In the world of cryptocurrency, Bitcoin was king, but indecisiveness has driven down its market capitalization percentage of all virtual currencies, and the upcoming debut of Tezos is believed to hold it there. At one time, its market cap was better than 50%, a number that has since dropped below the majority mark.
Ongoing issues like figuring out how to manage increased transaction flow, remain at a standstill. According to a Forbes article, “Meanwhile, as no decisions get made, transaction fees have risen from about 11 cents a year ago to $1.70 now, and the time to confirm a transaction has nearly doubled to almost 20 minutes. Because the community has been unable to resolve its divisions, some of the technological advances people were excited to see on bitcoin will be adopted on other tokens, such as Litecoin, which could emerge as the payment token, while bitcoin evolves more into a digital gold, because its software will only ever release 21 million units.”
A “new digital commonwealth” is on the way. Originally scheduled for May 22, 2017, the Tezos fundraiser is delayed until June. Even if Bitcoin can regain its position, the word is that this virtual currency will force its market cap back down. It’s early in the game and I can’t even pretend to understand this, so if you’re interested in learning the ins and outs of how Tezos differs from Bitcoin and the current blockchain, check out www.tezos.com. Do me a favor – come back and explain it to me.
We’re gamblers, not financial analysts, but with new initial coins offerings emerging and all the other factors swirling around, it makes you wonder about the prediction that one unit of bitcoin could be worth half a million USD by 2030.
Source:
‘For First Time, Bitcoin Accounts for Less Than Half Of Market Cap Of All Cryptocurrencies’, Laura Shin, Contributor, Forbes.com, May 16, 2017.