What do You Know About Alternatives To Bitcoin?
Bitcoin has been in the front seat of the digital coin revolution since its debut years prior. With the blockchain technology that it runs off of spawning several other versions known as “altcoins”, it appears as though bitcoin may have some competitors. Bitcoin shot up a staggering 1,000% over the past 12 months, with a large amount of new capital coming into the space.
The newer coins known as altcoins have dominated the scene, being used to fund different projects known as ICOs or initial coin offerings. These work similarly to IPOs, but instead of issuing a share, the company issues a coin that they can trade either for bitcoins or hold onto as an investment.
According to coinmarketcap.com, the number of altcoins as a whole has shot up from 64 in 2014 to a solid 869 as of today. During the course of 2017 thus far, the total market capitalization of all altcoins rose up a staggering 4,700% which represents an incense from $2.2 billion to a new peak of $94.4 billion. This comes shortly after a fall to $71.7 billion.
Similar to the dotcom bubble during the later half of the 1990s, the altcoin market within itself contains versions similar to Google and Amazon, but it mostly is made of smaller versions that may never see the light of day. Given the recent surge in popularity, some coins have even been made known as “blockchain for dentists” (DentaCoin) or “blockchain for Christians” (JesusCoin), which according to its website boasts that it has “the unique advantage of providing global access to Jesus that’s safer and faster than ever before.”
There are several coins that could become solid investments in the near future, and here are just a few.
Market Cap: $169,909,807
30-Day Return: 115.74%
Market Cap: $1,458,212,974
30-Day Return: 78.30%
Market Cap: $710,521,957
Those are just a few coins that are expected to do well as time passes. With a market that is growing quicker than ever, it is exciting to see what will happen next.