With 753 cyrptocurrencies in circulation, there are now four times as many cyprtocoins as there are fiat currencies. Bloomberg states that while Bitcoin remains the world's biggest cyrptocurrency, its dominance of the total market has certainly waned.
Just because the boom is ridiculous doesn't mean it lacks momentum -- it just tells you that consolidation also is inevitable. Not in the traditional M&A sense, but in the way that messenger apps like AIM, ICQ, Yahoo and MSN quietly gave way to WhatsApp and WeChat, which then led to the ubiquity of instant-messaging technology.Morgan Stanley posited last week that government acceptance will be key to Bitcoin's continued rise, with the flipside being some kind of regulation of the currency. That's probably right, and if proponents of cryptocurrencies think they'll achieve widespread uptake without a nod from the authorities, they're probably smoking something.