Last updated on January 2nd, 2018 at 12:00 am
It seems that altcoins are exploding. Almost every other day you hear about a fresh coin that just came out which is “the best coin everzwijn. “. For example, just the other day Kanye Westelijk published the Coinye Westelijk, his own crypto coin, DogeCoin wasgoed invented spil a joke but then took to everyone’s wonderment and now there’s even a service suggesting you to create your own crypto currency.
There are overheen 175 crypto coins ter existance
Yes I wasgoed pretty shocked about that number spil well (for reference the picture at the top of this postbode has 134 coins, I’ve checked…). I say “over 175” since there are 175 listed here and I know of at least 1 more that isn’t listed there. So albeit almost all of the coins are deflationary, an bespottelijk situation has risen – If you can’t mine more coin, let’s just create a different coin.
So ter order to divide the wheat from the chaff so to speak, I determined to dig ter a bit deeper into the world of altcoins.
Only 12 altcoins surpass 0.1% of Bitcoin’s total volume
Examining information from CoinMarketCap.com I found out that only 12 other coins amount to at least 0.1% of Bitcoin’s total trading volume is USD, and only Trio amount to overheen 1% of Bitcoin’s total market cap.
And thesis are the top 13 coins with their corresponding market caps (you can click each coin’s symbol to get to it’s web pagina):
*Ripple information is estimated since I wasgoed not able to find the precies amount of XRP ter circulation.
To find out precies information about each coin and where it is traded you can visit CryptoCoinCharts. You’ll find overheen 245 currency pairs overheen there…
What’s the word on the street ?
What if there are coins that everyone is talk about but toevluchthaven’t reached a sufficient market cap ? That might give us a head commence if wij begin mining them sooner. So I did a little test and attempted to figure out which coins are most talked about around the web. I embarked out naturally with Google Trends.
Most of the coins I’ve measured against Bitcoin and Litecoin didn’t even manage to display up on the graph, except for Quark and DogeCoin. Quark is an altcoin that is considered more secure than Bitcoin, its mining is swifter and it’s inflationary. Albeit DogeCoin did commence out spil a joke spil mentioned before, today it’s market cap is somewhere around $Five.Five million.
I then moved on to do some twitter analysis and found out the following tweet graphs:
Thesis are DogeCoin and Quark compared to Litecoin. Just for reference here is how Litecoin compared to Bitocin looks:
So albeit thesis altcoins (DogeCoin and Quark) aren’t even close to Bitcoin they are providing Litecoin a hell of a fight ter the social media for the past few days (gegevens is from the past month), similar to what wij see on Google Trends.
Words are cheap, what about people’s deeds ?
Eventually I determined to look which websites get the most traffic. I did this using Alexa – the web’s information company, they have a ranking for each webstek according to its traffic estimates. The results where fairly confusing I voorwaarde say. Of course very first and 2nd place belonged to Bitcoin and Litecoin. 3rd place belonged remarkably enough to Feather coin. Feather coin is an altcoins which has Scrypt based hashing algorithm (I have no idea what that means….).
Te 4th place wasgoed Ripple and te 5th verrassing surprise….DogeCoin!
So what’s the bottom line ?
Very first of all, don’t go running after every fresh coin you hear about. It’s become somewhat of a fad to create fresh coins thesis days. 2nd, I may want to take a deeper look into Quark and FeatherCoin. Regarding DogeCoin I’m a bit ambivalent, keep te mind that it’s only bot around for a month and a half and there wasgoed a loterijlot of whirr overheen it since it began out spil a joke. The information given here doesn’t promise anything of course but hopefully it sorted out some of the mess regarding all of the coins out there.