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The current smack down in the crypto marketplace has many investors questioning possibility of rise in the value of cryptocurrencies. Among the questioned coins is Bitcoin (BTC). The coin had managed to remains tops for over a decade. Recent months had not been favorable for the coin. The price had spiked down and was alternating between $8,000 USD.
Investors are already questioning the wisdom in hodling the coin for long. Bitcoin’s (BTC) price took nose-dive towards the end of 2017. It was hoped to pick up in early months of 2018. Instead, the price had continually fluctuated. The current hovering between $8,000 and $10,000 forced many investors to lose hopes of Bitcoin (BTC) bouncing back.
It is pertinent to note that the coin had faced similar challenge before and overcame. Despite the fact that the market is not in the green, Bitcoin (BTC) has chances to make positive impressions in coming months.
Despite having a shaky beginning at the start of the year, Bitcoin (BTC) is set to sort out some of its issues. The coin had been lashed for low throughputs and high transaction costs. Even though this had distanced some investors, there are anticipated improvements that will solve these issues.
The touted Segwit development is ray of hope for investors. The code for the coin’s blockchain gets facelift when the development is over. When this happens, transactions will be faster. Investors are on lookout for improvement in the code because this is believed to be basis for scalability.
On the other hand, criticisms had trailed the coin’s high transaction fees. The code’s improvement will also put this to rest. In its place, fees for Bitcoin (BTC) transactions will be reduced. What great joy it will be in the crypto sphere when Bitcoin (BTC) beats Ripple’s (XRP) transaction speed.
There are also talks of introducing lighting network. Bitcoin (BTC) had been at the lowest ebb for better part of 2018. The lighting network has capability to increase the coin’s transactions. Despite hints, news hasn’t been heard of expected launch of the lighting network. Meanwhile, if the code improvement pulls through, Bitcoin (BTC) transactions will be faster and less costly.
Bitcoin (BTC) is Store of Value
Thousands of alt-coins struggled to take over the coin’s spot. The closest rival, Ripple (XRP) is inch close to being the first in market capitalization. Despite beating Ethereum (ETH) to the second spot, it would be prediction taken far that Ripple’s XRP will be anywhere near the first spot. Bitcoin (BTC) success in shielding off other crypto coins despite massive dips in its price is worth noting.
Even though it has limited use case, its control of other digital currencies is not questioned. For ten years in a row, it had been king over all cryptographic currencies. One other reason why the coin will hold the fort for long is the storage.
Investors have often regarded Bitcoin (BTC) as store of value. When compared with other coins, it is clear that Bitcoin (BTC) is more of an asset than a medium of transaction. To this end, Ripple’s (XRP) accelerations might have fewer impacts in usurping a Bitcoin kingship of the crypto sphere.
Despite the fact that Bitcoin (BTC) has less sophisticated technology, its solution had helped the unbanked have access to finances. Investors prefer transacting through Bitcoin (BTC) because of the underlying storage.
Rallied Support has Positive Impact
Major cryptographic currencies like Ethereum (ETH), Ripple (XRP) and Bitcoin (BTC) witnessed highest gains. The year 2018 sent them crashing like a pack of cards. At the moment, investors are divided over the digital currency to support.
While tents are pitched with Ripple (XRP), Ethereum (ETH) also receives support ahead of touted bullish race in 2019. Despite these, Bitcoin (BTC) has biggest rally from expert investors. The aim is to drive adoption and facilitate transactions with the coin.
The Bitcoin rally frenzy is driving force of market excitement. More investors are seeing reasons to get onboard. Despite criticisms trailing falling prices, Bitcoin (BTC) is predicted to hit the $20,000 mark before the end of 2018. It remains to be seen whether this assertion becomes reality remains. The idea for the rally is to create more awareness. Backed by investors’ re-ignited interest, Bitcoin’s (BTC) is bound to increase.