Bitcoin is what kickstarted the crypto revolution and it has changed the way the world handles money, makes transactions, does business, and manages assets, amongst other things, forever
Since bitcoin’s inception nearly a decade ago, more than 3,000 other cryptocurrencies have emerged.
And only a handful of cryptocurrencies have made any significant impact since then.
But one analyst believe this is could be about to change.
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Nigel Green, CEO of UK-based financial consultancy firm deVere Group, believes bitcoin is set to receive stiff competition from a booming crypto industry.
He said: “Bitcoin is what kickstarted the crypto revolution and it has changed the way the world handles money, makes transactions, does business, and manages assets, amongst other things, forever.
“It all began with bitcoin.
“However, I believe that bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade.
“This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organisations in both the private and the public sectors.
“This will increase competition for bitcoin and dent its market share.”
Mr Green calculates that today’s $400 billion (£312 billion) cryptocurrency market could hit the $20 trillion (£15.6 trillion) within the next decade.
He added: “There’s an ongoing shift away from fiat money, and the momentum of this is only set to increase over the next 10 years.
“The pace of mass adoption will speed-up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000 percent above its current valuation over the next decade.
“As such, the market will have grown beyond recognition when bitcoin celebrates its 20th anniversary.”
Bitcoin is trading at £4,890.23 ($6261.54) per token at 7.50pm BST, according to CoinDesk, on Monday, October 29.
The cryptocurrency which had been trading at $6,400 earlier in the day, took a significant southward turn shortly after 11:15am GMT and continuing to fall from there.
Bitcoin fell to a low of $6,211 on the US exchange before rallying.
The BTC price went into free fall between December 2017 and June 2018 , plummeting from a high of almost $20,000 (£14,977)