Move Over, Bitcoin. Which Digital Currency May Substitute the “Big Daddy”?

Move Over, Bitcoin. Which Digital Currency May Substitute the “Big Daddy”?

It seems that cryptoinvestors want to set foot in the same river twice, as bitcoin’s boosting is fostering the migration to a few digital ilks.

The rise of bitcoin has provoked the increase of its relatives – “altcoins” – in price. According to CoinMarketCap , one of them, which is litecoin, grew up by 60% just in the mid-December. Recently, it has shot a new record of $341.72, and though this figure is not as fascinating as bitcoin’s $20,000, there remains space for concern.

Notably, litecoin started the year at just $4.33, whereas by December it surged to $88, increasing by 7,000% in total against the background that bitcoin has grown by about 1,700% in 2017.

Considering the Alternatives

Experts say that investors are paying attention to those currencies which have a potential of growing and could become the next gold mine. “Retail investors in Korea are driving a lot of the price. They will buy anything that looks reasonably cheap,” Jimmy Song, a bitcoin developer based in Texas, told The Wall Street Journal.

The fact that countries like South Korea and Japan recognized cryptocurrencies means that plenty of them have been experiencing a lot of benefits. Such actions have also raised interest from Wall Street companies and other investors.

In general, the cryptomarket costs around $600 billion, of which $323 billion are made up by the only bitcoin. Here’s the total market value of several altcoins:

  • Ethereum – $71 billion
  • Ripple – $29 billion
  • Bitcoin Cash – $32 billion
  • litecoin – $17.6 billion

Before this year, only bitcoin and Ethereum had the overall market value of $1 billion, but currently, 26 of altcoins have reached this height.

Interestingly, altcoins appeared because the software for bitcoin was open-sourced. It means that anybody could copy it and produce alternative coins. Currently, there are over 1,000 of them on the market. However, experts warn that lots of altcoins may have pump-and-dump patterns.

A rival on the horizon

There is a possibility that the next gold mine could become litecoin, established in 2011 and being the first massive altcoin.

Last week, Charlie Lee, who created this currency, wrote on Twitter, that it is getting “so much mainstream exposure.” He cautioned those, who want to pile into litecoin, that such investment won’t endure.

Litecoin seems to be more stable than the other ilks of bitcoin. However,  “it has not been able to attract as many developers and businesses to it as bitcoin has, and that has limited its appeal somewhat compared with its larger peers,” Paul Vigna, the author of “The Age of Cryptocurrency”, wrote for the Wall Street Journal.

What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold...
Crypto-Supporter Milne Said Bitcoin’s Only Ledger to Last 100 Years
As bitcoin continues trading approximately Twitter thread entrepreneur Alistair Milne forecasted that the upcoming cyber money bull will decide which...
Increased Supply of Altcoins Will Depress Bitcoin, Says St. Louis Fed Report
As it is known, crypto-supporters (bitcoin bulls) widely believe that the increase in the capped supply of all cyber-coins will boost bitcoin’s value...
BTC Market Cap Will Surpass $7 Trillion Gold Cap, Say Winklevoss
Recently, Tyler and Cameron Winklevoss, world-known entrepreneurs and early supporters of cryptos, have taken part in Reddit’s traded at $4,061 and...
Crypto-Community Celebrates Bitcoin’s 10th Birthday
This year’s January 3 marks a decade since the first bitcoin block was generated by Satoshi Nakamoto. Back then, in 2009, this person (or group of...
Best Bitcoin Memes in 2018: ‘Hodling’ and Crying
2018 has not been an easy year for bitcoin, not at all. Whereas it left 2017 at the price of $10,000, it started the new year in a pretty bullish...
Bitcoin Hits $4,190 For The First Time Since Early December
For the first time in a fortnight, bitcoin has managed to creep above the $4,000-margin. As of writing, the king of all cryptos is traded at $4,031...