- 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.
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