Will Bitcoin Be the Sole Cryptocurrency Survivor?
The cryptocurrency market has seen prices fall dramatically lately. At the time of writing, Bitcoin sits at just over $6,600, with a sell-off by PlusToken said to be behind the latest drop. Yet, various reports suggest that BTC could be the main cryptocurrency survivor over time.
Coinfloor to de-list Ethereum and Bitcoin Cash
The first big piece of news was that the Coinfloor plans to de-list Ethereum and Bitcoin Cash at the start of 2020. This is the UK’s oldest cryptocurrency exchange. They will now be focussing solely on Bitcoin.
The reasons given for this include the uncertainty over hard forks and the technical support needed for ETH. Ethereum 2.0 is expected in early 2020. This will see the platform move from proof of work to proof of stake.
Obi Nwosu is the founder and CEO of Coinfloor. He said that the upgrade “could take years to complete”. He believes that this could lead to two versions of Ethereum running simultaneously for some time. Nwosu thinks that BTC is the “only game in town” and the only proven cryptocurrency.
Since Coinfloor mainly deals in BTC, the support needed for Ethereum in this transition wouldn’t be worthwhile. In terms of Bitcoin Cash (BCH), this currency has limited levels of interest on the exchange, meaning that Nwosu doesn’t believe it makes sense to keep on supporting it.
Coinfloor is betting on BTC being the big cryptocurrency survivor. However, in 2020 they are also said to be interested in moving into areas such as lending.
What Did Brian Sullivan Say?
CNBC host Brian Sullivan spoke about the fall in the BTC price lately. He said that anyone looking to buy digital money should choose Bitcoin. This is because he thinks that it will be the only cryptocurrency survivor.
December has been a hugely volatile month in recent years. This month in 2017 saw it hit the record-high level of $20,000. In 2018, December was when the price collapsed to $3,200. This year, the currency is falling but is still ahead overall in 2019.
The only altcoin to perform better than BTC this year are Binance Coin (BNB) and Tezos (XTZ). In the latest round of price drops, Ripple (XRP) was one of the most badly hit. This meant that BTC now has an even stronger hold on the market.
Will BTC become the only cryptocurrency survivor over time? Right now, there is no denying that it looks like the strongest digital currency by far. However, some of the best other coins offer enough value and versatility to suggest that there is room for them too.