Cryptocurrencies are taking the financial market by storm. Several companies like IBM and Microsoft have already begun to hire developers and engineers to help the transition of their business into innovative technology. Laws are being implemented to regulate the currency, and the need for investment in the market has increased. There are more than 2000 cryptocurrencies as of now, and its market is expanding. The new technology has overcome the phase of disillusionment and morphed into one of the productive ways of investment. With so many of the options on the market, it is quite puzzling when it comes to buying a cryptocurrency. Currencies like Bitcoin, Ripple, and Litecoin are one of the kinds that have dominated the market of cryptocurrency. But with the social media giant Facebook’s Libra, investors are yet again reminded of the wide variety of cryptocurrencies available in the market.
Being one of the earliest cryptocurrencies, Bitcoin, as confirmed by the link www.forex.academy, continues to be a preferable choice among investors. As of Jan 2020 Bitcoin Cash has a market cap of $4.4 Billion and a token value of $240.80. Bitcoin Cash began in 2017, due to the split in the original currency and the other copy having complete changes to its original code. The reason for the split is to be put on the scalability of the Bitcoin network that limits the size of the blocks to 1MB whereas Bitcoin Cash can increase the size of blocks to 8 MB allowing faster transactions along with other changes.
On June 18, 2019, social media titan Facebook put rumors to rest with the launch of its white paper for its Cryptocurrency Libra. Given the impressive outreach of Facebook across the internet, it is expected to attract attention from diverse spheres. Facebook intends to go through regulatory barriers before it can make its mark in the crypto sphere. The launch date for the token is yet to be released. There is no doubt it will be a better investment among other cryptocurrencies available in the market.
Monero emphasizes scalability and decentralization. The development of the currency is donation-based and uses “ring signatures” to enable security and complete privacy. It has a token value of $57.16 with a market worth of $994.0 million as in 2020. Monero’s exceptional security has made the app contribute towards technological advancements in the crypto space.
Ether lags behind Bitcoin from a certain margin and is the second-largest cryptocurrency after Bitcoin. The platform allows the decentralized apps to be built and process without any fraud or third-party interference. Split in Ethereum (ETH) and Ethereum Classic (ETC), the market cap of Ethereum is $15.6 billion and a token value of $142.54.
Ripple allows the transactions to proceed across various platforms with end to end encryption. It doesn’t require mining bringing the computing process to a bare minimum. It has revolutionized the cross border payments making it the third popular cryptocurrency with a market value of $9.2 billion.
It is considered second to Bitcoin, which offers faster transactions. Using scrypt, the currency is not regulated and controlled by a central authority. It has a market value of $3 billion, which makes it stand with one of the leading cryptocurrencies of the space.
Cryptosphere has no dearth of currencies. With around 2300 cryptocurrencies, it offers an investor a vast range of options to consider. This market is gaining momentum, and with various of the sovereign states accepting its usage, the future of digital currency has begun. Venezuela Petro is one of the examples. It may take a while, but the early one begins to invest, the better it shall be.