Although Bitcoin still has a lot of hype surrounding it, the fact of the matter is that chances of reaching its former heights are quite slim. Ethereum happens to be the only exception that could take the world by storm just like Bitcoin did a few years back. However, if we are being realistic, chances of history repeating itself in this case are extremely low. Most of the cryptocurrencies these days do not have good fundamentals – something that is necessary for helping the increase in prices. 

Ethereum however, proves to be completely different in this regard as well as it has great fundamentals, especially when you compare them to other currencies. It would even be fair to say that a major part of the crypto system runs because of Ethereum’s great potential. People always tend to forget that DENT, ENJ, and BAT along with their millions of users are running because of Ethereum. XTR gate.co.uk trading discusses the decline of crypto currencies with some deep analysis. 

The Decline of Crypto Dominance

If we are speaking generally, the dominance of various high profile crypto currencies like bitcoin is one the decline. The reason behind this is simple – alternative projects are beginning to gain steam, and the worst part is that the trend could likely continue for a long period. Therefore, the major substitute tokens could likely have somewhat of a better performance in comparison to bitcoin and various other well recognized cryptocurrencies. 

For now, Bitcoin plays the role of digital gold. Other currencies like Bitcoin cash along with Litecoin are just clones of bitcoin which are trying to fulfill the void. The technology that they use is comparatively older. However, it does have the advantage of providing some extra infrastructure. However, if you compare Bitcoin with Bitcoin cash, you will notice a little bit of commitment when it comes to future developments and improvements in scalability. 

Other alternatives like dash and ripple are derivatives of bitcoin that contain some coin mixing functionalities. Monero and ZCash are also there. Both of them are quite privacy centric and utilize directed graph technology, which also offers potentially improved scalability features. 

Since the transactional crypto market is remarkably bigger than digital gold and reserve crypto – the steady bitcoin dominance decline could also mean that every other coin has a good chance of outperforming it. However, it would be advisable not to get your hopes up too much as even if these other currencies outperform bitcoin, there rates still will not compare to the ones in 2017 and 2018. 

Potential Future Developments

A group is working on the technology known as lightning network. Their efforts are completely dedicated towards Bitcoin’s foundation. This means that there are trying to make a separate foundation that offers people the opportunity to work around bitcoin’s numerous shortcomings. It is still unclear though how long it will take to ensure that it is usable. If the implementation turns out to be successful, there could be a lot of upside to it. However, as things go for now, there is very little chance that the crypto currencies that thrived in 17 and 18 will return to their former glory. You can find out more about Crypto’s potential future developments on XTR Gate crypto blog.net.