The Most Notorious Crypto Currencies

Digital currencies are also referred to as electronic, crypto or cybercash, and have gradually evolved into one of the most highly rated means of payment due to their speed and accessibility in transactions. The numbers prove it, as the percentage of people using digital currencies on a daily basis has been increasing steadily since 2015.

Cryptocurrencies do not fly without being detected by the radar of financial institutions, and some banks have already estimated that the use of e-money can lead to a reduction in the infrastructure costs they have to bear.

Something essential to note between digital currencies and legal tender is that they do not function in the same way, even when it comes to the rate of inflation. While inflation is intrinsic in regular currencies, meaning this means that their purchasing power will change over time, this is not the case with digital currencies due to supply and demand having a direct impact on their value.

 

 

Bitcoin remains the most visible cryptocurrency. We will use the year 2015 as a starting point. At that time, Bitcoin held over 86% of the market, but the following years saw a drop in its capitalisation, an effect that can be attributed to the introduction of multiple other cryptocurrencies.

Ethereum is another digital currency that gambling enthusiasts prefer to use when placing their bets online and since 2015 it has experienced multiple ups and downs. What the numbers indicate is that its popularity continued to increase until 2019, when the trend was reversed. Their usage jumped from just 1% to 16% in 2019, but then started to decline and reached just 11% and 8% respectively in the last two years.

Ripple and Litecoin are two more leading digital currencies that started to gain momentum in 2015, as for Ripple distribution started to gain momentum, while in 2019, their market presence was halved.

That said, they are significantly behind Bitcoin and Ethereum when it comes to market capitalisation figures. Litecoin and Monero are the other two digital currencies that are in the spotlight, but are still trailing the market.

Perhaps, the most pertinent question that arises right now is how many digital currencies there are right now. Statistics point to their number already exceeding 4,000, which is a staggering increase when compared to 2013 figures.

There is a good explanation why the number of cryptocurrencies has been increasing exponentially, as well as in their limits, since the creation of an electronic currency is considered to be a relatively open venture.