Bitcoin is exploding in market value, exceeding the value of some of the most successful companies on the stock market, including Walt Disney and Visa. Surprisingly, traditional stocks are not just in competition with Bitcoin. Several digital coins are skyrocketing in popularity, with individual valuations in the billions of dollars.
Top cryptocurrencies have a $1.2 trillion market value. Bitcoin still leads the top 10 digital coins on the market and positively impacts the market when it surges in value. Decentralization of this initial cryptocurrency has produced an alternate global finance market, making it and other currencies acceptable as forms of online payment.
Wide adoption of cryptocurrency use as a form of payment in mainstream markets fuels the tremendous acceptance and growth of the most profitable coins and thousands of additional cryptocurrencies hitting the market.
Most cryptocurrencies that exceed a billion-dollar value are based on blockchain technology, a secure digital ledger. Each cryptocurrency has its unique offerings to investors and consumers. For instance, Ethereum is more than a currency, as it offers smart contracts and enables numerous crypto applications.
Environmentally conscious Cardano cryptocurrency attracts investors who avoid the energy-intensive mining process, and each participant votes on the digital currency’s direction. Some of the Cardano projects include monitoring the web for counterfeit retail goods and tracking fresh produce.
By all indicators, the cryptocurrency market will continue to increase in value. Government agencies continue developing new ways to regulate digital coins as the increasing popularity of web-based currency intensifies. Likewise, the corporate sectors are researching ways to integrate the currency, as more consumers use cryptocurrencies as payment for goods and services.