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How Altcoins Like Ether And USDC Took Over More And More Of The Crypto Market
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August 6, 2021
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9:35Now PlayingThe cryptocurrency market was worth more than $1.6 trillion by the end of the July 2021. And bitcoin controls more than 47 percent of that market, according to Tradingview.com, down from more than 70 percent at the start of 2021. Altcoins, or alternatives to bitcoin, have surged in number and value since 2018. Crypto networks with advanced technologies such as Ethereum, Polygon and Uniswap have captured more and more of the crypto market. And there’s also stablecoins, utility coins and meme currencies like Dogecoin. Here’s how altcoins work, and why they’re becoming a larger and larger force in the crypto market.
Altcoins have become an increasingly larger part of the crypto market since the beginning of 2021.
“Crypto and blockchain is about moving money and property rights onto the internet,” said Matt Hougan, Bitwise chief investment strategist. “That’s one of the largest addressable markets that the internet has ever attacked.”
At the start of 2021, bitcoin made up more than 70% of the crypto market, according to TradingViews. By the end of July 2021, bitcoin’s market share dropped to 48% of the global $1.6 trillion cryptocurrency market, with altcoins such as ether and USDC eating into its dominance. In fact, the crypto market now contains more than 11,000 different kinds of altcoins, according to Coinmarketcap.com.
“Everybody’s trying to do something that hasn’t been done before,” Mati Greenspan, Quantum Economics founder and CEO, told CNBC in an interview.
Altcoins fall into several different categories. There are technology platforms such as ethereum, the blockchain that ether is built on and that provides the underpinnings for the growing “decentralized finance” movement. There are stablecoins, or digital currencies pegged to real-world currencies or other assets. And then there are meme currencies, like dogecoin.
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How Altcoins Like Ether And USDC Took Over More And More Of The Crypto Market
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