Is Bitcoin losing the position of the crypto leader?
Bitcoin is performing well in the market, reaching the US 50000 dollar mark several times this year. Although this is good news, in terms of overall performance, other crypto coins are performing a lot better in the market. All these latest developments can certainly give rise to the question of bitcoin is going to lose its position as the head of the crypto market.
According to some crypto experts and enthusiasts who have been studying the crypto market for years, bitcoin is no more leading the crypto market. They have admitted that although it still has a lot of importance, nevertheless it is losing its long time position and following the likes of Ethereum and other crypto coins, which are highly grossing in the market. The individuals and businesses that are heavily dependent on bitcoin are right now understanding the position bitcoin presently has acquired in the crypto market. And they are trying to shift their business plan from thereon, trying to adapt to new methods.
The asset class of crypto coins that were solely dependent upon the market value of bitcoins have evolved over the years and today’s options are not a limited one. Utilising blockchain technology, new systems have emerged and shown faster growth rates. These new systems are NFTs, games, DeFi, web 3.0 and sports.
Another group of people have the exact opposite view. According to them, bitcoin has gradually matured over the years. Different governments and private sectors have vehemently shown their interest in crypto coins, and the sole credit for that goes to bitcoin. El Salvador has recently adopted bitcoin as their national currency to tackle the infrastructural challenges. Now Ukraine is also going to pass the legal tender for bitcoin.
The overall transition of blockchain technology from bitcoin to various types of digital assets has been a part of significant economic and technological growth. Although most of us can speculate what path will bitcoin take, only time will decide that for us.