Since the inception of bitcoin in 2009, thousands more have sprung up with each of them having their distinctiveness. Bitcoin is often referred to as the king of cryptocurrency each of the other thousands of cryptocurrencies falls under the class of altcoins; be it Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), Monero (XMR), EOS (EOS), TRON (TRX), etc.
All altcoins have their uniqueness in the sense of how they are mined, their nature (whether or centralized or decentralized), underlying technology, speed of transaction, coin distribution mechanism, etc. Although bitcoin is always used as the yardstick when analyzing an altcoin, some altcoins outshine bitcoin in certain specs. Several altcoins are developed on Bitcoin’s framework.
Altcoins are sub-divided into three categories namely; stablecoins, utility tokens, and security tokens. For example, stablecoins such as Tether (USDT), Binance Coin (BNB), Gemini USD (GUSD), USD Coin (USDC), etc. are known to be less volatile than Bitcoin because they are pegged to fiat currencies. However, some altcoins fall under more than one of these categories. You will find more information in altcoin news category.
Altcoins are getting thumbs up from different quarters for playing a significant role in the expansion of boundaries of blockchain adoption and applications. For example, Ethereum is known for its robust blockchain that enables faster transaction time as well as the creation of decentralized applications (dApps). At the time of launch, most altcoins sell themselves as better alternatives to existing ones and usually attempt to improve on the setbacks of known altcoins.
According to CoinMarketCap, there are over five thousand digital currencies in April 2020 although BTC has a staggering 64% dominance in the crypto market. As a crypto investor and enthusiast, stay tuned to coinspeaker.com to get the latest altcoins news around the world to keep you updated and geared up in the crypto space.
Institutional investors are beginning to take more interest in Ethereum. This is very similar to the way they adopted Bitcoin enmasse in 2020.
Bitcoin outpaced other digital assets as it saw 97% of the total inflows, notwithstanding the fact that it dominates the Assets Under Management (AUM) by 83%.
Companies like Nimbus have set the pace for an excellent year for DeFi. The Nimbus DeFi ecosystem delivers strategic solutions targeted at solving the shortcomings plaguing the DeFi space.
The Bank of Singapore said that crypto has all the technological prowess to be used as digital money. However, it has to address issues of extreme volatility and bring more legitimacy with institutional participation.
For anyone who has to frequently send money internationally, ZoomMe could be a great and affordable option to cut down on transaction costs.
While some altcoins have gained in Ethereum’s slipstream, others are plotting their own course while seeking to topple the front-runner itself.
Shanghai Mayor Gong Zheng also declared the city’s support for the development of the digital yuan.
Chainlink has emerged as the best performing crypto over the last week with its price moving past $25 over the last weekend. Also, the massive surge in DEX activity has led to a rally in the DeFi market with the total value locked going past $26.5 billion.
As digital currencies begin to gain more recognition in the global financial market, the WEF is focusing more on blockchain technology and the crypto space at large.
Though Ethereum alone bears the glory with this current milestone, many factors work synergistically to help the coin attain the record ATH.
Bitcoin-based ETF may see the light of the day under the new Biden’s administration with Elad Roisman who will be the head of the SEC.
Today, the most reliable options are hybrid services like BitcoLoan, which provide users’ finances with a reliable platform to work with.
Whether we want it or not we have to expect the market to expand because the cryptocurrency method is very promising for operators as well.
As part of the Safex legal response, a cease-and-desist letter was sent December 29, but Safeth’s website still uses the Safex brand in rather confusing ways.
The CBDC settlement project aims to develop a number of solutions bordering on the workability of CBDCs under cross-border scenarios.