The Bitcoin price (BTC/USD) has edged higher on Thursday, adding to gains it posted in yesterday’s afternoon session.
The original cryptocurrency struggled for most of yesterday’s morning session, with the $9,000 mark coming under significant pressure. However, the cryptocurrency bounced back in the afternoon and managed to finish the day with modest gains. Bitcoin closed the session at $9,325.28, up from its opening level of $9,223.73.
While Bitcoin’s advance has slowed down in today’s trading, the digital currency has held above the $9,300 level. At the time of writing, the Bitcoin price was hovering around $9,375, according to data from cryptocurrency tracker Coinmarketcap.
The current price levels give Bitcoin a total market capitalisation of around $160 billion, which represents 36.5% of the total value of all cryptocurrencies. Since its inception, Bitcoin has remained the dominant force in the crypto space, but that could change in the future, according to one tech investor.
Speaking on CNBC’s TV programme “Squawk Box” on Wednesday, North Island chairman Glenn Hutchins said that the original cryptocurrency “could turn out to be Betamax”. His comment referenced the infamous videotape format war of the late 1970s and the 1980s, which was ultimately won by JVC’s VHS format, while Sony’s Betamax was relegated to a niche market position.
Hutchins argued yesterday that the VHS of the cryptocurrency space could be a Bitcoin alternative like Ethereum, Ripple or Litecoin.
“The token of exchange at the heart of the math solution that leads the technology will be there," Hutchins said, as quoted by CNBC. "Different tokens will be used for different applications."
He also sees Bitcoin as the digital equivalent of an industrial metal, rather than gold.
"I think it's more like copper, like an industrial metal that's used for a purpose to drive an outcome," Hutchins said. "There will be a token that's used just like there's an industrial metal that's used for wiring.”
In today’s trading, the Bitcoin price stood at $9,372.97, as of 09:41 BST. The digital currency has gained 2.8% in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.