Different Alternatives to Bitcoin

Cryptocurrencies have become exceptionally popular lately, and with good reason: Their value has shot through the roof of late, with many investors doing very well with the financial instrument. As noted by the financial experts at SoFi, there are many types of online currency, and all act in a somewhat similar manner: “Cryptocurrencies can act like real money—in a sense, they are real money—but they take a digital monetary form and are not managed or governed by any central authority.” 

When they think of crypto, most people think of Bitcoin, the cryptocurrency that recently hit $52,000 for the first time ever. However, it is important to realize that there are many, many more types of cryptocurrencies on the market today. The decentralized nature of crypto makes it somewhat hard to track, there are over 4,600 different types of cryptocurrencies on the market today, and more being added on a regular basis. 

It’s also worth noting that cryptocurrency is a trillion-dollar industry. At the last check, the market cap for all cryptocurrencies was more than $1.57 trillion dollars. This, of course, is a massive number. More than half of that funding is tied up in Bitcoin, but there are plenty of other cryptos on the market today.

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