Bitcoin, the decentralized digital currency, had risen over 100% over the last year to over 1000
USD per one Bitcoin. Besides Bitcoin, there are a lot of other digital currencies with a lower
market cap and are still unknown to the public, these are called the Altcoins (stands for
‘alternative coins’).
As the Bitcoin community has become more mainstream over the last couple
of years, Altcoins have surged in popularity and support. Altcoins’ major rise started in 2016.
This past year, Ethereum had the second greatest CoinMarketCap ranking. In the flipside,
Dogecoin has underwhelmed, and are no longer in CoinMarketCap’s top ten list.
According to the crypto news, The existing overall CoinMarketCap for every Altcoin (excluding Bitcoin) has almost hit the $2 billion mark, making Altcoin a billion-dollar industry. This has taken many people by surprise, since the coin market cap of every Altcoin was just over $600,000 in January 2016. As such, over $1,000,00 has been gained by the Altcoin market in the last year. There has been a remarkable rally over the last year that has stimulated Bitcoin’s rise.
Altcoin’s success in 2016 can be attributed to the innovations in the Altcoin mining industry. Each day it gets simpler to mine for Altcoins as more public tools come to fruition. MinerGate and similar Altcoin mining tools let individuals mine with their internet speed, a p
rocess known as “web mining”. This lets people use their smartphones and tablets to mine for Altcoins. As such, anyone with access to the Internet and a phone connection can engage in Altcoin a hash rating and be compensated for doing so. The web mining has produced a solution for millions of people worldwide who couldn’t participate in Altcoin mining before. Poor countries who at one time couldn’t pay for equipment to mine for Altcoins can now do so with their smartphones. This is great, since just about every country in the world has access to the Internet and phone.
In 2017, Altcoin is predicted to continue rising. Although none of us knows what the future crypto news will bring, Altcoin’s momentum shows no signs of slowing down. Those in the community of crypto news will continue to create awareness about alternative currency. There might even come a time where the overall market cap of Altcoins will surpass Bitcoin’s. Altcoin’s rise is progressive.
Every new Altcoin provides a solution to a problem and brings the world innovation.