Cryptocurrency continues to be one of the most talked-about topics when it comes to investing. However, in general, it has seen a decline over the last few years, before picking up in some cases. An example being bitcoin, which following a drastic decline has risen right back up to a trading value of around $5.7k. Traders are always looking to purchase, similar to when using offers at https://www.bettingsites.ng/. So with this being said, why are traders still being attracted to invest in cryptocurrency?
Bitcoin first hit the market in 2009 and has since been the strongest when it comes to cryptocurrency. By 2013, it has seen major growth and was a regular in the trading market. There are now also vast numbers of different cryptocurrency available, such as Ethereum and Litecoin to name just a few.
2017 was then the biggest year for cryptocurrency and it had reached a market cap for an increase of 4000%. This means that cryptocurrency now has an estimated valuation of around $450 billion. A staggering figure and an indication of the continued interest from investors around the world. Despite this, there has been speculation about the future of cryptocurrency and that it is not likely sustainable. Technology is also now playing a role, such as with blockchain technology.
As previously stated, Bitcoin was the first cryptocurrency to hit the market and has around 40% of the overall market share. This gives an indication of how it dominates the rest of the market and continues to be the most popular cryptocurrency investment. However, it has continued to be difficult to invest in with the fluctuating market, with experts still claiming it is a currency that is still worth investing in. At present, there is 21 million Bitcoin in circulation but they are in infinite supply, which is very similar to gold. The market will continue to change, which will simply come down to supply and demand. Blockchain technology is something that is being implemented that is resulting in increasing the demand for cryptocurrency.
Another common cryptocurrency is Ethereum, which has continued to rise since its release. It has reached a cap of around $135 billion, with one available to buy around $1400. This means it has doubled in the calendar year from the end of 2018. Ethereum continues to be a very popular cryptocurrency for investment. A key reason behind this growth was down to the investment it received back in the early period of 2016.
In summary, Cryptocurrency is still a very popular form of investment for traders but will continue to divide opinion. It all sets up for a fascinating period ahead for cryptocurrency and whether it will continue to grow.