Bitcoin Sustains Dominance Despite Losing Grounds to RivalsOctober 29, 2018
The long-term trend for Bitcoin cannot be ignored, despite the crypto not regaining its high this year. The coin has been dominating the interests of the investors over the past ten years. Until just five years ago Bitcoin did not have significant competitors.
The price of the cryptocurrency has ridiculously risen from just 0.06 cents to $6,421 over time ever since 2010.
Several competitors to Bitcoin, in their attempts to cash out the Gold rush, have died during the volatility swings in 2017. Despite the volatility, Bitcoin has sustained their state-of-art dominance over the sector.
Though the coin fell from their highs, they have continued to remain in their 50%. Though the dominance of Bitcoin did not drip below 80%, it has lost grounds to their competitors like Ethereum, Ripple (XRP), Litecoin, Bitcoin Cash, Dash, and Litecoin.
DeVere Group is a financial advisory group. The CEO of DeVere Group, Nigel Green, stated, “I believe bitcoin’s influence & dominance of the cryptocurrency industry will drastically reduce during its second decade.”
The competition of Bitcoin will increase, and there will be a dent in the Market Share of the Bitcoin. The mass adoption of cryptocurrency and related assets will increase with regulation. And several private and public sectors will be willing to launch their digital assets, and the market will expand by “5000%” per Nigel Green in the forthcoming ten years. The worth can increase from $400 billion today to $20 trillion in the next ten years.
Per Forbes, Jim Blasko, the founder of Bitcoin Talk Radio, stated that the price of Bitcoin would increase to $100,000 by the end of 2020 or during the first quarter of 2021. This seems like an ambitious prediction; however, the calculations were made based on how the mining rewards are calculated in the Bitcoin Network.
Per Forbes, Tom Lee, Fundstrat Global Investor analyst stated, on a 200-day moving average price trend, the Bitcoin might end at $22,000 by 2018. Lee is well known about his Bullish stance for the currency.
Lee further added, “Bitcoin goes up only 50% of the time below its 200-day, in the next sixth months above its 200-day, it will be up 80% of the time.”
Cryptocurrency is understood widely to be the money of the future. There are several institutional, and retail investors who understand this and the numbers of those who work with this conception are growing as well.
Green further concluded stating “The market would have grown beyond recognition when Bitcoin will celebrate its 20th anniversary.”
The US Securities and Exchange Commission is still weighing the much anticipated Bitcoin Exchange-Traded fund as proposed by the Bitcoin companies like VanEck and SolidX.