Cryptocurrencies are based on a technology known as blockchain. Cryptocurrencies are electronic tokens that could be used to buy and sell goods and services over the internet. Blockchain is a distributed, unchangeable ledger. And these makes recording transactions and managing assets in a corporate network much easier.
Like any other fiat money such as the US dollar or the Indian rupee, have a predetermined storage value.
Through the use of tremendously powerful computers that could solve extremely challenging computational math problems. Their mining is time-consuming, costly, and only seldom profitable. With the market capitalization increasing by USD 110 billion.
Furthermore, the market capitalization of all crypto assets has surged by more than 30% in just over two weeks. From USD 1.84 trillion on September 29 to USD 2.44 trillion as of midday UTC on October 15.
Bitcoin, the world’s most popular cryptocurrency, gained 4.5 percent to $59,030. Its highest level since April 17. Since Sept. 20, its value has increased by more than half. And it is currently near to its all-time high of $64,895.
Bitcoin’s inception in 2009 revolutionized money and paved the way for countless versions and enhancements to its technology. It’s difficult to overstate the significance of Bitcoin and the blockchain concept that followed it.
But Bitcoin’s first-mover advantage has compounded to bring its market valuation above $1 trillion 12 years later.
Additionally, Bitcoin is currently the world’s eight most valuable asset, just ahead of Facebook’s market capitalization. According to data from the website companiesmarketcap.com, Bitcoin’s market cap is $1.119 trillion, while Facebook’s market cap is $926.27 billion.
It’s not the first time bitcoin (BTC) has outperformed Facebook in terms of total value; according to Bitcoin.com News, BTC outperformed Facebook in the first week of January this year.
Meanwhile, William Zielke, Chief Marketing Officer at BitPay, said that while BTC remains the most popular cryptocurrency for purchases, accounting for about 72 percent of all transactions, ETH has increased to nearly ten percent.
Ethereum, on the other hand, debuted in the summer of 2015. With the goal of broadening the spectrum of blockchain and cryptocurrency. Applications beyond Bitcoin’s initial scope, including permission less financial services, crowdfunding, and new organizational structures.
ETH has also had a “transformative 2021,” according to the research, with order book statistics indicating that the market for the second-most valuable crypto asset is maturing.
The level of liquidity in the ETH market is currently routinely enough ETH on each side of the market to absorb a USD 1m market order with less than 0.2 percent slippage on Coinbase and Kraken, according to the research.
Due to ease access to crypto exchanges and widespread internet and smartphone penetration, investing in cryptocurrency is not a tough undertaking. For potential investors, technology has made it easier to access digital currencies.
In addition to that, to invest in cryptocurrencies, investors must first undertake research to identify which cryptocurrency and cryptocurrency exchange are the greatest fit for them.
These cryptocurrencies could also be bought with their home currencies or US dollars at the recommended conversion rate. Some currencies, however, exclusively accept Bitcoin or other cryptocurrencies as a form of payment.