Since their rise to prominence in late 2017, cryptocurrencies have been the subject of much speculation and debate. Even those who aren’t directly involved in this fascinating ecosystem are aware that Bitcoin is by far the most popular crypto asset—and also that its market value has skyrocketed in recent months. So, as more people begin to take notice of this emerging technology, analysts and spectators alike are beginning to ask whether other digital currencies can overtake Bitcoin as the leading virtual token. While it’s virtually impossible to predict what will happen with any given cryptocurrency in the future, there are some important indicators that may help us understand which way these markets are trending. Let’s take a look at some key statistics for Shiba Inu (the Japanese name for the breed), Bitcoin, and other major crypto assets to see if we can uncover anything useful about where they might be headed next…
Shiba Inu Price: Where to Begin?
The price of any asset is, of course, the most important indicator of its overall value. By this measure, Shiba Inus are currently selling for an average price of $3,500. Given that the average price of a single Bitcoin is currently hovering around $10,000, it seems obvious that Bitcoin is going to be more profitable than Shiba Inus, right? Not so fast! While it’s true that the price of an individual Shiba Inu is significantly less than the price of a Bitcoin, you’ll be surprised to learn just how many of these unique dogs are in circulation. There are currently around one million Shiba Inu dogs in the world, and the breed is expected to rise to around 1.3 million by 2023. By comparison, there are currently around 16.8 million Bitcoins in existence, with a cap of 21 million in total. While it’s true that you could earn a higher return from owning a single Bitcoin than a single Shiba Inu, there are a few other important indicators to keep in mind.
Why is Bitcoin’s Dominance Important?
The dominance rate is the percentage of the entire market capitalization that a specific token represents. In the case of Bitcoin, this reflects the fact that it currently represents a staggering 48% of the total cryptocurrency market cap. This is important because it shows that investors are putting almost half of their money into Bitcoin, and are ignoring almost every other cryptocurrency on the market. If the market cap of Bitcoin continues to grow at this rate, and other cryptocurrencies remain stagnant, Bitcoin’s dominance rate will inevitably increase. This is an important indicator of the overall health of the cryptocurrency ecosystem. It may be that investors are simply putting all of their money into Bitcoin because they expect it to become the world’s first trillion-dollar industry. However, it could also indicate that investors are worried about the long-term prospects of other digital tokens and coins. There’s no way to know for sure, but it’s a statistic that’s definitely worth keeping an eye on!
Can Shiba Inu Overthrow Bitcoin?
The most important thing to remember in a discussion like this is that there is absolutely no chance that a single dog will ever overtake the entire crypto market. When people ask whether Shiba Inus will overtake Bitcoin, they are actually asking whether the Shiba Inu market cap will overtake the Bitcoin market cap. However, this is an entirely different question. If the Shiba Inu market cap overtakes the Bitcoin market cap, it simply means that the combined value of all Shiba Inu tokens is higher than the combined value of all Bitcoin tokens. It doesn’t mean that individual Shiba Inus are worth more than individual Bitcoins. Far from it. It simply means that the market has chosen to invest more money in Shiba Inus as a whole than in Bitcoins as a whole.
Who Will Be the `Top Dog`?
This is the most difficult question to answer in this article, and it’s also the one that is least likely to be accurate. The most important thing to remember is that if any individual cryptocurrency overtakes Bitcoin in the future, it’s likely to be a token that was released relatively recently. It’s extremely unlikely that any of the top 10 cryptocurrencies by market cap today will ever overtake Bitcoin. The industry is simply too young for such a major shift to occur. Cryptocurrency investors have only been making serious money for around two years, and Bitcoin has been the undisputed leader since the get-go. It’s highly likely that the next big token will be a token that has yet to launch. There are over 2,000 cryptocurrencies in existence right now, and hundreds of new tokens are being released every month. Given this steady stream of fresh, new tokens, it’s possible that a fresh face will come to the fore and become the new leader of the pack.
Other Possibilities for Top Dog
In addition to Bitcoin and Shiba Inu, there are a handful of leading tokens that could potentially overtake all other cryptocurrencies if they continue to grow at their current rate. One example that is worth keeping an eye on is Ethereum. While Bitcoin is used primarily as an investment asset, Ethereum is used to host and execute a wide range of apps and services. This makes it a significantly more versatile token, which could be a huge advantage in the long run. Other leading tokens to keep an eye on include: Ripple, Stellar, Cardano, EOS, NEO, and VeChain.
Which of these three will become the world’s leading crypto token remains to be seen. However, it’s safe to say that one of these tokens will eventually overtake Bitcoin. This is simply the way that cryptocurrency works. It is an ever-expanding industry, with new tokens and coins being released on a regular basis. As more and more people become aware of the potential that these new tokens represent, they will begin investing in them, which will drive their value upward. It’s possible that one of the leading tokens will overtake Bitcoin within the next few months. However, it’s almost certain that it will happen at some point in the next decade. In the meantime, there are plenty of other interesting stories and developments in the crypto industry that we can keep an eye on.