The Crypto Market has Become Even More Concentrated Than Ever

TALLINN, Estonia - June 1, 2020 - PRLog -- It's not a secret that Bitcoin has had its time of dominating the world by storm with the advent of the cryptocurrency age. Yet its market, since the first day crypto was introduced to the world more than a decade ago, has become sector that is most concentrated in the financial world. On further inspection, this may have been caused by crypto-rivalries. The most prominent ones, namely Bitcoin, Tether and Ethereum, basically accounted for more than 90% of all trading volume on statistical data of digital-assets, since their inception until, and including this year.

On one hand, Bitcoin has been strong and has never dropped as much as any of the other, smaller and less-known cryptocurrencies during several market crashes in the past for example. However, the biggest contributor to the so-called "concentration" may have been Bitcoin recently going through what they called as "halving", whereby new coins issued to computers supporting the network as a reward were significantly decreased. This has called on enthusiasts to make a case of recent hedges against inflation, all the while central banks are desperately seeking boosts in growth amidst the economic issues caused by the COVID-19 pandemic.

On the other hand, Ether has slowly risen to become the leading digital ledger technology in the world, partly due to Bitcoin's current issues. It's main function for allowing executions of autonomous transactions controlled by software has become rampant in use throughout the financial technology industry. Not only that but ETH is even expected to unveil new, better and more enhanced technologies this year. How exciting!

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