The market has room for more than one option, and this is proved by the recent gains
in alternative cryptocurrencies in terms of market share in the space.
Although bitcoin and
other alternative cryptocurrencies have been on the rise in recent years, the boom they saw in 2017 was partly driven by an increase in the number of ICOs.
Additionally, many newcomers are probably also investing in
alternative cryptocurrencies with the hopes of catching the next wave after failing to buy bitcoin for double and even triple digit prices.
Given that many cryptocurrency exchanges deal with issues such as financial regulations, steep price fluctuations, theft and fraud, traders may be inclined to
seek alternative cryptocurrency conversion methods.
But, others may be testing the waters
in alternative cryptocurrencies, as bitcoin is far from alone in having seen its price recently hit an all - time high.
So, for example, a Bitcoin holder can take advantage of temporarily favorable exchange rates and trade her Bitcoin
for alternative cryptocurrencies, and a bump in the price of Bitcoin may cause investors to increase trading volume in other coins.
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The dominance index of bitcoin has also declined to an all - time low at 38.3 percent,
as alternative cryptocurrencies in the market started to surge in value.
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Further, the new combined record came in spite of the fact there were no big gains in litecoin, monero or dash, some of the more
popular alternative cryptocurrencies among traders.
One of the more
interesting alternative cryptocurrencies to have come out of the dungeon that is the Bitcointalk altcoin forum is something called «Quark» (or sometimes «QuarkCoin»)-- a cryptocurrency that aims to be «super secure» by...
Mr. Sanchez expressed regret for his previous BTC «maximalism,» and reinforced Openbazaar's desire to place a greater emphasis
on alternative cryptocurrencies.
There will likely be numerous
alternative cryptocurrencies launched in the future, each one constructed to first enrich its originator with a large number of units, and then released in the hope that it will catch on.
Indeed, it also continues a trend reported earlier today, during which the price of bitcoin had sunk below $ 18,000
while alternative cryptocurrencies like ether and REP posted significant gains.
The latest announcement takes SpectroCoin one step closer to its vision of becoming a service provider for a spectrum of
alternative cryptocurrencies used for payments.
The fund while structured to invest broadly will focus first on ICOs where tokens are integral to powering the protocol and secondly as a vehicle to invest in other viable,
alternative cryptocurrencies which are emerging, in addition to bitcoin.
The often -
overlooked alternative cryptocurrency is in the midst of a historically uncharacteristic price spike and a vicious bout of technical drama that is rivaling bitcoin's own scaling debate.
It may also create a new headache for organisations that have bought bitcoin in the past in case they were hit by a ransomware attack, and who will now have to
stockpile alternative cryptocurrencies too.
Quite a lot of the time, the arguments made against
specific alternative cryptocurrencies are justified; however, a strong case can be made that the position provided by Krawisz — that altcoins are bad in principle, and not just in implementation, goes too far.
Much of the hysteria around Litecoin's activation of Segregated Witness (SegWit) this week has focused around the altcoin's rising exchange rate, but the implementation of this change on one of the
oldest alternative cryptocurrencies in existence could also have implications for Bitcoin.
«The strong interest in bitcoin does boost investors» appetite for
alternative cryptocurrencies where superior gains are also being seen,» Pavel Matveev, co-founder of Wirex, a personal finance app that provides a cryptocurrency wallet and debit card, told CNBC by email.
The recent rally can be attributed to a variety of factors, the two driving factors of the rise in Bitcoin price have likely been the global finance market's anticipation of CME's scheduled listing of Bitcoin futures on December 18 and the strong performance of
alternative cryptocurrencies within the past week.