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At this point, Bitcoin is currently teetering over the edge of a knife, with the balancing act intended to keep its value above $6,000. However, it would seem that there are indicators predicting that the cryptocurrency simply will not be able to do this soon enough. On that note, even with the trouble it is in, it seems Bitcoin is still king of the crypto market.
As Bloomberg recently reported, a stumble on Bitcoin’s part could lead to a cascade of pain and misery, with Buys reducing significantly and investors choosing to sell instead. Even the bulls should be feeling the anxiety as Bitcoin teeters quite close to the edge of dipping below $6,000. As of this writing, for example, the cryptocurrency is holding at $6,271.77.
All it would take now is an erasure of $300 in value, and even those with a strong belief in Bitcoin could choose to abandon ship. This would reduce the cryptocurrency’s value significantly. Then again, even as it is currently facing all of these problems, it still rules the cryptocurrency roost.
In a piece by Coin Telegraph, it was revealed that Bitcoin still has the upper hand over other cryptocurrencies in terms of market share. In fact, the digital currency now has a market share of about 56.9 percent. This would be similar to the same level of dominance it had during the last days of 2017.
Other than Bitcoin, it would appear that practically every major cryptocurrency is suffering from losses in value. Many Bulls consider this as normal and just part of the growing pains involved in cryptocurrency joining the real world. However, there are also those who are of the opinion that the whole thing is about to collapse.
The whole crypto industry did start with Bitcoin after all, in that the currency is the one that popularized the concept. Its demise could lead to a domino effect impacting the whole industry.
