Bitcoin Dominance – Will Altcoins be able to Compete this Anytime Soon?

[arvinabeabe]

After a brief slum in its value in June, Bitcoin price is on a rise so as its dominance in the cryptocurrency world, leaving little room for Altcoins and their market capitalization. Currently, Bitcoin is maneuvering the digital currency regime, setting its conditions, determining the pace and leading the way. Bitcoin’s monopoly is not letting smaller coins take control of their destiny in their own hands and therefore their markets are in limbo.

Altcoins are deemed as immature by Michael J. Casey, Chairman of the advisory board at Coindesk, because of lack of consumers’ trust in them. He argues that the digital currency’s industry should now proceed to adulthood and take the mainstream stage. The main reason behind lack of trust on Altcoins is that they are loaded with scams, but if they want to compete with cryptocurrency giants like Bitcoin and etherum then they should seek some maturity; get out of their underground abodes and try to be more mainstream and in reach of the general population.

According to Casey, there are two major stumbling blocks in way of a booming cryptocurrency market; the first one is the insufficient knowledge of policymakers and second is the poor understanding of the general population. People are scared of the digital currency as everything is in the virtual world and they don’t get hands on it. They need to be educated about cryptocurrency and how it works, otherwise, altcoins will never thrive.

Casey put forward recommendations for boosting public confidence in cryptocurrency; he said that the policymakers should develop standards of reputation, certification, accountability, and attestation which fall within the legal framework. These will help in enhancing the trust of the general public in the latest technology and the structured system will aid the startups.

Casey raised some significant points in light of the faltering presence of altcoins and rightfully said that if the crypto community would like to prosper and build trust with populace then the industry needs to make swift changes in its policies. If the industry won’t sharpen up, then the Bitcoin might leave others far behind and in that case, thousands of altcoins will be left under Bitcoin shadow forever.

[Delgado]

Over time, the dominance of bitcoin in the cryptocurrency market, that is, the level of its capitalization will inevitably fall, since altcoins are developing very quickly. I think that someday the time will come when bitcoin will stop dictating prices in this market. Everything will depend on how high Bitcoin can rise in price and when it happens.

[Astra]

Now, despite the increase in the price of bitcoin in the last month, its level of capitalization has been gradually falling and now stands at just over 59 percent. It is possible that due to the rapid growth of altcoins, Bitcoin will eventually lose its dominance over the prices of other cryptocurrencies. In any case, this will be a new stage in the development of cryptocurrency. Decentralized cryptocurrency most likely needs decentralized pricing.

[Proton]

We see that altcoins are now developing and improving much faster than bitcoin. Because of this, the capitalization of bitcoin is falling and is now at the level of 56-57 percent. Therefore, it is quite possible that after some time Bitcoin will lose its position as the leader of the cryptocurrency.

[hair]

We see that altcoins are now developing and improving much faster than bitcoin. Because of this, the capitalization of bitcoin is falling and is now at the level of 56-57 percent. Therefore, it is quite possible that after some time Bitcoin will lose its position as the leader of the cryptocurrency.

Yes .. It's not impossible. Of course, altcoins need hard work to compete with Bitcoin. Until now Bitcoin still dominates the market proving that Bitcoin is still tough for its competitors