Login to your account

Username *
Password *
Remember Me

Create an account

Fields marked with an asterisk (*) are required.
Name *
Username *
Password *
Verify password *
Email *
Verify email *
Captcha *
Reload Captcha

Bitcoin is still King and altcoins follow, says Coinbase

Written by  May 15, 2020

In a recent blog, Coinbase wrote that customer behaviour supports market capitalisation data showing Bitcoin as the cryptocurrency industry’s “blue-chip asset.”

The exchange states that growing interest in Bitcoin benefits the wider industry.

The exchange identifies that Bitcoin dominance grows when the market is bearish and shrinks during bull runs. Coinbase reasons that confidence in BTC breeds confidence in the wider industry.

Advertisement
Bitcoin Exchange CEX.IO

Data from its customers corroborates this. During bullish periods of 2017, 2019, and early 2020, interest in non-BTC assets grew at the exchange.

Coinbase notes that 60 percent of their customers start with BTC only. Three-quarters of them end up buying other assets.

It concludes that BTC is “carrying the flag” for the industry, writing that:

‘[Customers’] preference to branch into other assets shows that new users come to crypto through Bitcoin, but generally begin to look for alternative assets and use-cases…Bitcoin is also top of the funnel for broader crypto growth.”

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Simon Billings

Simon has worked for many years in crypto markets for the likes of BT and Cisco, developing his skills and experience along the way. He still works on projects and happily for us finds time to sharing his knowledge on Cyber Savvy UK.

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Follow Us

Advertisement

Bitcoin Price

Popular in Bitcoin

Jun 15, 2020

Bitcoin price is recovering well

Bitcoin price closed its weekly candle at roughly $9,325 and dipped to £8900 very briefly.

Jan 24, 2020

What is Bitcoin?

Bitcoin is a cryptocurrency created back in 2009. Marketplaces called “bitcoin exchanges” allow people to buy or sel...

Jun 23, 2020

PayPal and bitcoin to collaborate

The hot news today is from PayPal, the well-known payments company, is getting ready to introduce a cryptocurrency buyin...

May 14, 2020

Bitcoin transaction fees are rising

Bitcoin is seeing an uptick in transaction fees in the past few weeks, now on similar levels to fees during the summer o...

May 07, 2020

Bitcoin tries to go above $9,300 but is expected to go down

The Bitcoin price has broken out from a short-term descending resistance line but still has yet to move above its 30th A...

May 16, 2020

The environmental concerns of Bitcoin mining

Following bitcoins rise two years ago in 2017 to highs of $20k+, the question was asked on whether the leading cryptocur...

May 14, 2020

Recent proof that Bitcoin is better than Gold

The Bitcoin market is moving upwards once again. The cryptocurrency has seen its price rise by more than 150 percent fro...

Jun 17, 2020

More than 8000 Bitcoin ATMs now installed worldwide

There are now 8000 bitcoin ATMs have been installed on a global scale.

May 28, 2020

Bitcoin Price: Falling wedge breakout leaves $9,500 achievable

Bitcoin price spiked on Wednesday following a recent dip from highs above $9,500 to levels slightly above $8,600. ...