Cryptogiant Bitcoin continues to dominate
Bitcoin is the oldest decentralized cryptocurrency that has been gaining attention since its introduction. But this journey has never been smooth. Recently, the crypto giant faced bans, stricter legal impositions, and consequent price falls, highlighting its volatile nature. However, despite all this, the crypto-king has managed to maintain its dominance through the years. Here’s the entire story of Bitcoin’s dominance
The story of Bitcoin’s dominance and downfall
Bitcoin has always been the largest cryptocurrency by market capitalization. For years, its dominance was as high as 90 percent until March 2017. The crypto giant witnessed huge price falls, making it lose dominance from about 85 percent to 37 percent within few months. Trading bans, stricter impositions and repeated warnings from the financial authorities and organizations made Bitcoin suffer frequent downfalls.
However, its increasing popularity and acceptance as a mode of the transaction by some of the big businessmen and industries made it survive this roller coaster ride! In December 2017, Bitcoin managed to recover back to 65 percent only to fall back to 33 percent in January. By this time, other players of the crypto industry including Ethereum, Ripple, Litecoin and Bitcoin cash and so on had started occupying some place in investors’ good books. Despite the ups and downs, Bitcoin managed to gradually walk up to raise the bars. Now, it has risen back to 42.1 percent from a depressing 32.5 percent in January.
Such plays of hikes and tumbles give an impression of not only the volatility of the crypto world but also the uncertainties of the investors. When Bitcoin fell, traders switched to altcoins and after realizing that they need BTC to trade in altcoins, they switched back to Bitcoins. Though investors hunt for low cap opportunities, they soon return to Bitcoin for the safer play. This marks the reason for Bitcoin’s consistent dominance since its birth. Analysts believe that this dominance is beneficial for the entire cryptocurrency.