The total market cap of the cryptocurrency market reached a new milestone, crossing the $700 bln mark. However, the driving force that is Bitcoin has slumped to all-time lows in terms of its market dominance.
For so long Bitcoin has held more than just the lion’s share of the crypto market dominance, but currently, while many will be calling it altcoin season with Bitcoin’s dominance down to 34 percent, it may be that Bitcoin has made itself less important.
At its genesis, Bitcoin was heralded as the new revolution of currency with its low fees and instant transfers, but that is long gone, and with it too perhaps Bitcoin’s relevance in the global crypto market.
Not what it was before
It all began with Bitcoin challenging the established order of money, currency, banking and finance. There was heavy adoption taking place where merchants were climbing on board to match the interest of individuals and to this end, Bitcoin was being heralded as the perfect digital currency.
However, even earlier this year when fees were pushing $2, rather than the current $20, there were rumblings about the original digital currency straying too far from its original purpose.
To this end, Bitcoin Cash was born with its believers stating that its ability to transfer almost instantly for little to no fees makes it the real Bitcoin.
Despite your feeling towards Bitcoin and Bitcoin Cash, it is proof that Bitcoin, the original, was deviating from the original white paper.
SegWit2x and Digital Gold
Bitcoin had a chance to rectify all this and become a more functional currency with the implementation of SegWit2x. However, it failed to launch as the decision was made to keep Bitcoin on the path it was one, which was accumulating value in huge leaps and bounds.
Digital-marketing agency Cooperatize.com’s Co-Founder Roger Wu puts it quite simply:
“The biggest thing is, are people willing to pay in Bitcoin? The reality is that most of our customers are other businesses and other businesses don’t use Bitcoin.”
Bitcoin, for so long rather undefined, took leaps towards being digital gold and as such, saw its value skyrocket as people wanted to get involved in an asset that was growing on an unprecedented level…