One of the important Bitcoin news issued by CoinMarketCap is that the number of cryptocurrencies currently in the digital currency market has reached about 1583 registered cryptocurrencies, which is more than the number of all traditional fiat currencies in the world, and this number indicates the great development in digital currencies in Few years ago when Bitcoin was the only digital currency about nine years ago.
The great development in digital currencies has caused a widespread sensation due to the technology behind it, which is the blockchain technology, whose advantages do not lie only on digital currencies, but this unique technology can be used in many areas such as the financial sector, energy sector, data storage, privacy, security, health and networks Social, machine learning and many other fields.
One of the most important reasons that led to the widespread spread of digital currencies and their increasing number is the blockchain technology behind these currencies, as it provided developers with opportunities to create new digital currencies with different functions, for example, the bitcoin currency is used as a store of value and can be used like traditional currencies, ethereum currency For example, it is used as an infrastructure in the sense that it allows other currencies to be built through its network.
Another reason behind the increase in the number of digital currencies is the continued development of the crypto industry, for example, Bitcoin was established on the basis of blockchain technology through “Satoshi Nakamoto”, and then this technology was used and developed better to launch new currencies such as “Charlie Lee”, which contributed to the development of the cryptocurrency sector. Establishment of Litecoin.
It was not only the previous reasons that led to the increase in the number of digital currencies, the huge rises achieved by digital currencies, especially the bitcoin currency, that turned things upside down and led to the increasing demand of many to buy them because of the gains that can be achieved through them.
With the beginning of 2017, the bitcoin currency gained some attention and then took a sharp rise and all eyes were drawn to it because of its value, which approached the level of $ 20,000 from $ 1,000 in a short period of time and the huge gains made by many investors, and it was not enough for this, but the technology continued Blockchain is in development and new currencies have emerged to take their share of this new market, major companies such as Google and Apple have launched many and many applications in the crypto industry.
The idea of currency splitting has contributed to the creation of more new digital currencies, for example, Bitcoin split four times, leaving four other digital currencies, namely Bitcoin Cash, Bitcoin Gold and Litecoin. Classic and Bitcoin Private.
The success of ICOs helped spur more ICOs, and the lack of regulation facilitated coin offerings.
Despite the large number of cryptocurrencies currently in the market, it is not a bad thing because all of them play a role in the advancement of the crypto field.
- US Dollar largely erases 2024 gains amid expectation of federal rate cuts. - 17 September, 2024
- Rare currency pairs in the Forex market - May 26, 2023
- Key tips for traders in Forex Market - April 20, 2023
