The Simple Truth About Cryptocurrency Market
January 11, 2021
The world’s cryptocurrency is currently worth more than one trillion, with bitcoin accounting for a huge majority of the value. The price of the oldest virtual currency has risen to almost $40,000, pushing the value of all bitcoins in circulation up to more than $700 billion.
Ether, the cryptocurrency of the Ethereum network, is presently worth more than $140 billion, while Bitcoin has a total market cap of more than $750 billion. Then there’s a long list of less valuable cryptocurrencies, including Tether at $22 billion, Litecoin at eleven billion, and Bitcoin Cash at eight billion.
Bitcoin creator Satoshi Nakamoto is believed to own around one million bitcoins. Most of these were mined in the first 2 years of Bitcoin’s existence when there was little competition. In case he still has copies of the private keys that control these coins, that would give him a net worth of nearly $forty billion – enough to make him among the fourthy wealthiest people on the earth. Nakamoto has never publicly revealed his real identity and has not communicated publicly since 2014.
If the past year has proven anything, it’s that cryptocurrencies have a lot more lasting power than the naysayers thought. And that a listing of the best cryptocurrencies to invest in is most certainly a worthwhile endeavor.
Cameron and Tyler Winklevoss, brothers who became famous for the legal battle of theirs with Mark Zuckerberg over the origins of Facebook, are also major holders of bitcoins. At the peak of the last bitcoin boom in 2017, the Winklevoss brothers had $1.3 billion in bitcoin, according to The New York Times. That same bitcoin hoard would be worth $2.6 billion today.
Typically, Bitcoin’s bull cycles pave the way for a subsequent altcoin rally, which is often larger than the initial BTC mark-up. Dubbed ‘altseason’ by the crypto community, the parabolic rise in Ethereum and other altcoins can happen quickly, leaving investors with little time to prepare. Many crypto observers are forecasting a bullish 2021 for Bitcoin and altcoins. They cite growing institutional demand for BTC, the ubiquity of crypto on-ramps and the natural ebb and flow of four-year market cycles for their optimism.