Categories: Bitcoin Business

Clock Ticking for Altcoins as Bitcoin Breaks $1.3 bln 24h Trade Volume

Click here to view original web page at cointelegraph.com

As the 24-hour transaction volume of the top digital currency Bitcoin reached a historical high of $1.3 bln this week, the days of altcoins that solve no substantial problem may soon be over - or tested to a point of failure.

The rising Bitcoin price which seldom reflects negatively on most alternative currencies is going to tell on their success.

For those who have noticed, the more Bitcoin rises, the lowermost altcoins go - even the super altcoins. This could be as a result of the established fact that one has to buy Bitcoin to get into altcoins and vice versa to opt out.

Or it could be as a result of a reduced confidence in what some - if not most - of these altcoins have to offer. There are also words of some being scams and others being clones of another or serving the same purpose with another.

Time for altcoins show what they are worth

Whatever is the case of every altcoin, what they really stand for would be tested in due course unless the rise of Bitcoin gets stalled. Their existence could be affected negatively unless they evolve to be a true representation of their initial ideas and market more to show off their achievements. New ideas are popping up every day and some would definitely become obsolete.

The thought that the market decides really needs to be given consideration now especially as there is a growing notion that an altcoin bubble is in the making and it could pop at some point.

Bitcoin’s rise is setting a standard that altcoins need to rise up to so as to wax stronger as well.

Bitcoin’s superiority

The reality of each and every passing year that Bitcoin has survived without being crushed to the ground- some investors report huge returns on their investments along the way- is sinking into the minds of more people.

The confidence level in the currency has risen and new users are coming into the cryptocurrency world. It’s truly decentralized nature also makes its extremely difficult for its protocol to be changed by anyone or some developers unlike it’s the case with some altcoins - a good side to the SegWit/scalability standoff.

Now aiming for the $2,000 price tag, the Bitcoin scarcity factor seems to be kicking in and pushing for demands that increase its value - remember last year’s block reward halving.

It throws a greater challenge to altcoins and their need to brace up for what could be coming.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Ripple Gives One Billion XRP to Former CTO Startup, Plus Paying For Publicity

Ripple Labs, the company behind XRP, has given for free some 1 billion XRP, worth $270 million, to a company… Read More

3 hours ago

54% of Bitcoin Volume on “Lower Quality Exchanges”: Report

The vast majority of the world’s cryptocurrency trading volume is in the hands of “lower quality exchanges”, while the world’s… Read More

3 hours ago

Bitcoin is Used more by Civilians than Some Bankers, Lawmakers or Terrorists

In many countries, including Palestine and the entire world at large, Bitcoin is used more by civilians than some bankers… Read More

3 hours ago

Billionaire Investor Tim Draper Claims Bitcoin Prices Will Hike Upto $250,000 By 2022

Very rich person Investor Tim Draper Claims Bitcoin Prices Will Hike up to $250,000 by 2022Bitcoin (BTC) may proceed to… Read More

3 hours ago

Bitcoin (BTC) mining giant Bitmain firm announces purchasing more crypto mining chips that subject to a potential profit of $1.2 billion

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

3 hours ago

Squeaky-Clean Apple Is Quietly Pummeling Its FAANG Stock Buddies

Apple stock is brushing off a decline in iPhone sales while continuing to make gains in 2019. | Source: REUTERS/Joshua… Read More

3 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More