Bitcoin's weathered hacks, heists, booms and busts to reign as the king of ...
LONDON - Bitcoin’s weathered hacks, heists, booms and busts to reign as the king of cryptocurrencies through its first decade. But now there’s a fresh challenge to its dominance of the fledgling market: some 2,000 smaller digital coins.
Bitcoin has almost doubled in value this year, rallying nearly 30% in recent days to touch its highest level in ten months on Tuesday. But last year it lost three-quarters of its value. “Their proliferation is driven by the need to spark new innovation – security innovations, or a new algorithm that allows faster transaction to a new blockchain,” said Paolo Tasca, who runs University College London’s Centre for Blockchain Technologies.
“Bitcoin was designed to be the money of the internet, but that was a very early idea,” said Hugo Volz Oliviera, an analyst at trading platform London Block Exchange. “Other projects have tried to fill the gap that exists.” And even as altcoins spread, high-profile supporters such as Twitter CEO Jack Dorsey see bitcoin maintaining its dominance. In an podcast released in February, Dorsey said bitcoin will become the internet’s native currency, given that it was born, developed and tested online.Altcoins outperformed bitcoin by four percent in the first quarter of this year, according to Cumberland, a major cryptocurrency trader based in Chicago.
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