CoinCorner comments on Bitcoin's 90% dominance

CoinCorner comments on Bitcoin's 90% dominance
23.08.2019 10:33 am

CoinCorner comments on Bitcoin's 90% dominance

Bitcoins , Cryptocurrencies

CoinCorner’s CEO, Danny Scott, commented:                                     

“Earlier this week Forbes reported that Bitcoin's dominance is thought to be more than 90%. Our view at CoinCorner is that rather than compare Bitcoin against altcoins as a flat value, it logically makes sense that the Forbes report has taken liquidity into consideration. Imagine trying to sell $100 million worth of Dogecoin in a very short period of time - the price would evaporate very quickly, whereas with Bitcoin, it would be a drop in the ocean.

Altcoins are slowly dying out in respect of interest when compared to Bitcoin - and as always in this industry, it eventually comes back to Bitcoin. 

At CoinCorner, our numbers also correlate with the 90% Bitcoin dominance figure. Last year, we introduced support for a number of altcoins - Ethereum, Litecoin and Ripple - alongside our Bitcoin offering as a result of customer demand. This demand for altcoins followed the Bitcoin “hype” in 2017 that saw the price of Bitcoin hit nearly $20,000. 

Looking back on the last year, we believe that the demand for altcoins was caused by the sudden increase in initial coin offerings (ICOs) and that the buzz around these pushed many people to experience FOMO, hoping that altcoins/ICOs would be the “next Bitcoin”. We always knew that this would not be the case and our data supports this - 93% of customer transactions on CoinCorner are Bitcoin, leaving the other 3 altcoins to make up the remaining 7%.”

Related News

Uphold Announces Bank Connectivity in the U.K. with the Support of the Pound Sterling

Leading digital money platform Uphold today announces bank connectivity for its users in the United Kingdom with the introduction of support for the Pound Sterling (GBP).

Read more »

CoinCorner partnered with Quinn Legal become the first Isle of Man law firm to accept Bitcoin payments

Bitcoin exchange, CoinCorner, has partnered with leading legal firm, Quinn Legal, to enable clients to make Bitcoin payments directly via the legal firm’s website,... Read more »

CoinCorner Comments on Coinfloor’s “Bitcoin only” Stance

CoinCorner’s CEO, Danny Scott, commented:  

  

“It’s been announced today that Coinfloor is delisting its Ethereum (ETH) and Bitcoin Cash (BCH)... Read more »

Swiss bank SEBA with a focus on digital assets now accepts clients from 9 new jurisdictions

More than 10 years after the invention of Bitcoin, there is still a tremendous gap between traditional banking on one side and decentralised finance on the other side. SEBA... Read more »

ACD and Alchemy Launches ACD Cryptocurrency Tokens Across Asia

Alchemy Global Payment Solutions Limited ("Alchemy"), a global cryptocurrency payment pioneer that powers businesses with Asia's first hybrid cryptocurrency and fiat payment... Read more »

MVIS and CryptoCompare Launch the MVIS CryptoCompare Institutional Bitcoin Index

MV Index Solutions (MVIS) in partnership with CryptoCompare, the global leader in digital asset data, today announced the launch of the MVIS CryptoCompare Institutional Bitcoin... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel