Bitcoin has been having block size limit issues for quite sometime. As a result, there had been debates as to whether Bitcoin should increase its block size in order to cater to more investors.
While Bitcoin there are a few scaling options, it appears that a number of Bitcoin investors have been switching to altcoins, and may not switch back to Bitcoins any time soon. According to a Roger Ver, many Bitcoin investors have already switched to Altcoins and may necessarily not switch back to Bitcoin since early 2017.
Investors switching to Altcoins
Ver’s tweet shows how other cryptocurrencies have gained momentum as a result of the block size issue.
The graph also shows the percentage of total market capitalization between 2013 and 2017. From 2013 to early 2017, Bitcoin’s market capitalization of remained on top when compared to other cryptocurrencies. However, it saw a dip after January 2017.
While this happened, it can also be see that the market Capitalization of other cryptocurrencies such as Ethereum and Ripple have been increasing. In fact, Ethereum is expected to reach the same percentage of market capitalization as Bitcoin later in the year.
Before the Bitcoin block size issue gets fixed, there have been many other crucial issues that users have been experiencing even this year which affected the investors. Aside from the block size issue, there have also been the problems such as delayed confirmations and high transaction fees. While these problems have already been dragged on since the last year, they seem to have escalated to its peak just mid this year.
Opportunities for other cryptocurrencies
Meantime, Ethereum has seen a rise in value just this year and has been slowly sharing the spotlight with Bitcoin. With such issues still unresolved, it presents an opportunity for other cryptocurrencies such as Ethereum, Ripple, Litecoin and many others to get noticed.