Cryptocurrency

Bitcoin position gets weaker as other cryptocurrencies stand firm

Shehryar Ahmed Written by Shehryar Ahmed · 49 sec read>

Bitcoin is the most widely known cryptocurrency in the world. Its market capitalization is by far the largest of all cryptocurrencies and is expected to reach the same amount as that of gold in a few years. In itself, Bitcoin is predicted to rise up to $300,000 according to industry experts.

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The value of Bitcoin has seen a lot of variations throughout the year. One of the most notable changes is the 1500% increase in value. Another reason for the constant variation is accredited to the on and off unavailability of exchange mediums, including the crash of Coinbase and Gemini at the end of November.

On the other hand, however, it has been revealed by CoinMarketCap.com that Bitcoin held 90% of the market share at the start of the year, which has fallen down to a meager 42%.

Bitcoin’s competitor, Ethereum, is also facing a similar downfall. Relative to June wherein the crypto held a 32% share of the market, its share has fallen by 19% to the 13% mark.

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It is to be noted, however, that Ethereum is dubbed to be the next biggest thing in the crypto world. Experts are claiming that Ethereum is more flexible and more advanced than Bitcoin, which will eventually lead to Bitcoin handing over the cryptocurrency crown to Ethereum in 2018.

Image Source: Coin Telegraph

Written by Shehryar Ahmed
He covers international technology and consumer products for TechJuice. Also the Partnerships Lead, directly handles all university and college affiliations. Contact him at shehryar.ahmed@techjuice.pk Tweets @shehryarahmed0 Profile