Digital currency market to exceed 20 trillion dollars, while BTC dominance diminishes

Digital currency market to exceed 20 trillion dollars, while BTC dominance diminishes
Oct 25, 2018 by Rico Wise

A decade has passed from the day Satoshi Nakamoto revealed his whitepaper for the world’s most dominant digital currency, Bitcoin. This event has transformed the economy of the world forever. The pioneer digital currency currently can swagger with a market capitalization exceeding 112 billion dollars, as BTC dominates the cryptomarket at over 53 percent.

Nevertheless, according to Nigel Green, the creator and chief executive of deVere Group, a company that offers financial advice and holds 10 billion dollars’ worth of AUM, the following decade will drastically differ from the first 10 years of BTC. Green acknowledges the fact that thanks to Bitcoin, money transactions have been revolutionized once and for all.

Still, his opinions seem to be quite mixed, as Green also believes that the world’s current dominant currency will significantly lose its influence and supremacy, and the rest of the cryptomarket will receive more attention. As per Green, the wider digital currency market will increase by 5,000 percent, accounting for a cumulative amount of market capitalization accounting for 20 trillion US dollars in the next ten years.

Green also referred to different reasons behind his prediction, including advanced technologies, features and multitude of various solutions to issues that rival digital currencies will offer, currencies such as XRP and ETH. He believes that Ripple will be one of those cryptocurrencies to steal Bitcoin’s limelight by denting its market share in the upcoming years, because of its evident concentration on integration both with banking and financial institutions.

Ripple has already managed to move Ethereum from its long-held second place among the digital assets on CoinMarketCap for a few times this year and keeps a close third place at the moment. In the meantime, in spite of the Ethereum’s fall from grace with the digital currency users, which could be witnessed lately, Green maintains an optimistic outlook on the future, even though he abstains from instigating a so-called “flippening”.

Green reassures that even in the event that BTC loses its dominance, one could see an evident tendency of both retail and institutional financiers to switch from fiat to digital currencies, and this tendency is set for intensification in the upcoming ten years. Hence, Green anticipates the digital currency market to dramatically change by the time Bitcoin hits its 20th birthday.