Bitcoin Weekly Review – Modern Consensus.

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New Money (via Pixabay)

Bitcoin’s dominance is declining

The price of Bitcoin has seen a strong rally over the past week. It is currently around $ 51,200. Yet other assets outperformed Bitcoin once again this week. Cardano (ADA) is up 23% this week, Polygon (MATIC) is up 25% in the week and the price of Polkadot (DOT) is up over 30%. In contrast, the price of Bitcoin is up 9% this week, which is still not to be laughed at.

This shows that coins on smaller networks are starting to gain traction, reducing the dominance that Bitcoin has shown in the cryptocurrency market throughout its duration. However, this is not due to the lack of people buying or using Bitcoin, but rather because investors are looking for where the most recent money is. Many are looking for the next Bitcoin after seeing the massive success the asset has enjoyed in recent years. Efforts to make a lot of money with investments other than Bitcoin are not in vain, but history has shown that you should never bet against it. While there will be other tokens and networks that experience massive success, there will never be just one Bitcoin.

Salvadorians have wallet problems

The problems with the Chivo portfolio in El Salvador continued to grow. Money has reportedly been lost in multiple transactions for as little as $ 50 and up to several thousand dollars. In a country trying to change its national currency to Bitcoin, this is a big setback. Citizens have taken to Twitter to complain about their missing money. They claim they got no support or help from Chivo or the government. President Nayib Bukele of El Salvador acknowledged problems with the portfolio. However, his administration has done little to address the issues presented.

There will always be setbacks in an ambitious national project like this. The government needs to do a better job of fixing them as efficiently as possible. There are eyes all over the world watching how El Salvador is doing its Bitcoin experience, and if they mess it up, it could mean big setbacks for Bitcoin and the cryptocurrency as a whole.

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