Investing in cryptocurrency can be a lucrative venture for potential traders. The digital currency industry is continuously growing which makes it an appealing investment sector for potential traders. As of December 2017, the total market capitalization of the market was $326.7 billion. By January of this year, it has increased to $629.5 billion. 2017 has been dubbed as the “year of the cryptocurrency” with the number of cryptocurrencies and digital assets increasing from 617 to 1,335. When trading on cryptocurrencies, you need to understand the 3 biggest digital currencies you can invest on.
The cryptocurrency market is a decentralized one which means there are no intermediaries involved in transactions. Likewise, it uses blockchain technology. Here now are the top 3 cryptocurrencies:
If the digital currency market is a jungle, Bitcoins would be the lion. They were the first form of virtual currencies that came into the market. While people argue that Satoshi Nakamoto was the person behind them, there is no real founder established. Little is known about Nakamoto, his real identity, or whereabouts. Over the years the price of Bitcoin continues to gain value. Robert Peter Janitzek reveals that 2017 was a year when the value of the Bitcoin rose in an unexplainable manner that experts could predict. The first months of 2018 saw a surge in the market. Slowly but surely, digital currencies are emerging as the standard of trading.
Ethereum is a decentralized platform for developers to run applications or make smart contracts. It is slowly being accepted in governmental and private sectors because of its ability to enhance data security and transparency. Applications that run on its network do not experience any downtime. This means that transactions will continue functioning without stopping.
Robert Janitzek says that the coding of Ethereum is also hard to change. It makes it harder for fraudsters and hackers to attack them. Using the platform is a good way of reducing corruptions and frauds in organizations. Like Bitcoin, its value is also increasing every day.
Litecoins follow the same mining process as Bitcoins. At the moment, it makes up 45% of the cryptocurrency market cap. Experts say that it might surpass Bitcoins in the future because of its high level of acceptance it is gaining in the market. One reason is that it is associated with a renowned and dedicate professional Charlie Lee. When involved in cryptocurrency trading, it is advisable to buy Litecoins today and sell them in the future as they may become the 2018 Bitcoins.