Cryptocurrency giant Bitcoin is facing more and more competition, according to a new report by market and network data group Coin Metrics.
It found, that while Bitcoin still remains the most popular choice for those dabbling in cryptocurrency, it’s being chased by a number of fledgling companies called ‘altcoins’.
The report revealed that around 2,000 smaller digital coins are gaining traction amongst developers and users.
Bitcoin accounts for around 60 per cent of the €214 billion crypto market, down from nearly 90 per cent two years ago. However, it has almost doubled in value this year, rallying 30 per cent this week to a ten-month high. But that volatility in value has put off pension fund investors as well as asset managers and it has always struggled to be used as a form of payment.
This has allowed companies such as Binance Coin, Tether, Monero and Dash to gain some traction. While they also suffer from high volatility, this latest report shows they are still giving Bitcoin a run for his money.