It is evident the cryptocurrency ecosystem continues to attract new investors from all over the world. Now that the overall market cap has surpassed the US$30bn mark, things are looking quite positive. Interestingly enough, this increase is mainly a result of more money flowing to altcoins compared to bitcoin. An intriguing turn of events, that much is evident.
Cryptocurrency Market Cap Continues To Grow
For the past few years, there has been little room for altcoin investments. Most people decided to put their money on bitcoin, which has paid dividends in recent years. However, the emergence of popular altcoins is shaking things up quite a bit. More and more investors are now flocking to altcoin investments, including Ethereum, Dash, Monero, and Litecoin, among others. Although people usually buy bitcoin first to invest in altcoins, there are fewer pump-and-dump schemes to be found.
Now that the cryptocurrency market cap surpassed the US$30bn mark in the past few days, the question is how things will evolve moving forward. Bitcoin continues to lose a part of the market share, even though it still represents well over US$21bn of the total amount. Ethereum – worth over US$5.1 bn – and Ripple – worth over US$1.23bn – complete the top three. Litecoin and Dash are well behind these three, but they are both worth over US$500, 000 each.
Moreover, it seems highly likely other alternative investments will continue to attract more money as well. There are quite a few intriguing projects out there. Additionally, the increase in popularity of cryptocurrency ICOs means traditional investors have easy access to being part of the next major breakthrough as well. So far, most recent ICOs have seen their asset value increase over time, indicating this is an excellent way to invest in the cryptocurrency sector.
It is good to see bitcoin losing a bit of the limelight, though. While it will remain the dominant cryptocurrency for the time being, investors are starting to pay attention to what else is out there. Ethereum targets the application and smart contract-oriented crowd first and foremost. Ripple is a solution gaining a lot of traction among financial institutions. Dash and Monero focus on privacy and anonymity. Litecoin has a solid reputation in cryptocurrency as the silver to Bitcoin’s gold, and recently locked in SegWit activation.
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