Key points

While cryptocurrency investors await further developments on the regulatory front, most major cryptos have enjoyed positive momentum recently.

Crypto bulls believe the volatile market is on track for new all-time highs and are optimistic regulatory clarity could open the door for more institutional investors to embrace cryptocurrency for the first time.

Even though thousands of other cryptocurrencies are now available, the crypto world is still dominated by bitcoin and ethereum. Ethereums and bitcoins market capitalizations comprise more than two-thirds of the crypto market.

Here are the 10 largest cryptocurrencies by market cap, excluding stablecoins.

Market cap: $831.7 billion

Year-over-year return: 137%

Roughly 14 years after its creation, bitcoin is still by far the most popular and valuable cryptocurrency in the world. Bitcoin was created by a mysterious person or group of people using the pseudonym Satoshi Nakamoto, and its blockchain-based, decentralized transaction verification and public ledger system revolutionized how people think about digital security.

While bitcoins decentralization and transparency make it appealing to investors and users, critics have raised concerns about its energy-intensive proof-of-work consensus mechanism and pointed out difficulties in scaling the network. In addition, there are now several large-scale crypto projects that have higher transaction speeds than bitcoin and others that have blockchains with special designs to improve bitcoins functionality.

Market cap: $273.3 billion

Year-over-year return: 71%

Ethereum was one of the first altcoins, or alternatives to bitcoin. Ethereum was launched in July 2015 and is the most valuable crypto other than bitcoin. Ethereums blockchain was the first to introduce smart contracts, code that runs decentralized applications, or dApps. The ethereum blockchain is home to more than 1,400 applications and developer tools, and ether is the native cryptocurrency of the ethereum network. In 2023, ethereum completed its transition from a proof-of-work consensus mechanism to a much less energy-intensive proof-of-stake transaction verification system. Ethereum is now a greener investment than bitcoin, but its blockchain functionality is its key differentiator.

Market cap: $38.1 billion

Year-over-year return: -7%

BNB is the cryptocurrency issued by Binance, one of the worlds largest cryptocurrency exchanges. BNB was originally created as a utility token built on the ethereum network that users could use to access discounted trading fees on the Binance exchange. But the token has since transitioned to Binances own blockchain. BNB can now be used for a wide range of transactions, applications and other use cases. Unfortunately, Binances U.S. market share tumbled in 2023 after the U.S. Securities and Exchange Commission sued the exchange and accused the company of violating securities laws.

Market cap: $33.6 billion

Year-over-year return: 59%

XRP, created by Ripple, is a global payments network designed to be an alternative to the Society for Worldwide Interbank Financial Telecommunications. SWIFT is the global system banks and other financial institutions use to transfer money. But Ripple claims its technology is faster, cheaper and more transparent than the SWIFT system. XRP is the native cryptocurrency designed for the Ripple network and XRP Ledger blockchain. XRP got a huge boost in July when a judge in the Southern District of New York ruled that the crypto is not necessarily a security in certain circumstances, potentially putting it outside the SECs jurisdiction.

Market cap: $30.6 billion

Year-over-year return: 408%

Solana was launched in March 2020. Like ethereum, its network supports dApps, smart contracts and non-fungible tokens. But solanas unique, hybrid proof-of-stake and proof-of-history verification system makes it faster and cheaper than ethereum. Unfortunately, the solana network has been plagued by outages since its launch, undermining its credibility within the crypto world. The solana network was down for nearly 20 hours in February 2023. Fortunately for investors, solanas price got a big boost from the XRP court ruling, and its triple-digit gain in 2023 makes it the best-performing crypto on this list.

Market cap: $22.3 billion

Year-over-year return: 103%

Cardano is a decentralized proof-of-stake blockchain launched in September 2017 to be a more efficient system than bitcoin, ethereum or other proof-of-work blockchains available at the time. Cardano immediately had credibility among crypto enthusiasts because ethereum co-founder Charles Hoskinson founded it. Like ethereum, Cardano is focused on functionality and aims to be the platform of choice for dApp development and verifiable smart contracts. ADA is the primary cryptocurrency used on the network to facilitate transactions and run dApps. Cardano users can also use ADA for staking to help verify the networks transactions and earn additional tokens.

