Altcoins try to catch up with Bitcoin

With Bitcoin plummeting, a wide range of investment options are now available in Crypto currency. Altcoins are any other crypto currency other than Bitcoin. Altcoins have now become very popular amongst those who could not buy the Bitcoin.

Ethereum, Cardano, Dogecoin, Polkadot are just some of the names of the wide variety of these Cryptos. According to the figures available with CoinMarketCap in January 2022, there were 16,598 crypto currencies in existence. Out of them 9631 currencies were active.The number of people using these currencies worldwide was 300 million. 18000 businesses accept cryptos as payments. The Crypto currencies have now been classified into three categories. These are:

Bitcoin: The first and original crypto currency

Altcoin: Alternatives to Bitcoin

Tokens: Cryptos using preexisting blockchains.

As the currency becomes more popular worldwide India seems to have the highest number of Crypto users. The users in India are 100.7 million. Bitcoin still continues to be the market leader with investments of over 700 million USD. The closest rival of the Bitcoin amongst the Altcoins is Etherum.

With the growing number of users of crypto currencies the number of exchanges has also gone up. There were 451 crypto exchanges worldwide as of December 2021. Binance continues to be the leading exchange for trading Cryptos.

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