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Bitcoin was born out of the global financial crisis of 2008, but on the eve of its 10th anniversary the world's first cryptocurrency may be facing a crisis of its own. Uncertain regulation, technological failings and infighting within its developer community mean another cryptocurrency could be on the verge of taking its place as the world's leading digital currency.
With a market cap of over $100 billion, bitcoin has established itself over the last decade as the world's leading cryptocurrency, yet since its inception more than 3,000 other cryptocurrencies have since come into existence – each attempting to offer something that bitcoin can't. After a decade of dominance, experts tell The Independent that one of them may soon succeed.
"A number of clouds now hang over bitcoin's original vision – chiefly the speculation around whether it can make it as a general service for payments," said Shiv Malik, head of strategy and communications at the blockchain firm Streamr. "But bitcoin now has many children — cryptocurrencies and digital tokens of all sorts – and they will eventually serve as the basis not just for money, and money transfer but for accessing all sorts of vital digital services in the future."
Bitcoin's recently experienced a month-long price rally, which came crashing to a halt at the beginning of August when the cryptocurrency fell by 15 per cent in less than seven days. Having briefly traded above $8,000 at the end of July, a single bitcoin is worth $6,988 at the time of writing.
Despite this price drop, experts and analysts are optimistic about bitcoin's future.
"Having followed bitcoin and other cryptocurrencies for the last year and a half, I came to a realisation that the crypto markets are maturing and are mimicking traditional equity markets in terms of sentiment," Isaac Marks, a cryptocurrency enthusiast and co-founder of blockchain-based recruitment firm Bhired, told The Independent.
All markets are driven by sentiment and the cryptocurrency world is no different. The players are all the same – human beings reacting to present and mostly forward-looking price analysis. We think that the prices can potentially reach $10,000 to $12,000 in the near term as bad projects and ICO's are being vetted out, and the crypto community begins to instil trust and confidence by taking self-regulating action.
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