Market cap: $13.9 billion

Year-over-year return: 176%

Avalanche is another protocol launched relatively recently. The mainnet went live in September 2020. Avalanche claims to have learned from other projects in the race to establish itself as the fastest, most secure blockchain. Like several other blockchains on this list, avalanche is a smart contract platform where decentralized apps (dApps) can be built. What separates avalanche is that it is compatible with ethereum. The blockchains native token is AVAX, which can be used to pay transaction fees and governance.

Market cap: $13.6 billion

Year-over-year return: 6%

Dogecoin was created in 2013 as a parody of bitcoin, but the cryptocurrency has become a legitimate investment to many crypto traders because of its simplicity, its high-profile supporters and the online appeal of its shiba inu mascot. Dogecoin investor and Tesla CEO Elon Musk has repeatedly triggered volatility in dogecoins share price by mentioning or referencing the crypto. Musk is being sued by a group of dogecoin investors who allege he illegally manipulated its price. Billionaire entrepreneur Mark Cuban is also a dogecoin supporter and has praised the crypto for its potential as a medium of exchange.

Market cap: $9.3 billion

Year-over-year return:90%

Tron is a cryptocurrency project launched in August 2017 with the long-term goal of using blockchain technology and dApps to decentralize the internet. The network has more than 177 million accounts and hosts the largest circulating supply of stablecoins. Trons network uses a delegated proof-of-stake verification system, and its native cryptocurrency is TRX.

TRX was originally an ethereum-based token but transitioned to its own blockchain in 2018. Tron specializes in decentralized entertainment, such as gaming and gambling applications, allowing content creators to sell directly to consumers. In March 2023, the SEC charged Tron founder Justin Sun with fraud and other securities law violations.

Market cap: $9.1 billion

Year-over-year return: 37%

The Polkadot blockchain was launched in 2020 by ethereum co-founder Gavin Wood. The protocol was created to connect different blockchains that were previously unconnected, allowing value and data to be transferred back and forth easily from blockchains such as ethereum and bitcoin. The Polkadot network features unique parachains, user-created blockchains that can be customized while still benefiting from the same security measures as the main Polkadot chain. Parachains also take much of the processing demand off the main Polkadot chain. Polkadots nominated proof-of-stake consensus model involves nominators financially backing validators as a show of trust in the validators integrity.

*Market caps and pricing sourced from coinmarketcap.com, current as of 9:07 a.m. UTC on Dec. 14, 2023.

Cryptocurrencies are typically decentralized and secured via large computer networks. Unlike the U.S. dollar and other fiat currencies backed by federal governments and central banks, cryptocurrencies function on their own based solely on their programming code. Transactions are verified and recorded on a transparent public ledger utilizing blockchain technology.

Cryptocurrencies are essentially private digital currencies. Investors and enthusiasts see crypto as an alternative means of completing transactions, a potential hedge against inflation, a store of value during periods of macroeconomic instability and a means of circumventing the traditional financial industry. Bitcoin and leading cryptocurrencies allow any internet user worldwide to complete financial transactions quickly and easily without relying on a bank or another financial intermediary.

Cryptocurrencies trade on exchanges, just like stocks and exchange-traded funds. However, not all brokers allow cryptocurrency trading, particularly in cryptos other than bitcoin and ethereum. The first step in buying cryptocurrency is identifying a broker or exchange offering crypto trading. Popular crypto brokers include Robinhood and SoFi. Leading cryptocurrency exchanges include Coinbase and Binance.

Once youve found a crypto broker or exchange, create and verify a trading account. You may be required to submit a copy of your photo ID, bank statement or other documents to confirm your identity.

When your account is open, you can deposit cash and buy your favorite cryptocurrency using its unique three- or four-letter ticker symbol, just like a stock. Some traders also store their crypto using a digital wallet to increase security.

Frequently asked questions (FAQs)

Cryptocurrencies are run on blockchain technology and are open source, meaning the code behind them is fully public and visible to all. Creating a cryptocurrency can be as simple as copying and pasting an existing blockchain or changing the name.

