With advancement in the technology, the form of the monetary transactions has been changed a lot. The future of money is now cryptocurrency, and it is now expected that it will be the one which will bring an evolution in future of money. Well, one of the well-known cryptocurrency in today’s market is Bitcoin.
Even tough, it is getting more popularity day by day, but one the other side, it is something very complex to understand that the public lexicon suggestions. Many researchers have been conducted different studies on cryptocurrency market, and they have stated about the evolution of this. As per the study, conducted by AbeerElBahrawy at City University in London, the cryptocurrency market is more complex and mature than what you had thought before.
Types of Cryptocurrencies that is available in the market
The first type of cryptocurrency was the Bitcoin. But with the time, the numbers have started increasing, and now there are 900 cryptocurrencies available on the digital currency market. But among them, the most and widely used cryptocurrency is Bitcoin. Here are top 10 cryptocurrencies:
- Bitcoin (BTC)
It is now ranked one among other cryptocurrencies and currently trading at above $4,000. The market capitalization of Bitcoin is more than $67 billion.
- Ethereum (ETH)
Ethereum is a decentralized platform. It works exactly as programmed without any fraud or third-party interference. It is now trading at around $300 and the market capitalization of this is nearly $28 billion USD.
- Bitcoin Cash (BCH2)
It arrived in the market in August. Then the Bitcoin’s value doubled from $300 to a price touching $600. The BCH2 is now gaining more popularity among the investors, and it is predicted that it can threaten the Bitcoin throne. The current trading rate of this is around $475 and the market capitalization of BCH2 is nearly $8 billion.
- Ripple (XRP)
The Ripple is also known as the world’s only enterprise blockchain solution and it helps in global payments, connecting banks, payment providers, digital asset exchanges and corporates. It works through it won network i.e., RippleNet. It enables the users to carry out frictionless money sending across the world. It is trading at $0.19 while the market capitalization of XRP is above $9 billion.
- Litecoin (LTC)
It is an open-source, peer-to-peer digital currency. It helps to do instant and near-zero cost payments to anyone all over the world. Now, it is trading at above $55 and the market, capitalization is at around $3 billion.
- Dash (DASH)
Well, it is quite similar to the Bitcoin but it comes with one additional feature. It offers instant transactions also known as Instant Send, private transactions known as Private Send and decentralized governance (DGBB). It is the first decentralized autonomous internet currency organization. It is currently trading at around $330; DASH’s market capitalization is at more than $2.5 billion.
- NEM (XEM)
It is called as the New Economy Movement. It is the world’s first Smart Asset blockchain. However, the trading rate is quite low as it is currently trading at only $0.24, and the market capitalization is above $2.1 billion.
- IOTA (IOT)
It is the backbone of IOT. It offers the blockless Tangle, a revolutionary new blockless distributed ledger. With low trading rate, i.e., at only $0.60, the market capitalization is more than $1.6 billion.
- Monero (XMR)
Monero is an open-source digital currency. It offers features alike secure monetary transaction, private, and untraceable operations. With such best facilities, it is now currently trading at above $100 with the market capitalization of around $1.5 billion.
- OmiseGo (OMG)
OmiseGo works as a mainstream digital wallet. It entered the market of digital currency in Q3 of 2017. It offers real-time and peer-to-peer money transaction. Even though it was launched recently, it is now trading at above $10 with the market capitalization rate of more than $1 billion.
Growing trends in the Cryptocurrency market- the Bitcoin
In the financial period of 2017, the total market capitalization of all cryptocurrencies has gone up to $500 billion. Even on December 201, it had recorded $506 billion of capitalization. The reason behind such high capitalization was the increase of Ethereum and Ripple prices. In 2017, the second largest cryptocurrency had achieved a market capitalization of $747.
On the other side, ripple also recorded impressive result during that time. The Ripple price rose 27 percent to $0.48 in just one day. However, the Bitcoin is still at the top of in the cryptocurrency market with marker $278 billion. Chineseinvestors.com, Inc. recently has announced that it has signed a contract with Blockchain BTM, LLC and will soon establish a Bitcoin ATM in San Gabriel, California office.
