Rise of the Altcoins (Market Update)
The last few days in the beginning of 2018 have been the rise of the altcoins! Cryptocurrencies here and there have started massive surges in price, and many are doing research to find out what the best altcoins to buy are.
Here's a snapshot of the top 10 cryptocurrencies with their market caps. In this list, Bitcoin (BTC) has actually gained the least over the past 24 hours, and other cryptocurrencies like Ethereum and Stellar seem to be taking the lead.
To the right is a chart of Bitcoin (BTC) Dominance, or the percentage of the total crypto market cap that is held by Bitcoin. Notice how BTC dominance seems to be dropping steadily, as altcoins rise in market cap.
We'll be seeing this as a common theme as more and more altcoins position themselves as the next valid cryptocurrency, and many even as a Bitcoin successor.
RaiBlocks (XRB)
A coin that has seen lots of spontaneous growth in the past days and weeks has been RaiBlocks (XRB).
Now sitting in the top 20 cryptocurrencies (by market cap), XRB has seen more growth in one month than Bitcoin has in one year!
Lots of people say, "I wish I bought Bitcoin at time X", when buying into altcoins can give you lots more growth (albeit some volatility).
Stellar (XLM)
Stellar Lumens (XLM) have also seen quite stellar growth this month! Just in the past 7 days, Stellar doubled in value, and over the past month gained 6x in value. Stellar's 'birthday' is coming in mid-January, and this is a perfect way to celebrate.
The thing to notice about Stellar is how similar it is to Ripple (XRP).
Though thought of as a 'cryptocurrency', Ripple is actually quite centralized and bought into heavily by the banks. XRP can actually freeze tokens and has centralized governance, which is why I personally didn't buy too much in.
However, Stellar can actually be positioned to buyers as a much more decentralized version of XRP. If this catches on, I think there's lots of growth left to do!
Neo (NEO)
Now sitting at almost $100, Neo has had an amazing amount of growth, but I think there's lots more left to go for 'Chinese Ethereum.'
Neo's goals aren't unique to itself, but its concept and way of achieving those goals is very insightful. That's why I'm holding this coin long term, even though I've seen 3.1x growth since I first bought in.
Steem (STEEM) and Steem Dollars (SBD)
Steem and SBD have seen exemplary growth in the past few days as I said in my previous post.
Obviously, there's lots to be done and more left to go. Let's go to the moon with Steem.
Thanks for reading,
— @mooncryption
Thanks for this summary. While I share your concerns about Ripple, I was fortunate enough to buy into it just before the rise, but I'm still not too certain about its use cases. I've seen a rapid growth in the use of Stellar lately, so I believe it will see some steady growth throughout 2018. Also, thanks for introducing me to RaiBlocks. I had never heard of it before, so I have some reading to do:)
I profited off the Ripple increase as well, but I stayed cautious with it. The more and more I read in, I see that Ripple is really a "centralized cryptocurrency" allowing it to freeze and track tokens, with lots of regulation and oversight from banks.
XRB has been raising exponentially, and it seems to be a coin with a lot of potential, aiming to potentially be a Bitcoin competitor/successor. I definitely suggest you read a lot about it :)
I might do an article on RaiBlocks here on Steemit itself in the next few days.
Thanks for writing crypto review.
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