As the crypto’s market capitalization has gained new heights and position in the industry, altcoins are chipping away at bitcoin’s market share and rising at a tremendous rate. Bitcoin is the first-ever cryptocurrency to be introduced to the industry and raises the concept of the crypto world.
Since then, many other altcoins have been released with new features and capabilities. Over the years, bitcoin has lost its place in the industry to altcoins. But the recent fall in the value of bitcoin has made its place in the industry stronger again. The altcoins are gaining a lot of popularity and have been rising in terms of market share. There are a lot of similarities in these altcoins with bitcoin but none of them has been able to take over its rank.
The crypto market is growing at a tremendous rate. It is estimated that it is almost worth $150 billion. Its market cap has climbed up to $170 billion. The market capitalization of bitcoins, however, has been shrinking. As the market cap of the altcoins has been growing, bitcoins market share has been declining. The number of bitcoins in circulation is a little over 16 million. However, the number of altcoins in circulation is almost 3500. This is a significant number. It is estimated that over $100 billion worth of altcoins were traded in 2017.
- ETH – ETHEREUM
Open-source, blockchain-based computing platform consisting of smart contracts functionality can be defined as an ethereum coin. Providing a decentralised Turing-complete virtual machine – EVM (Ethereum virtual machine) can execute scripts through an international network of public nodes. ETH is one of the top cryptocurrencies in the world with a market cap of more than $50 billion, along with this it is the first decentralised software platform that encourages developers to create decentralised applications.
- CARDANO (ADA)
Cardano (ADA) is a cryptocurrency that offers more advanced features than most other cryptocurrencies. This includes the use of the “Ouroboros proof-of-stake” algorithm, which makes it different from most other cryptocurrencies in the market. Its development team is also working on implementing smart contracts on its platform, which will make it a valuable asset in the crypto ecosystem.
- BITCOIN CASH (BCH)
Bitcoin Cash (BCH) is a cryptocurrency based on a fork of the Bitcoin blockchain. Bitcoin Cash is similar to bitcoin when looking at it with regards to its protocol, block time bonus and system. There are two significant differences between the Bitcoin and Bitcoin Cash. These differences are in the block size limits and their different ticker symbols.
Bitcoin has a 1MB block size limit while BCH has 8 MB limit.
- DOGECOIN (DOGE)
The dogecoin cryptocurrency resembles the Shiba Inu dog from “Doge” – an internet meme logo. Initially introduced and labelled as a “joke currency” in 2013, the altcoin has gained its community reaching a market capitalization of more than the US $60 million in January 2014. The increase went up to US $340 million as of June 2017.
- BINANCE COIN (BNB)
BNB is designed to be a value-holding cryptocurrency, with a stable value, used on the Binance platform for trades and as a method of paying fees. Users need to pay a small fee in order to have their transactions processed by the network. This fee is calculated based on the BNB amount stored in your trading account, which means that if you hold more BNB, then you will be charged fewer fees. This form of cryptocurrency exchange focuses on the Chinese market and other Chinese coins. It provides a robust set of tools and features to ensure an efficient trading experience for traders. The platform also strives to provide users with a secure, stable, and trustworthy product that meets their needs.
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