Bitcoin | The Unparalleled Heavy Weight of the Crypto World
Bitcoin is the only coin to have surpassed the $2 trillion market cap mark and the next coin is a distant second at roughly $375 billion mark. That’s more than five times the market cap of the second coin. Those hoping for decoupling of market dynamics of other coins and tokens from Bitcoin, need to know that that is not going to happen in the near future.
How about sometime in the future? Well, if Bitcoin is the digital gold, then how long did it take regular stocks to surpass real Gold’s market cap? Decades, right? We will see something of the same over here in the crypto world too.
Bitcoin | Where to Now?
Many of the things we expected Bitcoin to do, like, form a medium of payment, a base on which apps would be built, etc. are still to happen. We all know that the Bitcoin network isn’t the best suited for fast transactions. At its current state, it can support 7 transactions per second. This is absurdly low when you know VISA supports 65,000 transactions per second. That’s one of the reasons why Bitcoin had a hardfork where Bitcoin Cash (BCH) was formed and later BCHA (now eCash) was formed. These are supposed to be faster in supporting transactions.
Not only the hardfork but there were attempts made to make the main Bitcoin Network itself faster. The Lightning Network was an attempt in that direction and we are yet to see progress. Adoption is the other challenge. All these exist.
But for a moment, just think if all of these things are sorted out, what do you think would be the price of Bitcoin? We are not even touching on the other parameters like Bitcoin halving, Bitcoins lost forever (estimated to be around 6 million), and other aspects. What do you say?
Still think Other Coins/Tokens Are Going to Overtake Bitcoin?
Well, maybe someday, though it’s a tough chance. But for long, Bitcoin may be the first to hit 3, 4, 5,.. 10 trillion USD market cap. Let’s see how this pans out. 😊
$BTC #BTCMarketCap #BTCandOtherCoins