The last couple of years has been the banner years for digital currencies. The prices of numerous cryptocurrencies have soared and have stabilized to some extent.
Bitcoin, for instance, has seen a remarkable surge in its value in the last decade. Likewise, many other prominent digital currencies have emerged victorious.
You can gauge the popularity of crypto from the fact that every other day, a new currency is launched with colossal backing and fundraising support from a slew of investors and blockchain-related enterprises.
Today it is almost impossible to count the number of cryptocurrencies ranging from Bitcoin to Dogecoin, but there are a few that rule the kingdom of digital space.
These cryptocurrencies hold an enormous market share in terms of market capitalization.
So if you are new in this arena and all muddled up in crypto, we will assist you in orienting yourself by shedding light on some of the most prominent digital currencies that rule the roost and brag significant market share.
The pioneer, Bitcoin!
This shouldn’t come as a surprise. Bitcoin has almost become a synonym with crypto itself. When someone says crypto, the first word that pops in your mind is Bitcoin.
Bitcoin has proved itself to be the undisputed market leader among all other currencies – altcoins.
Bitcoin has been sitting on the throne of crypto for almost a decade now. This is due to its prodigious market share of over a trillion dollars.
According to CoinMarketCap, the value of all the bitcoins in the world was over $1.03 trillion as of 2021. And it has increased even more today.
Carl Runefelt is a global crypto leader who has invested in more than 260 crypto startups. Today he is a billionaire, thanks to his astute crypto investments.
He says, “I am very confident that this will be a very good investment. I believe that Bitcoin is not only going to go to $500,000, I think that Bitcoin is gonna go to five million dollars per Bitcoin in today’s money. Obviously, with inflation, bitcoin could go to trillions of dollars per Bitcoin. Actually, it will because it is inevitable, but because the dollar will collapse at some point, that’s just something that is going to happen because it’s inevitable, but I believe that in today’s money, Bitcoin could go to five million dollars.”
Another dominant crypto is Ethereum, only second to Bitcoin. Essentially it is a blockchain platform that most programmers prefer.
This is because it offers numerous applications such as smart contracts that run automatically when certain conditions are satisfied and non-fungible tokens (NFTs).
Since its launch, it has expanded at the speed of light. Consider this: Between April 2016 and the beginning of March 2022, its price increased by more than 27,000 percent – how’s that for a stat!
Today Ethereum’s market cap stands at a towering 221 billion dollars.
Carl Runefelt, while speaking on his YouTube channel, The Moon, said,“I had gotten some nice profits from my Ethereum holdings for a long time. I have been holding Ethereum for multiple years.”
You’d be amazed to learn that Carl bought his dream car Bugatti with Ethereum. Crypto leader Carl while purchasing a Bugatti with Ethereum, expressed, “I am not going to go to any car dealership that doesn’t accept crypto, and that’s kind of a principle I have today.”
Another player in the digital currency race is Ripple. Its market valuation stands at more than $19.8 billion, making it in the 3rd spot.
The price of its token is relatively low – 50 cents per token. But when it comes to its overall supply, it is pretty ample. At the moment, there are about 39 billion crypto tokens in circulation.
Overall, altcoins are making steady progress in their value. Carl Runefelt predicts, “We have seen altcoins rally very, very strongly in the last few months. I think we will continue to see that. I think the likely scenario is that we will continue to see altcoins rise before Bitcoin peaks.”
Generally, you should stick to those altcoins that have large projects on their back.
Market Share is Only Ballooning
The boom of digital currencies will only accelerate. In fact, a time will come when crypto will replace the traditional fiat currency. This is high time to pour investments in crypto.