- Millions of people have turned to the crypto markets to make money.
- Cryptocurrencies are banned in only nine countries in the world.
- Analysts agree that bitcoin and ethereum will remain in the top two positions for some time.
cryptocurrency, also known as digital currencies, have completely changed the landscape of modern-day finance. The emergence of these innovative assets has transformed the global financial system.
Bitcoin and other digital assets using revolutionary blockchain technology. Blockchain is a secure, public ledger that verifies any transaction.
This secure ledger, which cannot be interfered with or modified, provides verification for users and removes the need for a third party to provide a secure way to facilitate transactions in the middle, such as a central bank. This is where the word decentralized comes from.
cryptocurrency trading It has also become a popular investment option, with millions of people turning to the crypto markets to make money. Of course, traditional markets such as forex and stocks still enjoy a serious market share. However, cryptocurrency trading has become a lucrative way for people to make money.
As more people learn about cryptocurrencies and blockchain technology, they are becoming a common alternative to traditional currency and payment systems.
As a result, countries have started using bitcoin as legal tender, and several multi-billion dollar Western institutions have also invested in the digital asset.
Which countries are leaders in this field?
Since the early 2010s, bitcoin and other digital assets have entered the mainstream conversation. As a result, cryptocurrencies are rapidly gaining traction around the world.
Along with this, the need for governments to frame rules and regulations to ensure their safe use has also become a topic of discussion. There are only nine countries in the world where cryptocurrency is completely illegal:
- algeria
- Bangladesh
- China
- Egypt
- Iraq
- Morocco
- Nepal
- Queue
- Tunisia
On the other hand, countries such as the United Kingdom, Australia, Switzerland, and Indonesia have taken the lead in adopting cryptocurrencies, paving the way for other countries to follow.
You can even gamble with cryptocurrency anonymously anonymous casino In some places, according to dappgambl.com. So if you want to set foot in this emerging digital casino market then take a look.
Regulations allowing cryptocurrency developers to build their projects have resulted in positive economic results for many of these countries. In some cases, this has allowed specific cryptocurrencies to flourish.
For example, Ethereum The second largest cryptocurrency in the world by market cap is Some analysts are also predicting It will be the number one digital asset in a few years. Their headquarter is in Switzerland.
Largest cryptocurrency in the world
As we’ve already touched on, the most dominant cryptocurrency in the world is bitcoin. It is not only the most invested in cryptocurrency, but it is also one of the oldest and most recognizable to people inside and outside the industry.
It has the largest market share and often pulls the entire market up or down when it experiences a rise or fall in prices.
Ethereum is in second place, and it is the project that has the second largest market share. Ethereum provides a scalable solution and allows decentralized projects to use its platform to implement their own cryptocurrencies.
For the past few years, Bitcoin and Ethereum have been the two big hitters in the industry, and that is not likely to change anytime soon.
In 2018, Ripple (XRP) Was the second largest cryptocurrency, but lost most of its share following an SEC lawsuit. However, if the matter is resolved within a reasonable time frame within the next six months, it could return XRP as one of the top five cryptocurrencies.
Other cryptocurrencies that make up the chasing pack are the USD stablecoin Tether, which is pegged against the US Dollar, and other emerging projects, such as Binance Coin (BNB),
conclusion
Due to the ever-changing nature of the cryptocurrency market, the only real solid prediction that most analysts agree on is that bitcoin and ethereum will hold onto the top two spots for quite some time.
There is considerable institutional investment in both these assets from hedge funds and investment banks. This means that they are a safer hedge than other assets which may be new projects in which not as much capital can be infused.
However, with tighter regulation just around the corner, the landscape of the industry could change completely. Outside of bitcoin and ethereum, about a dozen cryptocurrencies could be in third, fourth, and fifth place at any given time.
However, due to the volatility of the market and the way it operates, don’t be surprised to see a few different coins in the top ten over the next 12 months.