Bitcoin continues to be the most famous cryptocurrency ever. Enough to exercise a real dominion over the rest of the lot.
A domain which, however, in the course of 2020 is dropped by ten percentage points. While it represented 68% of the sector at the beginning of the year, it currently stands at around 58%.
A descent that pushes more than a few observers to ask themselves a very specific question: is BTC's dominance about to be questioned? A dry question, the answer to which however must necessarily be articulated.
In terms of market capitalization, Bitcoin therefore currently represents 58%. A percentage such as to make its position still very strong, if we consider that his immediate pursuer, Ethereum, is attested to 12%. Despite these data, however, rumors are starting to rise from many quarters that this situation is destined to change. Even if you can't tell exactly when.
Bitcoin is unable to adapt to the times
The skepticism surrounding BTC's dominant position and its effective ability to maintain it is growing in particular his inability to adapt to the times.
While the rest of the sector is constantly looking for new technical solutions capable of strengthening the positions acquired and climbing new ones, the creation of Satoshi Nakamoto does not produce any appreciable news in this sense. In practice, from January 3, 2009, the official date of its creation, the queen of crypto-asset remained practically unchanged.
If no one at an official level dares to question its validity, each working group operating in the sector instead aims to improve aspects deemed lacking. In terms of security, speed and convenience of transactions.
Ethereum or Defi? The challenger is yet to be defined
While many believe in an upcoming attack on Bitcoin's dominant position, opinions differ on who will be the architect of the attack.
On the one hand it is believed that it can be Ethereum to lead it. An opinion due in particular to changes the creation of Vitalik Buterin is facing, in particular the transition from Proof of Work (PoW) to Proof of Stake (PoS).
A passage that not only prefigures Ethereum 2.0, but also awakens great enthusiasm for decentralized applications (dApps) that can follow. A sort of euphoria that allowed Ethereum to go from 7% at the beginning of the year to 12% today in terms of market capitalization.
According to others, however, will be decentralized finance (DeFi) to bring about a deadly attack on Bitcoin. An opinion motivated by the fact that precisely the possible applications of the various protocols in the financial field could magnetize the appetites of large investors. Especially the most valid ones, such as Aave, which proposes the formation of a marketplace in which there is a meeting between those who want to lend digital money and those looking for resources that obviously cannot find on the traditional market.
A market in which even those who are unable to provide the necessary guarantees can enter and which, as such, could prove to be fundamental to achieving financial inclusion which today is made impossible by the modus operandi of traditional finance.