The era of cryptocurrencies started unofficially when the first bitcoin appeared more than a decade ago. However, many would agree that cryptocurrencies’ real beginning was when BTC penetrated the mainstream and peaked in December 2017.
All crypto enthusiasts witnessed something miraculous happening as the most popular crypto skyrocketed, attracting new investors and creating new fans all around the globe.
Nowadays, people use BTC for various things. Apart from buying and selling stuff with this cryptocurrency, people exchange cryptos for each other or fiat currencies and even use them to play casino games on platforms.
However, many have their doubts about the popularity of Bitcoin. Is it still as popular as it used to be more than a year ago? Will it reach such popularity or fade slowly like many things in this information-oversaturated society?
Bitcoin is Here to Stay
One thing is sure — bitcoin and its underlying technology are not going anywhere. People all over the world accept it, and some use it daily. There are way too many advantages that the blockchain offers to simply cast it away.Being the most widespread cryptocurrency, Bitcoin will probably retain that status shortly. However, it is something that you should take seriously, as the entire crypto sphere is still shaky and in its infancy.
In other words, all the indicators tell us that BTC is still the most popular cryptocurrency. Still, all it takes for it to be dethroned is that some companies develop improved underlying technology to enhance the popularity of their crypto. One such company is Ethereum.
Which Cryptos Could Overtake BTC?
Speaking of the company Ethereum and its crypto called ether, they are the biggest threat to BTC’s dominance. Simply put, bitcoin is just a cryptocurrency. In contrast, Ethereum is an entire system that aims to use blockchain technology in other spheres, some outside of finance.That is one of the main reasons people started embracing the company and ether. They believe Buterik and his team have an evident vision of the blockchain-driven future and that the company will become even more popular, resulting in ether becoming the most popular cryptocurrency. However, that seems like a distant future, especially when we look at the numbers related to these two cryptocurrencies.
The total market cap for BTC is $188.2 billion, which is proliferating. Ethereum is the second most crucial cryptocurrency, but the market cap is only $19 billion. Not only is Bitcoin much more popular than Ethereum, but it also has a higher market cap than the top 20 altcoins. In other words, it is safe to conclude that Bitcoin is still the most popular cryptocurrency.
Some people claim that another pretender to the throne could be Bitcoin Cash. It is a type of cryptocurrency separated from Bitcoin via a hard fork. It is regarded as an upgraded bitcoin, which can process many more transactions than its “parent” currency. However, it is doubtful that BCH will ever achieve the stardom of BTC, simply because there is not enough hype around it anymore. In contrast, Bitcoin is still pretty much the main topic of most crypto enthusiasts.
Finally, ripple and litecoin are also valid candidates for taking BTC’s throne sometime in the future, as they are loved and accepted by crypto fans worldwide. However, they are nowhere near Bitcoin in popularity, so they cannot be considered a part of the picture.
It’s Not All About the Money
Cryptocurrencies are money (some countries might beg to disagree), meaning they are the same as dollars, pounds, euros, and other fiat currencies. The only thing that makes them different is that most of them use blockchain — a revolutionary type of technology that has the potential to disrupt the finance industry and change how we live.
Therefore, one has to consider the technological potential of some cryptocurrencies and understand that they are as much technology as they are finance. Bitcoin may be just a tiny part of the blockchain-driven world. The entire crypto/blockchain phase may end very soon. Nobody can predict that.
