Bitcoin's market cap is now only 36% of the entire cryptocurrency market.

Up until weeks ago, Bitcoin had stood tall as the dominant figure in cryptocurrency - the brand, if you will, of crypto. In the past month, Bitcoin gradually lost some of its record value and has slowly diminished in market dominance, from well over 50% to the current 36% of the $625 billion market.

Up until recently, Ethereum, Litecoin, and Bitcoin Cash had been the other major competitors in the battle for market dominance. In the past few weeks, however, big bank contender Ripple, along with a few big performers such as Cardano and Stellar Lumens, have seized significant shares of the market.

As more and more currencies seek the limelight, Bitcoin appears to be fading. What will it take for Bitcoin to return to dominance?

Bitcoin does have a few things going for it. Development for the Lightning network is on track and has been used successfully on a number of occasions. Atomic swaps will enable decentralized swapping of currencies, with no need for exchanges. Rootstock will soon be implemented as well, allowing smart contracts to be utilised on a side-chain of Bitcoin. These three features alone bring huge improvements to the functionality of Bitcoin.

Will this attract a return to investment for Bitcoin? There are more than 1300 competing currencies to choose from, many with unique and interesting use-cases. However, many of these competitors will fail due to poor implementation. Bitcoin has the advantage of a huge development team that will compete with the best of them. Bitcoin will likely stand long after many of these other coins fade away.

It may not get to more than 50% dominance any time soon, but Bitcoin will continue to evolve and adapt. Competition will make this coin stronger.

image source:

https://bit4coin.net