In the past two weeks, Bitcoin prices have been steadily declining, while smaller virtual currencies such as Ripple, Stellar and Tron have risen sharply in price and capitalization.

Erik Voorhees, CEO of ShapeShift Digital Asset Management, said Bitcoin dominated the deal on the floor a year ago but now more than half are trading in other currencies.

Still, some analysts say Bitcoin will continue to benefit from investors' growing interest in alternative (Altcoin) alternatives. They point out that because it is the largest virtual currency, Bitcoin is often chosen by investors when entering the market.