The Bitcoin ATM, which is located in the lobby of the Company’s offices at San Gabriel Hilton Plaza, is working from 9 a.m. to 6 p.m., five days a week. The machine supports languages like Chinese, English, Spanish, French, and Korean which has made buying of Bitcoin easier. People can purchase up to $7,000 Bitcoin daily from the ATM. It also offers a facility to digitally print a wallet if the purchaser does not have a digital wallet.
Now, many leading smartphone companies are providing digital wallets so that users can do these kinds of transition hassle-free. Bitcoin Investment Trust has announced that the trust has been launched its third investment vehicle named the Zcash Investment Trust. Capital Investments, Inc. is one of the largest U.S. based Bitcoin miners.
Now, the company is working towards to expand its crypto assets materially. The company has initiated a new purchase order with Bitmain Technologies for an additional 500 S9 Antminer mining rig. Its shipment process will begin from the first quarter of 2018. All these developments have proved that Bitcoin has been gaining more popularity among all investors. There is no doubt that it will one day rule the digital currency market.
Why has cryptocurrency market received more appreciation in 2017?
As per the market research data, in the year 2017, the cryptocurrency market has registered a significant success. In that year it rose more than 1,200 percent. As per CoinMarketCap gives the data, the total market capitalization of the cryptocurrency rose to $230.9 billion in November. Now the question is that what is the reason behind such sharp increase of the cryptocurrency? Well, answering the question, analysts have given some major factors. These are:
Increasing interest in Cryptocurrency:
One of the primary reasons behind the rising cryptocurrency is people growing interested towards it. As per the data are given by Google Trends data, the search interest in the term “Bitcoin” had reached an all-time high on November 12, 2017. That means people are now more attracting toward Bitcoin. A cryptocurrency trader also informed that people are now learning more about the digital currency and jumping on it. The values of digital currency are increasing; it helps fuel more price gains.
The record shows that with time lot of investors have been getting in to invest more in the cryptocurrency. Experts said normally investments came from the retail and institutional investors. The first half of the year retail investors came from China, Korea, and Japan. The second half of the year institutional money started to come in from US retail.
Increase in ICOs
Another reason behind the growth in the cryptocurrency market is the number of Initial Coin Offerings (ICOs) which are rising significantly now. It helps to gain value. Participating in ICOs involves exchanging Bitcoin and Ether for newly created digital tokens. This has provided major growth to theses cryptocurrencies. This had lead to increase in Bitcoin price by more than 700% in 2017, and price of Ether had also increased by above 4,000% in that year.
The Crypto coin market has bounced back since 2018
One of the most valuable Altcoin in the Cryptocurrency market, Ripple (XRP) has recorded 18 percent of the growth in just one day. The Altcoin saw a price dip in January 2018, and the reason behind this was South Korea banned crypto trading in the country, but later it came to know that the news was false.
However, after some issues, Ripple is now showing recovery since 11th January 2018. On the other side, Steller, which ranks in 8th position on CoinMarkCap, is also now coming to its track and in January it has received a 33.34 percent of growth within just 24 hours. Altcoin EOS also has received around 37 percent growth in 24 hours.
It is now trading at about $14.40. On the other side, there are only two digital coins in the top 20 that are in the red are ICON, with a loss of 2.93 percent and Raiblock, down 4.06 percent. However, it seems that it will not affect the growth of the cryptocurrency.
Future of the Cryptocurrency Market
Looking at the recent trends of the cryptocurrency market, it is now expected that the market which was valued at USD 541.0 Million in 2017, is likely to reach USD 2,902.0 Million by 2023. The CAGR difference will be around 32.31 percent. The reasons behind such growth are a free peer-to-peer transaction, cross-border remittance transfer, faster transaction and reduction in total ownership cost.