Altcoin-to-altcoin trades continue to increase, diversifying the cryptocurrency ecosystem away from Bitcoin reliance.
According to new data from streamlined crypto-to-crypto exchange ShapeShift, the percentage of trading between cryptocurrencies without first going through Bitcoin, formerly at a minuscule 2%, has increased over tenfold. Erik Voorhees, ShapeShift’s CEO, sent out the new data via Twitter:
"Alt to Alt" trades at ShapeShift have grown from ~2% to ~25% of our business. Indicator of a diversifying ecosystem https://t.co/YMkAfWgAdn
— Erik Voorhees (@ErikVoorhees) April 26, 2017
Cryptocurrency at all-time high, Bitcoin’s percentage at its lowest
As the the whole field of cryptocurrency continues to diversify, it has become less reliant on its most prominent member. Fresh off news of a possible exchange-traded fund (ETF) reconsideration by the Securities and Exchanges Commission, Bitcoin passed the $1,300 USD mark once again, nearing a new all-time high. Meanwhile, all other cryptocurrencies combined are at an even more significant peak, meaning Bitcoin’s percentage of the total cryptocurrency market cap is actually near an all-time low.
As far as trading volume is concerned, the ecosystem’s diversity is even higher. Over the last 24 hours of trading, Bitcoin represented 45% of volume. Ethereum was a close second with 21%.
Dash ecosystem gains independence
As cryptocurrency as a whole continues to diversify away from Bitcoin, Dash in particular is making large strides to remain independent with an impressive victory march of integrations. Over the last month, Dash was added to cryptocurrency exchanges Kraken, BitPanda, and Coincheck, in addition to asset trading platform Whaleclub. It also picked up integration to the TenX debit card, with an additional card from early Bitcoin pioneer Charlie Shrem on the way soon, and regained an iPhone wallet option as Jaxx was able to re-add Dash. Finally, just this week online shopping platform BitCart added Dash, as well as Venezuelan exchange CryptoBuyer and e-commerce plugin CryptoWoo.
I use ShapeShift every week and go from ETH or Litecoin to DASH since it is much faster and cheaper than using bitcoin.
I’ve seen that “anything but Bitcoin” approach too. It’s sad to see it come to that, but it’s the best way.