Cryptocurrency: Major Coins Are Booming – Eastern Daily News

Back in 2009 when the first Cryptocurrency, Bitcoin, was announced, no one thought this industry would reach these heights. The truth is, the Cryptocurrency community has grown a lot over the past eight years. After Bitcoin was released many developers have come out with new digital currencies. Right now there are hundreds, if not thousands of them, out there. Cryptocurrency users have also increased almost exponentially. At the moment, many industries are accepting digital currencies as forms of payment. Merchants and retailers have also not been left behind, they have realized that Cryptocurrencies can be viable alternatives to fiat currencies.

According to Coin Market Cap, Cryptocurrency Market Capitalization has reached an all-time high of more than US $24 billion. The main drivers to this all-time high milestone are the major coins right now namely Bitcoin and Ethereum. Dashhas also been causing waves lately, as it has gained more than $70 million this week alone, therefore rising to number three among all Cryptocurrencies. Cryptocurrency users, since the beginning of the year, have been on a spending spree and these three coins have benefited a lot from this because they have attracted adoption based on different use cases.

Bitcoin by far dominates the Cryptocurrency Market Capitalization, its market cap is $20,682,061,514 and thats 84.7% of the entire Cryptocurrency market cap. Bitcoin is now viewed by many as an addition to investment portfolios, its uniqueness makes it desirable to many investors since it reduces total risks while at the same time it has a potential to increase gains. At some time this week, Bitcoin surpassedgold parity and this proves how much it has been growing steadily, especially in 2017. This week, major investors have been talking about their optimismon the approval of the first US Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). This is definitely very good news to Bitcoin users, especially those based in the US. Investors are really waiting on the SEC to give its final decision on this matter because, if approved, Bitcoins price is expected to increase.

Moving on to Ethereum, this coin was released in 2015, so its barely two years old, but it has risen to number two among all other Cryptocurrencies. It has grown so fast both in terms of price and value. Its pricehas almost doubled in the past two weeks i.e. up from around $10 to $19. Its market cap has also risen to more than $1.7 billion which is an all-time high. Ethereum is the second coin to reach the $1 billion mark after Bitcoin. The Ethereum community has always spoken of a flipping the point where its market cap surpasses Bitcoins. These are some bold words to say especially when you compare the numbers, but they argue that what Bitcoin can do, Ethereum can do better. I dont see how the two can be compared because they use different ideologies. Ethereum is concerned with a wider range not just money.

For details on Dash, and the reasons behind its rise read this article. Investingin Cryptocurrency, especially the major coins is something worth a try. Its clear 2017 promises big returns.

Go here to read the rest:
Cryptocurrency: Major Coins Are Booming - Eastern Daily News