By Tyler Durden
Authored by John Rubino via DollarCollapse.com,
Bitcon has been rocketing higher lately, as it gains widespread official approval and more people figure out how to use it.
As the first of its kind to emerge, bitcoin has become synonymous with “cryptocurrency”. But lately it’s been joined by a lot of others – which together now account for more than half of the cryptocurrency ecosystem:
For First Time, Bitcoin Accounts for Less Than Half Of Market Cap Of All Cryptocurrencies
(Forbes) – For the first time, Bitcoin’s market capitalization as a percentage of all cryptocurrencies has dropped to below 50%.
It is a symbolic turning point for the first cryptocurrency, which for a long time accounted for more than 90% of the value of all blockchain-based assets combined, particularly through a period when so-called alt-coins that were only minor tweaks to bitcoin proliferated.
Its market capitalization then comprised over 80% of all cryptocurrencies for years, a range that held true until two months ago when it dipped below 80% and not only did not recover but did a quick dive straight down.
Several factors are driving the drop from its status as the clear leader.
1. Bitcoin’s development is …read more