Economic News

After losing close to half the cryptocurrency sphere’s market share in 2017, will Bitcoin remain king in 2018?

Bitcoin will always be known as the Granddaddy of cryptocurrencies, and the O.G. (Original Gangster) of virtual currencies.  However despite the fact that it hit a record high in price in 2017, it actually lost nearly half its marketshare to the now 1400 cryptos that proliferate the sector.

So with this trend in place the question that must be asked going into 2018 is, will Bitcoin remain king when December 31 comes around again?

Six years ago bitcoin was the only cryptocurrency people talked about. Now, there are almost 1,400 of them. While remaining the locomotive of digital money, bitcoin has been gradually losing its preeminence in the market. 

Bitcoin had a very good year. In addition to appreciating by more than 1,300 percent, it is now trading on two futures exchanges and has lured institutional investors from Wall Street. However, it is no longer the only game in town. 

At the beginning of the year, bitcoin had an 88 percent share of the cryptocurrency market. Ethereum had only four percent, and bitcoin cash was non-existent. 

As 2017 comes to an end, the market share of bitcoin shrunk by half to 43.5 percent.
Ethereum has faced similar setbacks. While it was predicted to de-throne bitcoin, its market share has fallen from about 32 percent in June to near 13 percent by the end of the year. Bitcoin cash has never had a share exceeding 11.5 percent. – Russia Today

Source: thedailyeconomist.com