Value Perceptions of the Altcoins are Changing in the MarketSeptember 12, 2019
Ari Paul Tweeted thus: “1/ It makes sense for bitcoiners to be extremely antagonistic to contentious hard forks like 2x which threaten the BTC security model. It makes no sense to be antagonistic to altcoins that use a different PoW algo or other consensus mechanism.”
Ari opines that Bitcoin will be able to take over for every kind of use case provided by the technological features of different Altcoins. For the short term, the altcoins will be able to carry a demand for a particular solution until it gets implemented in the Bitcoin Network.
There have been several new Altcoins, and the BTC has survived despite the coming of the different tokens including the TCAT tokens. Several Altcoins have pretended that they might be able to displace the Bitcoin; however, they have not yet been able to do it.
Binance will be closing its trading and deposits for US-based investors, eventually cutting off their access to the majority of the Altcoin market. US traders were responsible for 43% of the market activity, and from now on they will not be permitted to make any of their deposits or trading in Binance.
Binance is currently offering different kinds of altcoin assets like the major cap ones like Ethereum, Litecoin and Ripple and several other small-cap altcoins like Ethos, Storj, and Ripio Credit Network.
Regulation is spreading across the cryptocurrency market, and there are very few trading platforms providing for US-based traders. The value perceptions of the altcoins are changing in the market due to increased regulation. Altcoins that are not listed in Exchanges are perceived to be potentially risky, and eventually, investors might suffer a lot of risks.
The dominance of the Bitcoin in the market is due to its longevity and the ability of the institutions to invest in this asset type. Despite the current trends, there are lots of chances for Altcoins to get back into the game.
The price of the Bitcoin is being driven to new levels because “85% of Bitcoin has been mined, so the current mining difficulty has increased immensely since the beginning of Bitcoin.“
The cryptocurrency ecosystem is continually evolving. Bitcoin is the main entrant, and it enjoys its reputational leadership despite the coming of the Altcoins. Several technologically advanced Altcoins have entered the market.
Joel Kovshoff, CEO of a crypto trading firm, stated, “Altcoins might follow, and I don’t expect them to be any different from traditional businesses with 95% failing in the next 3-5 years.”