Cryptocurrency is a combination of cryptography and money transfer. It allows the transfer of money or value between peers through complex algorithms. It is this implementation cryptography that makes the transactions secure. Cryptocurrencies first appeared with the invention and release of Bitcoin in 2009.
Cryptocurrencies in general and Bitcoin have been on a Bull run. According to Coinmarketcap.com (Who keep track of over 700 cryptocurrencies’ market caps, price, trading volume, charts and price changes) The market cap of all cryptocurrencies come to $29,6 Billion USD or R389,8 Billion Zar.
Bitcoin is still the behemoth when it comes to Cryptocurrency with an estimated 67% of the entire market cap. Bitcoin itself has seen massive growth over the last 6 months Bitcoin is up +87.15%, over the last 7 days, +6.46%.
With a growth in interest and venture capital Bitcoin saw an estimated 4,4 Billion Rand venture capital investment in 2016 alone. And to think that there was no such thing as a Cryptocurrency just 8 years ago.
The Top 3 Bitcoin Alternative Cryptocurrencies by market cap are:
- Website: Ethereum – Market cap: R57,9 Billion
- Website: Ripple – Market cap: R14,4 Billion
- Website: LiteCoin – Market cap: R7 Billion
Do you think cryptocurrencies are here to stay? Let us know in the comments.