Cryptocurrency is a new thing. With the introduction of new currencies in the past few years, the crypto market is gradually expanding. In this article, the aspects and factors that control the crypto market will be elaborated upon.
Crypto Market Introduction
Since the introduction of Bitcoin, a lot has changed. This new form of digital currency was initially a lesser-known idea that promised to make an easy transaction. The decentralized nature of its management and the transparent digital ledger that the cryptocurrency uses, creates an ecosystem of transactions that is super-fast and efficient. With cryptocurrency, we can move toward a decentralized economy which is required for the order of the day.
Due to the promise of efficiency and deregulation, the scope of increasing productivity is very high for the cryptocurrency ecosystem. Big multinational corporations, banks, and other institutions are investing in the crypto market to welcome profitable upgrades to the existing transaction network. Recently the CEO of Tesla, Elon Musk has invested a staggering 8% of the company’s total asset, 1.5 billion USD in the most popular cryptocurrency network, Bitcoin. A lot of big players might follow Tesla’s footsteps to enter into the crypto market to improve their asset productivity. From the current conditions of the crypto market, it can be estimated that the value of expensive currencies like Bitcoin might surpass the 100,000 USD mark by the end of this year.
So if you are taking interest in the crypto market and wondering if this is the right time to make investments, there are several factors that you need to keep in mind to be able to find the right currencies to invest in. Let us leapfrog to the important details that might help you gain a better insight into the crypto market.
How many cryptocurrencies are there?
Initially, Bitcoin was the only currency. With its increasing value and popularity, a lot of new cryptocurrencies have been introduced to the crypto market. As of now, there are almost around 4000 cryptocurrencies in the market. Here is a list of some of the popular cryptocurrencies that exist today.
NANO this is a peer-to-peer cryptocurrency that is designed to promote secure transactions. The transactions through this network are fast. Due to its decentralized nature, the transaction costs nothing! What differentiates NANO from most other currencies is that it does not emply the blockchain technology that is commonly used in most cryptocurrencies. NANO uses a mathematical tangle that is based on the acyclic graph.
Elrond this is a blockchain protocol that is of the ecosystem of FinTech, DeFi, and IoT. It can process almost 1000-1500 transactions per second by the employment of the sharding network. The native token used in this network to make payments is called EGLD.
Zilliqa This is a highly scalable blockchain that has the potential to make almost 1000 transactions per second. The blockchain used in this currency uses sharded network where the workload is distributed across the portioned system for faster computation. This network allows developers to create decentralized apps and wallets for their blockchain ecosystem.
IOST this is a decentralized blockchain system that can accommodate decentralized applications and wallets within its ecosystem. Its functionality resembles the protocols of Ethereum or EOS but it is considered much faster and more efficient.
What is a Blockchain protocol?
It has become clear that most of the popular cryptocurrencies gain popularity from the use of cutting-edge blockchain technology. Blockchain technology is a major innovation that allows transaction histories to be stored as blocks within a chain. The creation of a new block is known as mining. This system of the ledger is secure and much more reliable than the ledger maintained by the traditional banking system. The data once entered is distributed across computer networks which helps maintain an accurate transaction history that cannot be tampered with.
Cryptocurrency is the thing right now. Its value as a currency and an asset is immense. Several applications like Bitcoin loophole or Bitcoin Up allow new traders to navigate the cryptomarket with ease. If you are new to the game, try the Bitcoin Prime Official Site to make the right trading decisions and make some bucks with the money you invest.