Having witnessed the recent unprecedented rise of cryptocurrencies, it is no wonder that there are more and more people who want to get a piece of the (crypto) pie.
However, while many coins and tokens are available, not all cryptos are created equal. Some cryptos have unique crypto use cases and categories that make them worth a lot more than others. Here are some of the latest trends that you need to know about cryptocurrencies.
The Race to the Market Cap Throne
Two years ago, Bitcoin was clearly at the top of its game. At the time, nobody else could compare, and many thought it would always be the most dominant crypto coin available.
However, things changed very quickly after Ethereum hit the digital scene. Until recently, both coins were neck-in-neck as contenders for the most valuable crypto on the planet.
So what does this race mean? Well, it means that cryptocurrencies are more popular than ever before, and people are starting to take notice. This race has been going on since February 2018, and it’s anyone’s guess as to who will win out in the end.
The Rise of IOTA
IOTA is a type of crypto with unique crypto use cases and categories that was designed to help facilitate machine-to-machine transactions. It’s become famous for its unique take on the typical blockchain. Many people consider it a “blockchain killer” simply because it does things differently from other cryptos.
The Rise of Ripple
Ripple has become rather popular due to its unique approach to providing affordable, secure transactions. Ripple became one of the largest cryptos by making strategic relationships with various entities like banks and credit card companies. By doing this, Ripple has been able to grow exponentially.
It seems that Ripple has become so popular among investors that it’s driving up the price of Bitcoin because people are buying bitcoin with Ripple instead of directly investing in Bitcoin.
NFTs Are Getting Popular
At one point, most cryptocurrencies were simply used as a means of exchanging value. However, there is a new approach called NFTs (non-fungible tokens), which are becoming increasingly popular. These types of crypto assets can be purchased or sold just like any others, but the difference between them is that each token is unique and hence, exclusive.
This has created a lot of buzz around gaming platforms where the tokens are used to make transactions or participate in games. This trend could very well be the future of cryptocurrency, but it will take some time for developers to figure out the best ways to use these types of crypto tokens.
The Tokenization of Everything
It seems that any item can be tokenised these days, including gift cards and brands. This type of transaction makes it easy to use gift cards without carrying them in your wallet or worrying about them being lost or stolen.
However, there are also microtransactions involved when it comes to using these types of tokens. This concept is growing in popularity because the transfer of these types of tokens is so affordable and doesn’t take long.
These are some trends to follow when investing in cryptocurrency.