Bitcoin May Not Dominate the Cryptocurrency World in the Coming Years

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A new study done documenting cryptocurrency as a whole from 2013 to 2017 has shown that there will be no cryptocurrency with any selective advantage in the coming years. The study done by the University of London, shows that investors in the cryptocurrency market appear to allocate their money without considering the price of the cryptocurrency, or even the properties of the underlying technology.

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The study treated cryptocurrencies as though they were an ecological species, showing that, that in fact is the best way to look at them, given the amount and distribution. The findings show that the distribution and capitalization of the currencies are what matter most to investors. One of the co-authors of the study, Dr. Andrea Baronchelli, stated that “Bitcoin has been steadily losing ground to the advantage of the immediate runners-up and users do not seem to have paid much attention to technological advancements, so far.

Rather, our findings are compatible with a scenario in which investors choose what cryptocurrencies to invest in, proportionate to those cryptocurrencies’ market share, and nothing else. Bitcoin is not alone or invincible and we believe that our work represents a first step towards a better understanding and modelling of the cryptocurrency market.” This is an exciting step for the cryptocurrency market as bitcoin has reigned supreme since the inception of the industry.

With the currency currently dominating over 50{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} of the market, it is only a matter of time before other currencies move up. This is a leap for the industry as it shows that the other guys in the business have a chance at becoming one of the big players, and that there is not just room for the top three or so currencies to dominate the space.

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