The top cryptocurrencies by market cap are bitcoin and ethereum, which have long been entrenched as the No. 1 and No. 2 cryptocurrencies. After that, a collection of cryptocurrencies jostle for position, although the third biggest is stablecoin tether (USDT).

See more here:
Top 10 cryptocurrencies of 2023 - USA TODAY

fusing digital and tangible monetary realms

 

Fusing the digital and tangible to transform cryptocurrency into a physical form, Tom Badley introduces a family of banknote-like bearer instruments, capable of holding and transmitting Bitcoin. The London-based designers concept for Bitcoin Banknotes has been a persistent idea since the inception of cryptocurrency in 2009, drawing a connection to traditional monetary structures. The vibrant design of the notes celebrates the novelty, volatility, and contrarian nature of its namesake through a modernist, aspirational, and affirmative approach. Recognizable visual elements such as logos, flags, moons, and the Genesis Block hash find a place in the design lexicon. However, given Bitcoins faceless nature, a classical heads motif reminiscent of Hellenistic deities was introduced to instill a sense of trust, a crucial element in currency design. Nodding to Bitcoins association with moon money, each deity on the banknotes also wears an astronauts suit, and the rim of the helmet collar helps to frame the heads.

all images courtesy of Tom Badley

Bitcoin, with its roots in the word coin, has long been visually associated with existing forms of money; even early logo iterations embraced the familiar imagery of coins. Tom Badleys concept of the Bitcoin Banknote extends the cryptocurrencys reach into the realm of cash, emphasizing the significance of paper wallets as Bitcoins offline storage medium. Paper and private Bitcoin thus share a common domain. Many paper wallets have assumed the form of play money, vouchers, or simple banknotes, to embellish them with the feel of money. This has always fallen short, because the creators of these paper wallets did not use the secure printing techniques used in banknote production until now notes the designer.

Offline.Cash tasked the Badley with creating a family of four banknotes, each functioning as private, individual wallets with fixed Bitcoin values stored on scannable chips that allow cryptocurrency to be reliably transacted in cash form. The goal of Offline.Cash was two-fold: first, to captivate existing cryptocurrency enthusiasts, the hodlers, and second, to provide a reliable means of transacting Bitcoin in cash where traditional currency might be scarce, aligning with Bitcoins humanitarian role. The banknotes are printed on a durable plastic substrate, employing high security printing processes including intaglio, the raised printing commonly found on traditional banknotes. This level of production marks them as a world first in mass-produced Bitcoin wallets meeting banknote standards.

a family of banknote-like bearer instruments capable of holding and transmitting Bitcoin

The design brief mandated a paradoxical balance between delight and gravitas, capturing the mystique of both early Cassacius coins and the origins of Bitcoin. The main design limitation was that the notes would be printed on the same sheet, together, using a six-color process, requiring careful consideration of design and workflow to maximize the limited color combinations available. The use of light and bright colors enhances visual appeal and differentiation, diverging from the conservative color palette of centralized money. The impressionistic design approach, necessitated by the printing limitations, imparts a seamless blend of colors, creating an illusion of separate printing and a rounded edge finish.

Keen banknote observers will note the resemblance to Thai Bhat (with symbology often mistaken for Bitcoin) which was a source of inspiration for Tom Badely. This asian flavor blended with Classicism also gives the notes a global placelessness while still being visually rich. Countering this are easily readable typefaces and blindmarks, while the renewable energy theme on the reverse side addresses Bitcoins power source dilemma, featuring solar, wind, geothermal, and hydroelectric themes. Since their release, the Bitcoin banknotes have garnered widespread praise for successfully achieving their dual purpose of delighting cryptocurrency enthusiasts and functioning as a trusted means of physical exchange.

Bitcoin Banknote extends the cryptocurrencys reach into the realm of cash

the vibrant design celebrates the novelty, volatility, and contrarian nature of its namesake

a classical heads motif reminiscent of Hellenistic deities instills a sense of trust

printed on a durable plastic substrate, employing high security printing processes

Here is the original post:
vibrant bitcoin banknotes by tom badley transport cryptocurrency into the physical realm - Designboom

Bitcoin (BTC) price is up today, topping $42,866 after dipping as low as $40,300 over the weekend. The rally highlights traders continued bullish bias for Bitcoin, which produced the best November performance since 2020 and remains on a bullish trajectory in December.

