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.
SWIFT is set to begin live digital asset transaction trials with banks next year, aiming to enhance platform interoperability and prevent fragmented “digital islands” in the blockchain space.
Solana meme coin BONK faced a 12.5% drop to $0.0000214 after failing to break past key resistance at $0.00002400, missing a potential 92% rally.
Sui Network has defied broader market sell-offs, with the SUI price approaching $2, driven by strong investor activity and expectation og new all-time high.
X Empire introduces the Chill Phase, offering players the chance to earn additional tokens while ensuring existing allocations remain unchanged.
Cardano (ADA) is under significant selling pressure, trading down by 6.46% at $0.3498, with investors hoping for a recovery above $0.37, bringing a large number of investors back into profitability.
Eric Jardine, Chainalysis’s Cybercrimes Research Lead, said that as local currencies lose value, people increasingly adopt USD-pegged stablecoins.
HMSTR token’s price dropped significantly after its listing, driven by profit-taking and declining market confidence.
The mainstream adoption of web3 protocols and digital assets, which has been facilitated by increased regulations, has significantly impacted privacy tokens led by Monero (XMR).
Despite the initial optimism around the MATIC to POL token migration, Polygon’s native crypto POL faced a sharp decline in late September.
Tether’s USDT has become the most used digital dollar globally, particularly in economically unstable countries like Argentina and Turkey.
Dogecoin shows bullish potential with increased addresses and whale activity, despite a recent price dip.
Users who referred new members to X Empire will be rewarded based on the quality of those referrals, making community growth a key aspect of the airdrop.
Solana’s BONK records an 11% price surge, kicking off October on a bullish note.
As per Apollo Crypto, the DeFi infrastructure has witnessed a significant boost over the past few years with the goal of establishing “an abundance of cheap block space”.
Circle’s partnership with MHC Digital aims to expand USDC’s presence in Australia and the Asia-Pacific, exploring future stablecoin developments.