There is no doubt that Bitcoin remains the original cryptoasset in both the minds of investors and the uninitiated consumer.
At the time of writing, it accounts for 58% of the total market capitalisation of cryptoassets, with Ethereum coming in a distant second at 12%. Bitcoin looks hard to catch up with, however, it’s dominance in terms of market cap has been on a relatively steady decrease in 2020, having started the year at 68%. Questions are starting to arise about the coin’s future. Can it remain the dominant and authoritative force in the sector forever?
Given the speed at which new technologies are being developed, Bitcoin’s inability to adapt to the times and the explosion of new trends such as decentralised finance (DeFi) and proof of stake (PoS) protocols are leading some to speculate that we could be approaching the beginning of the end for the cryptoasset’s dominance.