The bounce back above $42,000 comes amid $4 billion BTC being sold in two days, setting an 18-month high. The recovery may show the markets belief that a spot BTC exchange-traded fund (ETF) will be approved in January 2024, and the expectation of approval is matched with significant cash inflows from institutional investors.

Now that BTC has notched its best monthly close in 19 months, lets look into the reasons why Bitcoin price is up today.

Initially, Bitcoin price flashed mixed signals after former Binance CEO Changpeng CZ Zhaos guilty plea, and the exchange agreed to pay a $4.3 billion settlement to the U.S. Department of Justice (DOJ) on Nov. 21. After taking some time to digest the outcome, the market began to notice that Binance exchange was not having a mass exodus of funds like FTX did when its liquidity crisis first became public. Leaders in the crypto market, like Galaxy Digital CEO Mike Novogratz, see the settlement as a net positive overall.

The fear surrounding centralized exchanges seems to have all but vanished. Bitcoin exchange trading volume hit a 6-month high on Dec. 11. Despite having the lowest amount of volume for the month on Dec. 10, BTC trading spiked, accounting to over $16.4 billion the proceeding 24-hours.

The lack of a major exodus from Binance coupled with increased exchange trading volume highlights renewed bullish optimism.

Despite a bevy of macro headwinds, Bitcoin price continues to push higher, achieving a 153.5% year-to-date gain with volatility increasing. Some Bitcoin analysts believe the Binance and DOJ settlement is bullish for a spot Bitcoin ETF approval, noting a similar deal achieved by Arthur Hayes and BitMEX.

The potential of a spot Bitcoin ETF approval has led to hodling, which remains 70% of the total available Bitcoin supply.

While some analysts believe the Bitcoin price is pointing toward a breakout to $50,000, BTC has already more than doubled the 2023 returns of gold

The positive sentiment around Bitcoin led the BTC market cap to surpass Berkshire Hathaway on Dec. 5, and it has remained the 10th-biggest asset by that measure. Despite BTCs strength, the United States Securities and Exchange Commission (SEC) has refused to approve a spot Bitcoin ETF despite numerous applicants, including BlackRock, Fidelity, ARK Invest and 21Shares, with new players seemingly entering weekly.

On Dec. 5, BlackRock reported receiving $100,000 in seed funding for its spot Bitcoin ETF. BlackRock has followed up on their application, filling an update on Dec. 12 after meeting with regulators. In the update, BlackRock contends the new ETF model offers superior resistance to market manipulation. While this is BlackRocks first update, VanEck filled a fifth spot Bitcoin ETF update on Dec. 9.

Related: Terrorism & Israel-Gaza war weaponized to destroy crypto

According to reports, an approval may generate $600 billion in new demand. CryptoQuant analysts believe that an ETF approval will lead to a $1 trillion increase in Bitcoins market capitalization.

Galaxy Digital predicts a 74% price increase in the first year after a spot BTC ETF launch. The next window for the SEC to potentially approve a spot Bitcoin ETF is Jan. 5 through Jan. 10.

While some investors may be awaiting increased liquidity from a spot ETF approval, institutional investors have already begun deploying funds to Bitcoin and crypto. According to CoinShares, institutional investors have pushed $1.88 billion into crypto in the past year. This marks the 11th consecutive week of institutional inflows.

Related: BRC-20 tokens are presenting new opportunities for Bitcoin buyers

Of the $1.88 billion pushed to crypto assets last year, over $1.7 billion has flowed to Bitcoin specifically. In the past week, $39.9 million of institutional inflow was for Bitcoin alone.

According to Bob Ras, the co-creator of Sologenic,

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Originally posted here:
Why is Bitcoin price up today? - Cointelegraph

Since bottoming around $16,800, Bitcoin (BTC) has displayed resilience throughout 2023, posting over 153% gains year-to-date and 143% over the last 12 months to outperform major tech companies.

