Not long ago Bitcoin had safely secured its position at the top of the cryptocurrency ladder. As of today, Bitcoin’s place at the top is looking more and more unstable with every passing week. DataTrek Research co-founder Nicholas Colas, the first analyst to look into Bitcoin has stated in an interview with CBS’s Fast Money that as of December Bitcoins popularity was skyrocketing,
January was a whole other story for Bitcoin. The search volume for Bitcoin on Google tumbled by 75%. It had slipped into pre-December levels of interest. Due to its volatility, Bitcoin has always been a major favorite with retail investors, but it looks like majority interest in Bitcoin is dwindling in favor of other cryptocurrencies.
According to Colas, “Bitcoin is the gateway drug to all cryptos and it has acted exactly that way,” He also went onto state that, “Some of the movement in ethereum, which has traded much better [in January], is just money getting pulled out of bitcoin.”
Amidst a broader market sell-off on Tuesday, Bitcoin and many other cryptocurrencies saw a major setback. Bitcoin with it’s market cap of $170 billion dropped below $100,000. Things certainly aren’t looking good for the coin.
With new Cryptocurrencies hitting the market every day, Bitcoin has a lot to stand up against. For the investor there isn’t a lot of growing interest in Bitcoin as it’s placed at the top is set and it is already starting to tumble. What’s more interesting to the masses are the next big coins. As the Bitcoin falls from the top slot and Ethereum and Ripple rise, what will take their places as the coin of the future?
If Bitcoin wants to secure its spot on the top of the cryptocurrency world, it will need to make some big changes and fast.