The market has seen a drop in bitcoin’s value ever since it peaked in December 2017. With SegWit adoption and a slew of other factors, transaction fees on the bitcoin network have been decreasing. Additionally, the dominance of bitcoin vs other cryptocurrencies is back at almost 40% (39.4%).
Transaction Fees are Getting Lower
December 2017 and January 2018 were plagued with issues about bitcoin’s rising transaction fees. At Bitpinas.com, we discuss the reasons behind it. Putting SegWit out of the equation, the popularity of bitcoin were also at an all-time high during those 2 months.
Fast forward to February 2018, as I write this, transaction fees involving anything up to 1 BTC only costs 0.76 USD. A far cry from the 37$ per transaction in December.
- Read More: What to do with bitcoin’s transaction fees
With the easing up of transaction costs on the bitcoin network, it is retaining its dominance vs other coins. As I write this, bitcoin is sitting at a 39.4% market share vs other cryptocurrencies. Its total market cap is at $185.11 B while the total market cap of the industry sits at $471 B.
Note that this is still a far cry from bitcoin’s 80% domination of the market years ago.
In the Philippines, the number of people who knows bitcoin certainly remains higher vs other altcoins, as evidenced by Google Trends:
However, search volume for ethereum and other altcoins might grow in the coming months now that Coins.ph announced its own cryptocurrency exchange. Still, the lower transaction fee is the key story here. Now that SegWit is implemented by the 2 popular bitcoin platforms in the Philippines, it should only be a matter of time until we see peak transactions once again but this time, with better speed.