Last year, investors saw history in the making. Not only did cryptocurrencies announce their coming out party in a big way by increasing their aggregate market cap by nearly $600 billion, but the better than 3,300% rise in market cap also just might be the single most impressive year for any asset class in history.
Even though bitcoin, the largest cryptocurrency by market, didn’t lead the way in percentage gains last year, it’s been the driving force behind the market as a whole. Let’s not forget that bitcoin has rallied from less than $0.01 to over $11,000 per token in roughly eight years, is accepted by more merchants worldwide than any other digital currency, and is the virtual currency responsible for pushing blockchain technology into the spotlight.
Blockchain is the digital, distributed, and decentralized ledger that underpins most cryptocurrencies and records all transactions without the need for a bank. Today, bitcoin’s market cap makes up just north of 40% of the cumulative digital currency market cap — it had consistently comprised 75% to 95% until last year — and it remains the most influential cryptocurrency.
But that doesn’t mean bitcoin’s dominance will last forever. There are a number of cryptocurrencies waiting in the wings that could unseat bitcoin as the go-to medium of exchange and/or most influential digital currency.
Here are four that may very well be the biggest threats to bitcoin. Even though most folks view bitcoin and Litecoin to be in cooperation with each other, I believe that Litecoin is actually bitcoin’s greatest competition. Read more from fool.com…
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