For nearly a decade, save for early-2018, Bitcoin (BTC) has ruled the crypto market with an iron fist — dominating its altcoin brethren. Yet, as blockchain technologies propagate, with tokens becoming more common and present than ever, analysts have claimed Bitcoin’s mostly-unquestioned hegemony will begin to come under fire.
Altcoin Flood May Put Downward Pressure On Bitcoin
The research arm of the Federal Reserve Bank of St. Louis has long been interested in cryptocurrencies. The arm of the United States’ central bank first published a paper on virtual currencies in 2014, and since then, the economic entity has continued to churn out analysis pieces on the crypto market.
In a recent piece titled “Whither The Price of Bitcoin?”, two St. Louis FED economists explain that the value proposition for BTC is bound between appreciating indefinitely, due to supply caps and swelling demand,…
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