Is Bitcoin in the danger of not being the most valued cryptocurrency? Many of the Bitcoins investors are worried lot. This is because Bitcoins has now fallen in value by 50% from the peak.
Moreover, the market cap of Bitcoins has actually taken a huge hit as well. Even though the 2nd most valued cryptocurrency that is Ethereum is still not close to Bitcoins but the truth is that, if the Bitcoins continues to fall at this very stage, Ethereum would surely overpower it as well.
The reason for this is that even while Bitcoin and ripple were falling, Ethereum has approximately risen by 10% to 11%. Thus, it seems to be closing the gap pretty soon as well. Moreover, in the longer term ripple is a very strong application as well.
Same can be said for Ethereum as well. Owing to this very reason, even if that option of Bitcoin actually does not take place at the scale at which it is expected, Ethereum and ripple would continue to rise as well owing to the applications which are pretty strong enough.
Thus, you can be sure that if a Bitcoins does not continue to rise once again, it would be overpowered by either Ethereum or ripple.
Moreover, cryptocurrency space is not a predictable space. Therefore, you cannot even say whether a new cryptocurrency would actually overpower it. The truth is that its fork, that is Bitcoin cash can also overpower it quite easily as well.
Read More: Is Ethereum better than Bitcoin for the future? (Ethereum vs Bitcoin)
Currently, however, it is at least 60% to 70% of the 2nd most valued cryptocurrencies as well. Owing to this very reason, it is not immediately in danger of being overpowered or being marked down as the most valuable cryptocurrency in the world.
However, over a period of time certainly, some or the other cryptocurrencies can increase in value in order to surpass Bitcoin as well.
Moreover, Bitcoin is fast losing its relevance as well. As more and more cryptocurrencies actually become popular, the relevance of Bitcoin is decreasing significantly.
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This should be a worrisome trend for most of the cryptocurrency investors as well. If you’re diversified among different cryptocurrencies, you would have no problem at all.
However, if you’re just invested in Bitcoin, this should be a pretty worrying trend for you. This is one of the main reasons why investors are closely following the levels as well as a market cap of Bitcoin in order to figure out whether it is breaching any important levels or not. For now, however, it is disappointing all the investors as it is consistently moving down from the last few weeks.
Read More: Bitcoin Price Prediction 2018: Can cryptocurrency hit $50,000 this year? (Forecast 2018)
Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.
