There are those who see the glass as half full,
There are those who see the glass as half full, and those who see it as half empty, while some of us wonder whether or not in the next five years, the glass can be bought with digital currency.
As bizarre as that may sound, people do actually predict and mull over the future of cryptocurrencies most of the time. Especially those who are interested in this sector. A new debate among such enthusiasts is whether or not Bitcoin will become a thing of the past in the near future.
Well, let’s not put the cart before the horse just yet. Let’s take a look at some of the facts before we arrive at any decision.
Cryptocurrencies as a whole can be segregated into Bitcoin and Altcoins. Now with altcoins gaining steam and emerging as a strong contender, many are asking whether An Altcoin Domination Is On The Cards.
Data from the cryptocurrency price tracker CoinLib has predicted and displayed Bitcoin’s dominance dropping below 50 per cent. This trend which is gradually becoming recurrent on the market, does not promise good things for the number one cryptocurrency.
Past data has shown, that when Bitcoins prices dip down, it usually is a harbinger of a price rally of altcoins. Considering how frequently Bitcoin is witnessing dips these days, it might not be a stretch to estimate that altcoins could prove to dominate in the future, thereby making the former more obscure.
As more and more people are tempted with the prospects of altcoin, they might choose to trade off their bitcoins for altcoins, thereby driving down the prices further.
It is not difficult to imagine troubled times ahead for Bitcoin, if it continues its current market trend.
So while it might be premature to say that Bitcoin will bite the dust in the next five years, the year 2019 would definitely be crucial in determining how Bitcoin will perform in the long term.