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The biggest cryptocurrencies around the world in 2023

Millions have turned to crypto markets to make money. Cryptocurrencies are outlawed in only nine countries in the world. Analysts agree on is that Bitcoin and Ethereum will hold the top two spots for quite some time. Cryptocurrencies, also known as digital currencies, have entirely changed the landscape of modern-day finance. The global financial system […]

The post The biggest cryptocurrencies around the world in 2023 appeared first on CoinJournal.

  • Millions have turned to crypto markets to make money.
  • Cryptocurrencies are outlawed in only nine countries in the world.
  • Analysts agree on is that Bitcoin and Ethereum will hold the top two spots for quite some time.

Cryptocurrencies, also known as digital currencies, have entirely changed the landscape of modern-day finance. The global financial system has changed due to the emergence of these innovative assets.

Bitcoin and other digital assets use revolutionary blockchain technology. A blockchain is a secure, public ledger that verifies any transactions.

This secure ledger, which cannot be interfered with or amended, provides validation for users and removes the need for a third party to provide a safe way to facilitate the transaction in the middle, such as a central bank. This is where the term decentralized comes from.

Cryptocurrency trading has also become a popular investment option, with millions turning to crypto markets to make money. Of course, traditional markets such as forex and stocks still enjoy a serious market share. However, cryptocurrency trading has become a lucrative way to make money for people.

As more people learn about cryptocurrencies and blockchain technology, they become a common alternative to traditional currency and payment systems.

As a result, countries have begun using Bitcoin as legal tender, and many multibillion-dollar Western institutions are also invested in digital assets.

Which countries are leading the way in this sector?

Since the early 2010s, Bitcoin and other digital assets have entered mainstream conversations. As a result, cryptocurrencies are rapidly gaining traction around the world. 

With it, the need for governments to create regulations and laws to ensure their safe use has also become a topic of discussion. There are only nine countries in the world where cryptocurrency is completely outlawed:

  • Algeria
  • Bangladesh
  • China
  • Egypt
  • Iraq
  • Morocco
  • Nepal
  • Qatar
  • Tunisia

On the other hand, countries such as the United Kingdom, Australia, Switzerland and Indonesia have led the way in terms of cryptocurrency adoption, paving the way for other countries to follow suit. 

You can even gamble with cryptocurrency anonymously with anonymous casinos in some locations, according to dappgambl.com. So take a look if you are looking to get a footing in this emerging digital casino market.

Regulations allowing cryptocurrency developers to build their projects have resulted in positive economic outcomes for many of these countries. In some cases, it has permitted specific cryptocurrencies to flourish. 

For instance, Ethereum is the second largest cryptocurrency in the world by market cap, with some analysts even predicting it will be the number one digital asset in a few years. Their headquarters are in Switzerland.

Biggest cryptocurrencies in the world

As we have already touched on, the most prominent cryptocurrency in the world is Bitcoin. Not only is it the most commonly invested in cryptocurrency, but it is also the oldest and most recognizable to people inside and outside the industry.
 It has the largest market share and often drags the entire market up or down when it rallies or experiences a price retraction.

Ethereum is in second place, and it is the project that has the second-largest market share. Ethereum provides a scalable solution and allows decentralized projects to use their platform to implement their own cryptocurrencies.
 For the last few years, Bitcoin and Ethereum have been the two big hitters in the industry, and this is unlikely to change anytime soon.

In 2018, Ripple (XRP) was the second biggest cryptocurrency, but it lost much of its share following an SEC lawsuit. However, if this case is resolved in an appropriate timescale within the next six months, it could lead to XRP coming back onto the scene as one of the top five cryptocurrencies.

Other cryptocurrencies that make up the chasing pack are the USD stablecoin Tether, which is pegged against the US Dollar, and other emerging projects, such as the Binance Coin (BNB).

Conclusion

Due to the ever-changing nature of the cryptocurrency market, the only real solid prediction that most analysts agree on is that Bitcoin and Ethereum will hold the top two spots for quite some time.

Both these assets have a lot of institutional investment from hedge funds and investment banks. This means they are more of a safe hedge than other assets that may be newer projects without as much capital being injected into them. 

However, with tighter regulation around the corner, the industry’s landscape could change entirely. Outside of Bitcoin and Ethereum, about a dozen cryptocurrencies could move into the third, fourth and fifth positions at any given time.

However, due to the volatility of the market and the way it operates, don’t be surprised to see a few different coins break into the top ten over the next 12 months.

The post The biggest cryptocurrencies around the world in 2023 appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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4 bearish factors for Bitcoin this week

The Federal Reserve meeting scheduled on Wednesday may be hawkish for the dollar Bitcoin might give up some of its 2023 gains on a hawkish Fed All eyes are on the Fed’s view on inflation, growth, future interest rates, and quantitative tightening The Federal Reserve’s monetary policy decision is scheduled this week. It is the […]

The post 4 bearish factors for Bitcoin this week appeared first on CoinJournal.

  • The Federal Reserve meeting scheduled on Wednesday may be hawkish for the dollar
  • Bitcoin might give up some of its 2023 gains on a hawkish Fed
  • All eyes are on the Fed’s view on inflation, growth, future interest rates, and quantitative tightening

The Federal Reserve’s monetary policy decision is scheduled this week. It is the first time the FOMC (Federal Open Market Committee) meets in 2023, and the stakes are high for the US dollar.

Bitcoin has strengthened against the US dollar in January so far, in sync with other fiat currencies. Therefore, whatever the Fed decides on Wednesday will affect Bitcoin price too.

A hawkish Fed may turn up being bearish for Bitcoin. These are the four areas where the Fed may express its hawkishness: inflation outlook, growth outlook, interest rates level, and quantitative tightening.

Inflation outlook

The Fed is committed to bringing inflation to its 2% target. This is why it has raised rates so aggressively, so if the Fed says that inflation is embedded and upside risks remain, then the US dollar should move higher.

In this scenario, the market will bet that the Fed sees ongoing rate hikes as appropriate.

Growth outlook

The currency stance is that a sustained period of below-trend growth is likely. If the Fed changed its view and sees recession required to have a material impact on the inflation outlook, that would also trigger a sharp move higher in the dollar.

Interest rates

Ultimately, it is all about the interest rate level. The funds rate range has reached 4.25%-4.50%, and all eyes are on what the Fed does and says on Wednesday.

The base case scenario is that the Fed will hike by 25bp and says that ongoing interest rate increases are appropriate. Therefore, anything more than that should be bullish for the dollar and bearish for Bitcoin.

For example, the Fed might hike 50bp. This is a risk going into the meeting, especially considering that inflation is not backing down as fast as initially thought.

Quantitative tightening

The Fed currently shrinks the balance sheet at a pace of $95 billion/month. A decision to accelerate the balance sheet reduction would be very hawkish for the dollar.

The post 4 bearish factors for Bitcoin this week appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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