Since its inception, there has been several forms of cryptocurrencies including Bitcoin, Ethereum and Tether. Interestingly, there are over 5,709 different types of cryptocurrency listed on coinmarketcap (a crypto analytic ranking and tracking firm) with a combined market capitalisation of over $272.12 billion and daily trade value of over $51.62 billion as at July 7th, 2020.
Bitcoin currently dominate with a market share of 64.19%, in second place is Ethereum with a market share of 9.77% and Tether in third with 3.53% market share. These crypto gaints currently trade at $9,225.22, $238.53 and $1.00 repsectively
Interestingly, LINK, an altcoin powered on Chainlink’s decentralized network, is smashing BTC and many other fast-growing digital coins, in terms of the rate at which it has been appreciating in dollar terms lately.
Data from Coinmarketcap, shows the 12th most valued crypto asset is presently valued at over $2.2 billion dollars (1.2 times more valuable than Nigeria’s most valued bank) with a daily trading volume of over $595 million. It traded as low as $1.60 dollars to its present-day value of over $6.20, showing a percentage gain of more than 387.5% as the price keeps drifting up. According to a nairametrics, the momentum for LINK is still on for a bullish run.
Another interesting performing cryptocurrency is the digital money landscape is E lrond. According to nairametrics, “Elrond is a type of blockchain architecture, created to facilitate a 1000-fold cumulative improvement in the execution of speed. Its architecture combines a Secure Proof of Stake (PoS) algorithm facilitating unlimited scalability. Elrond is originally designed to facilitate the process of over 10,000 transactions per second at cheap cost and with 5-second latency attempting to become the backbone of borderless, permissionless, and globally accessible internet economy”.
Shortly after the official statement released by its developers, on its integration, Elrond price blew up the charts lately presently it trades at $ 0.011895, up by 1,735.54% since it’s in inception in Aug 2019 when it began trading at $0.002. The exponential increase facilitated this fast-growing digital coin move up to 58th position in terms of market capitalization size. Data obtained from Coinmarketcap, showed its market capitalization was over $156.5 million at the time this report was drafted.
Investing in cryptocurrency requires a very high level of self-discipline, an adept sense of risk management, basic and fundamental analytical skills and more importantly vast knowledge of the cryptocurrency market. This is because, investing in this market is very risk as the market is one of the most volatile markets for investing.
We therefore recommend that you consult an experienced and licensed financial consultant before making any form investment in cryptocurrency
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