As Bitcoin stays below the 9000 USD mark and struggles to rise due to continuous downward pressure as is evident from the charts, the world waits with bated breath. For years Bitcoin has been synonymous with cryptocurrency and most people are not even aware of most altcoins. The fact that hundreds them keep launching every few months doesn't help.
Slowly but steadily the attention of new investors is shifting to altcoins such as Ethereum, Ripple and even Bitcoin Cash. These are also affected by ups and downs but are attracting people due to their advantages over Bitcoin.
Bitcoin is now considered slow for processing transactions with several hours being taken for it. On the other hand top rated altcoins can process transactions within seconds. This makes a huge difference to those expecting speed and efficacy with cryptocurrency.
Another reason why small investors are wary of investing in Bitcoin is the high price for it. While some consider it a bubble that will burst others find it too little in quantity for a high price.
The only consolation is that Bitcoins are accepted as a form of payment at a few places. But then again most of the popular online retailers still do not accept any cryptocurrencies.
Whenever there is negative publicity about crypto it is Bitcoin that is always mentioned in the news. This has undoubtedly affected Bitcoin because most people consider it synonymous with cryptocurrency. It's a price to pay for being the leader of the pack.
Bitcoin Cash which was initially drawn from Bitcoin as an alternative at the time of a hard fork is considered a newer and faster version of Bitcoin. Many who had chosen it over Bitcoin have gained due to the increase in value over the months. It current occupies the 4th spot among the top cryptos.
While it will be interesting to watch how the values of Bitcoin and altcoins pan out in the coming months and years one thing that looks certain is that Bitcoin seems to have lost its sheen at least for the time being.
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