Despite this impressive performance, the flagship cryptocurrencys price is still 39% below the all-time high (ATH) level against the U.S. dollar reached in November 2021.

Meanwhile, Bitcoin continues to hit new ATHs in Argentina, Turkey, Egypt, Nigeria, Lebanon and Pakistan.

According to a Dec. 13 post from X social platform user Tahini, at one point on Dec. 12, a single Bitcoin ha reached ATHs against the Argentine peso at 15,176,100.12 ARS. BTC was worth 1,202,109.40 Turkish liras (TRY), 32,703,517.06 Nigerian nairas (NGN), and 1,280,955.47 Egyptian pounds (EGP).

The chart also showed that BTC has reached ATHs against the Lebanese pound and the Pakistani rupee at 622,548,74.67 Lebanese pounds and 11,736,063.26 Pakistani rupees, respectively.

It is worth mentioning that these figures are equivalent to the current price of Bitcoin and thatthe meteoric rise of the cryptocurrency in these countries is due to high inflationary pressures, resulting in the devaluation of their respective currencies.

Data from the International Monetary Fund (IMF) ranks countries annual percentage change in inflation rates and end-of-period consumer prices.

According to the chart above, the Zimbabwean dollar currently has the highest annual inflation rate at 396%, followed by the Venezuelan bolivar (250%), Sudanese pound (238%) and the Argentine peso (135%).

The Turkish lira and Nigerian naira came in fifth and 12th with annual inflation rates of 64% and 30%, respectively, IMFs data shows.

For most crypto investors in these countries, Bitcoin has become a reliable store of value and a hedge against rocketing inflation.

Many of these countries, including Nigeria and Argentina, have been readily adopting cryptocurrencies despite the steady devaluation of their currency.

Nigeria, Turkey and Argentina boast the second, 12th and 15th highest rates of cryptocurrency adoption worldwide, according to a Sept. 12 report by Chainalysis.

Argentinas Bitcoin adoption is likely to get a boost following the outcome of the Nov. 19 presidential election run-off, which saw pro-Bitcoin candidate Javier Milei emerge the winner.

After assuming office on Dec. 10, Milei appointed Luis Caputo as economy minister, who announced on Dec. 12 that Argentina was devaluing the peso over 50% to 800 per U.S. dollar in an emergency package aimed at balancing the budget by 2024. This move appears to have been endorsed by the IMF.

The IMF called the measures bold, adding that they would significantly improve public finances in a way that protects the most vulnerable in the society and strengthen the exchange rate regime.

While on the campaign trail, Milei said he would abolish Argentinas central bank if he took over as president.

Related:Bitcoin derivatives data points to traders' $50K BTC price target

During the extended 2022 bear market, Bitcoin fell relentlessly in tandem with tech stocks. According to a review letter by Pantera Capital an American crypto hedge fund Bitcoin has outperformed all of them except for Meta, which has recorded YTD gains of more than 172% against BTCs 162%.

Bitcoin bounced back in 2023 due to a vast majority of significant events that were good news, with the blockchain industry making meaningful, necessary progress, according to Pantera.

The crypto hedge firm lists a number of these events, including increased institutional adoption courtesy of spot Bitcoin ETFs sponsored by large names in traditional finance like BlackRock and Fidelity and the leader in blockchain ETFs, Bitwise. The potential approval of Bitcoin exchange-traded fundsopens a new channel for traditional capital to be injected into Bitcoin as digital gold.

The letter also notes that the ability of the market to rely on the U.S. court system to be fair has been reassuring, citing the ruling by Judge Analisa Torres that XRP (XRP) is not a security and Grayscales win in its lawsuitagainst the Securities and Exchange Commissionregarding its BTC ETF application. These point to a favorable regulatory landscape for crypto in the U.S., enabling further innovation to occur onshore, the report noted.

In addition to these, the upcoming Bitcoin halving event in 2024 is also contributing to the widespread optimism surrounding the flagship cryptocurrency.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Why has Bitcoin price hit new all-time highs in Turkey, Egypt, Nigeria and Argentina? - Cointelegraph

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Originally posted here:
The rise of CBDCs: What lies ahead for crypto and Bitcoin? - CryptoSlate