Many alternatives to the popular cryptocurrency known as Bitcoin, have begun to find their place in the larger cryptocurrency world, and continue to demonstrate their value. The largest cryptocurrency known as Bitcoin has lost a substantial amount of its grasp on the wider market recently falling to 36% of the market cap overall from 56% only a month prior. this data is according to the popular research site known as coinmarketcap.com.
One of the most popular of these new currencies known as Stellar, was designed for cross border transactions, and has doubled value since the first trading days of the year. The coin has managed to surpass a market cap of over $13 billion, which is almost unprecedented for most alternative coins. This move raises a large amount of questions for the broader market as to whether or not speculation is the largest player in price. It is true that speculation is one of the biggest driving factors in the prices of these coins, but regardless it is quite incredible what this coin has done. The value of all cryptocurrencies has shot up to a staggering $700 billion market cap and over in only a month. Lex Sokolin, global director of finch strategy at Autonomous Research LLP in London state that “the altcoins today, in large part, are not trying to be bitcoin competitors.
They are doing something else entirely— ethereum as a smart contracts platform, IOTA as a machine-economy token, Ripple for interbank payments, and so on. These coins should become increasingly relevant as the novelty of crypto wears off.” The hopes are high that these coins can continue to maintain there place in the larger cryptocurrency market, once all the hype of crypto and excitement has worn off as mentioned above.