The late 1990s saw the World Wide Web expand with a host of domains appearing on the market, featuring some of the most popular websites still used today; Amazon, eBay, Yahoo, Google, etc.
However, there were a number of businesses that were quite dominant at the time, but as the years passed, fell into somewhat obscurity, two such examples being AOL and Hotmail.
Why does this pertain to the current discussion within the world of cryptocurrency? Much like the “dot com” era, my belief is that a great number of cryptocurrencies will “fall off” into the abyss, being used merely in certain niches, or folding altogether.
BTC dominance is considered the total market share of the overall cryptocurrency market cap that Bitcoin accounts for within the crypto-sphere. BTC dominance at its height this year, approximately 3 months ago, was about 66%. BTC dominance has been estimated by some to reach nearly 90% by the year 2030.
While this percentage may seem extreme, the “dot com” era can serve as a guide to why such a number holds validity. Current market cap dominance as of the time of writing this piece is about 66%. Some believe that altcoin season is near, and that BTC dominance will actually drop.
In the short term, they may be correct. But in the long term, meaning the period of the next 10 years, my belief is that BTC will outshine all other coins, and be the “king coin” of cryptocurrency.
Unlike other coins, BTC will always have a place; as a standard to trade other coins and commodities against, as a storage method for mass wealth, and as a successful and secure method by which to transfer wealth efficiently in a peer-to-peer methodology.
The comparison to the websites we have all become accustomed to is quite apparent. Giants like Amazon and Goggle parallel the success that Bitcoin has and shall continue to have.
Coins such as XRP, which many believe will still be wildly successful (I do not share that same belief) may fall off in popularity and be used simply for their niche; XRP may be used in the future by banking systems for transfers within a network.
Wherever the “chips fall” expect the cryptocurrency market to continue to grow as both industry and retail become further involved. Additionally, we can expect to live in a world in which the transfer and sharing of wealth and data (I.e. information) become significantly less centralized.