Based on statistical data, the “people’s” currency known as Bitcoin will soon take charge of crypto markets by the end of this year with respect to market capitalization.
According to the recently published A.T. Kearney report, Bitcoin is expected to take hold of almost two thirds of the cryptocurrency market by the end of 2019 because cryptocurrency investors are becoming more and more risk averse towards altcoins. Financial regulators are expected to be more lenient towards the market and the Bitcoin Revolution will be revived.
This may be beginning to play out already, as in the past two months Bitcoin has stabilized and then surged to trade around the $4000 mark.
Bitcoin’s competitor , XRP, which has the second biggest market capitalization after Bitcoin, was trading at $0.412 on the charts.
The total market capitalization of cryptocurrencies totals to $140 billion at press time, seeing some growth from its low at $112 billion last month. Even though Bitcoin had a hard time in 2018, experiencing a loss of almost 70%,Bitcoin has remained relatively steady these past two months and many expect it to keep performing this way throughout this year.
One reason for Bitcoin’s growth is that it still is the key alternate currency for many, especially the innovators and the early adopters, and for those in countries where fiat currencies are collapsing. While most are still hesitant to invest in cryptocurrencies, if they do decide to take the plunge – their first option remains Bitcoin.
Countries that were Bitcoin friendly in 2018
Despite 2018 being a volatile year for Bitcoin, there was surprising growth in a number of European countries. One of these countries is Malta. In 2018, they founded the Malta Digital Innovation Authority – a body which encourages crypto currency firms to set up their headquarters in Malta.
Because of their friendly attitude towards Bitcoin,leading exchanges Binance and OKEx among others are headquartered in the small island nation.
Switzerland is another country getting in on the act – considered to be a safe haven for cryptocurrency enthusiasts. Not only is Switzerland very pro-bitcoin, but the country also have some of the world’s most prominent crypto firms headquartered – including ShapeShift and the Ethereum Foundation.
Estonia is one of the first European nations to embrace Bitcoin. Not only is the government very supportive of Bitcoin and other cryptocurrencies but also plan to incorporate crypto in the health and banking sectors.
The country also has plans to launch its own cryptocurrency in the future. According to a recent survey, one in four Europeans anticipate that they will invest in cryptocurrencies, which may lead to an increase of around 18% in crypto holders.