, the next most valuable coin belongs to the crypto Maker, and it is priced at $445.
The reason behind this is that many people still use Bitcoin more than the people who use alternatives. Bitcoin has had a taste of success that not many other cryptos can boast. People still believe that Bitcoin can return to its further glory, with some analysts predicting major increases in the value of the coin.
There’s also the factor of validity. Bitcoin has been in the public eye for longer, not due to its life but due to its extended duration of fame, when it took the world by storm. Suddenly everyone was buying into Bitcoin, and among them were people who looked at the bigger picture. They went on to share information about Bitcoin, making it yet more of a household name than other cryptos. People today know more about Bitcoin and will likely buy into it more than they would any other crypto for this reason.
Bitcoin is stated to still be rising, even now. Many companies have started looking into either incorporating Bitcoin into their transactions, or developing their own alternatives and attempting to give Bitcoin a run for its money.
At this point, it’s all speculation. Even with the development and growth of other cryptos, Bitcoin still reigns supreme by quite the margin. It still grows too, and with little signs of stopping. It is safe to say that even with the growth of the market, Bitcoin will always be a name to consider. Even if secondary crypto were to replace Bitcoin, the original crypto has cemented its name into the annals of history, and will forever be known as the pioneer of crypto and, in the future, modern transactions.