The Hottest Cryptos Right Now
The introduction of the digital currency took the world economy by surprise and most investors were skeptical about its volatility. As you have realized for the past 12 years since the digital mining of the first digital coin—Bitcoin, the crypto-market has incessantly embraced even higher volatility than the traditional stock market. This makes cryptocurrency characteristically a high risk investment scheme.
Overtime, the development in the crypto market and the introduction of new coins has built a chain of interests from the world’s investment market since it is no secret that digital currency is the future of money transaction.
The crypto market is a hot topic because many companies are now adopting the blockchain technology by embracing the digital currency payments. This new development in crypto market augmented the establishment of many cryptocurrency projects that prompted the increase in these digital assets that are now estimated to be 4000 cryptocurrencies.
The institutional investors have also realized that the environment of stock market today is not entirely economically promising. Therefore they are increasingly considering cryptocurrency as a potential investment scheme since they are looking for ventures to maximize their return on investment in these rigorous economic times. Institutions like Tesla, PayPal and Microsoft have made it clear on their move to accept digital currency payments.
For most people, when you talk about cryptocurrency, they associate it with only Bitcoin. Of course Bitcoin is the first cryptocurrency to test the market and is currently the most expensive digital coin by market value. However, there are a lot more cryptocurrencies today that is making the crypto market a lot more interesting and unpredictable. For instance, the price of Bitcoin was $45000 around March and suddenly registered a spike in April at $63000 and assumed a nose-diving trajectory again in May at $35000. This necessitates the need for alternatives to Bitcoin and understanding their market before you invest in cryptocurrency. Here are some of the hottest cryptocurrencies to watch out at the moment.
Price Value: $43,930
Market cap: $ 758.58 Billion
Bitcoin still remains the giant in the cypto market today and for the longest time; it has retained its position as the largest market cap with the largest number of users. According to the data analyzed by the coinmarket.com, it is clear that the crypto market has recorded a decrease by 1.6 percent in the last 24 hours. This fall is attributed to cryptocurrencies like Bitcoin that has fallen in its price by one percent.
Unfortunately, the fall in Bitcoin prices has been registered for the last few days. This is estimated to be over 10% decrease. As a result, investors are now faced with a very short window of investing as they are now scrambling for the remaining $3.4 billion worth of Bitcoin that is supposed to expire this Friday.
Bitcoin options contract is responsible for allocating the time for which investors are expected to conduct their trade. The data from cryptocurrency analysis as first announced by ABMCrypto indicates the amount of Bitcoin expiring this Friday. This unprecedented expiry is most likely to prompt a short period of price volatility.
Price Value: $2744
Market cap: $351 Billion
Etherium was introduced in 2015 and is so far known to be the first alternative to Bitcoin. The applications used in Etherium are operated by ether which is a platform for particular tokens of cryptography. In 2016, Etherium was forced to break into Etherium and Etherium Classic after the decentralized autonomous organization suffered a cyber attack.
Today, Etherium has managed to upgrade its consensus algorithm to proof-of-stake which allows its network to operate autonomously with less energy and high speed.
The reduction in the global market cap did not exclude etherium as all other cryptocurrencies assumed the trajectory ensued by Bitcoin. The second largest cryptocurrency recorded a decrease by more than 3% in the last 24 hours.
Price Value: $0.1996
Market cap: $28.309 Billion
Dogecoin is another peer-to-peer digital currency created in 2013 with high potential due its low pricing which makes it attractive to starting investors. It is also responsible for what the market recognizes as memecoin space. Memecoin introduced SafeMoon on March and is currently hosting over million users.
SafeMoon promotes buying and holding among investors at a cost of 10% of the profit generated from the tokens. Elon Musk once tweeted that Dogecoin will one day be future digital currency on Earth and his tweet resulted in significant drop in other cryprocurrencies like Bitcoin.
Why the market fell
The general fall in the crypto market was experienced shortly after the announcement of the near-collapsing Chinese property developer, Evergrande which is believed to be enormous enough to impact the global economy. The other reason that could have caused the fall is associated with the impositions of crypto market regulations by the United States Government.