Altcoins In The Current Crypto Marketbr>
There is no doubt that the cryptocurrency market has experienced a turbulent few months. Mass adoption is still a long way off and the market is still incredibly volatile – although perhaps to be expected from a market that is still in its infancy. However, despite this turbulence and volatility, cryptocurrency remains an incredibly large economy.
Naturally when we think of cryptocurrency, our mind automatically wanders to Bitcoin. It is this popularity and constant media awareness that has led to the development of altcoins, which are variants of Bitcoin. Designed to have a different use, altcoins are created to represent a new technology, or platform. Providing a valuable alternative to Bitcoin, there has been a rise in development of altcoins; even more so as Bitcoin continues to rise and fall.
However, as technology continues to develop, the success levels of altcoins will be questionable. Success is often dependent on the value a crypto is providing to its users. As always, the ones that will flourish and see the most success are those that solve a problem and that will give back to its users. Alongside this, we need to look at their level of scalability, which is a major deciding factor in deciphering which currencies will be able to sustain their success in years to come.
Similarly, we need to look at the community as to whether we will see altcoins enter a state of mass adoption. If the market remains in a bullish state, we will see more investment come in to the industry, leading to more backing of altcoins and ultimately, their successes. The more a community comes behind altcoins, the more we will see wider mainstream acceptance. However, the community is slow to come around and at the moment the altcoin market is not at the highs it once was a few years ago.
When the market is in a bear state, investors will look to altcoins at a low price, with the intention and hopes of a price increase – Just recently, ETH was at $170 and has already risen back to $209. However, as with all cryptocurrencies, we can never predict what the future holds and with news coming to the forefront of banks offering Bitcoin trading options, we most certainly haven’t seen the end of cryptocurrencies and altcoins just yet.