Bitcoin is the foundational molecule to emerge from the primordial soup of blockchain technology. Bitcoin’s first-mover advantage allowed it to establish a relatively safe and robust network (using SHA-256), before becoming a prime target for attackers. The fact that Bitcoin has been developed since 2009 has also aided in it penetrating the crypto market on the deepest levels, relative to its competitors.
Bitcoin is listed on more exchanges than any other crypto available (evaluated by sorting the “Markets” tab, “Source” column, on coinmarketcap.com, for any given crypto). The fact that Bitcoin is so readily accessible makes it easier for capital to flow into BTC. It also attracts more capital by being the main component in trading pairs with alts. These factors incentivize investors to hold Bitcoin, especially newer investors who tend to be more intimidated by investing beyond the simpler exchanges, which primarily trade Bitcoin.
Likely relating back to its first-mover status, Bitcoin has done the best job at gathering a following. I specifically look at Twitter followers, Reddit forum members, and Github activity when it comes to evaluating a project’s market presence. Thus far, Bitcoin has the strongest presence within each of the given communities, as well as a very strong worldwide network of in-person meetups, conferences and public advocates.
In general, the crypto market has experienced a larger percentage increase in interest in more recent months, relative to previous months. This is an indicator of where we are, in respect to a total market cycle. The blockchain market is seeing a lot more interest from individual investors, and institutional investors. This relates to a lot of larger investment funds increasing their positions in crypto.
In blockchain, business partnerships are typically thought of as joint ventures, like Deloitte pairing with start-ups to develop more efficient business services; or established banks contracting with Ripple to use its money transfer network. With Bitcoin and its attempted positioning as a currency, partnerships are best gauged by the retailers that accept Bitcoin as a payment method. The number of BTC retail participants is growing, and currently includes names like overstock.com, Expedia, Dish Network and Microsoft.
Feel free to relax with this video that provides more details and demonstrations on the topics covered in this article. You can also check out some of the data behind this evaluation at the Crypt Keepers Club. Be on the lookout for “Bitcoin’s Relative Prowess, Part 2: Evaluating the Mission”.