A new asset class is emerging
Although it may not be possible to predict the future prospects of cryptocurrencies, yet the recent resurrection of Bitcoin & Co. might be an indication, that the cryptocurrency market may have a bright future. Cryptocurrency can be considered as a new form of asset and many of these new currencies are indeed designed to work as an exchange medium. Cryptocurrencies usually use strong cryptography to secure the financial transactions. All these cryptocurrencies work on various blockchain technologies which represent a decentralized system. The best feature of cryptocurrencies should be their “decentralized nature”. Cryptocurrencies are not issued by any central authority nor does have any government interference or manipulation with the currency.
Being a free and unregulated market many new cryptocurrencies have been issued, while new ones come out almost daily and old ones disappear seemingly. Bitcoin was the first blockchain based cryptocurrency and remains the most popular the most successful and the most valuable one until today. The popularity of Bitcoin has given birth to hundreds of alternate cryptocurrencies designed with various specifications and functions. Some of these cryptocurrencies are clones of Bitcoins and a few are simply forks of the original Bitcoin. As participants want to bring some order into this wild growing sector, these cryptocurrencies are ranked based on few criteria or values. These are market cap value, price, circulating supply of crypto coins or maximum supply.
Massive bullrun over the last three months
As already stated, Bitcoin stands unquestionable in first place so far. Since mid of December 2018 at a low of US$3,150 Bitcoin has gained nearly 300% reaching a high at nearly US$9,400 just yesterday. But of course, from its all-time high in December 2018 around US$20,000, Bitcoin prices are still down more than 50%!
Ethereum, the number 2 in terms of market cap and importance, gained 250% during the same timeframe, while EOS gained 450%. One of the top performer was the Binance Coin (BNB) which is up 825% in just six months!
Cryptocurrencies are definitely on the way to make a greater impact on the future of financial transactions across the globe. The ability to be a secure and immediate while surpassing geographical boundaries makes cryptocurrencies a growing force in our present digital world. Cryptocurrencies are also a driving force of the online gambling industry.
33 Cryptocurrencies Described In Four Words Or Less
To bring some more light into this highly complex sector and to help you understanding at least the basic of some of the most important cryptocurrencies and projects we have listed the top 33 Cryptocurrencies in the following infographic. 33 Cryptocurrencies described in four words or less: