Moreover, the altcoin has gained about 19% over the past one month. It’s up over 950% YTD and 3,400% for the past 12 months. Elrond’s native token, EGLD-USD, serves various internal functions such as paying fees, staking and rewards.ĮGLD-USD currently hovers around $270 territory. Put another way, the Elrond protocol offers extremely fast transaction speeds via sharding. “A major approach to overcoming the performance and scalability limitations of current blockchain protocols is to use sharding which is to split the overheads of processing transactions among multiple, smaller groups of nodes.” So, what is sharding? Mahdi Zamani of Visa (NYSE: V) highlighted the following: Launched in July 2020 by Beniamin and Lucian Mincu, Elrond is a sharding blockchain with a focus on scalability - the ability to support large amounts of transactions. Against this backdrop, here are eight altcoins that each have the potential to last long and become the next big thing. Hence, investors need to do their homework before jumping in. Many analysts are also debating whether many of these altcoins can last. As such, altcoins are not suitable for all investors. But the prices of these assets are still typically highly volatile.
In this context, the launch of the first exchange-traded fund (ETF) tied to BTC futures should further boost prices. Of course, I should remind readers that altcoin prices tend to follow in Bitcoin’s footsteps. The most important crypto after BTC is Ethereum (CCC: ETH-USD), which has a market cap of $506 billion. Right now, there are more than 100 altcoins valued at over $1 billion, implying a flourishing digital ecosystem. Altcoins offer a way for crypto investors to diversify beyond BTC. However, the market share of altcoins - or digital currencies other than Bitcoin - is also expanding.
With a market capitalization of around $1.2 trillion, BTC accounts for over 60% of the cryptocurrency market. (BITO provides indirect exposure to Bitcoin because it does not invest in BTC, but instead holds futures contracts.) On top of this sentiment, the launch of the ProShares Bitcoin Strategy ETF (NYSEARCA: BITO), a futures fund, was another key catalyst.
COINBASE COINS WITH MOST POTENTIAL CRACK
regulators will continue to take a moderate stance on cryptocurrencies rather than crack down on the market. This has been largely driven by the growing market sentiment that U.S. Meanwhile, investors are searching for the next big crypto leader among hundreds of tokens and coins.įor the past one month, Bitcoin prices have increased some 42%. 20, surpassing the previous record set in April. Bitcoin (CCC: BTC-USD), the world’s most valuable cryptocurrency, recently hit a new all-time high (ATH) of nearly $67,000 on Oct. 27 to correct the name of Terra’s USD-backed stablecoin and to remove irrelevant references to the Tether (USDT-USD) stablecoin.Ĭryptos are making headlines and the rally in digital assets is showing no signs of slowing down. Editor’s note: This article was updated on Oct.
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