The market is dominated by five cryptocurrency coins, which account for 80% of the market cap, while the remaining coins are traded in small amounts.
Bitcoin alone accounts for more than 60% of the market share, but this figure fluctuates a lot. The introduction of new altcoins such as Cardano, Dogecoin, and Solana is expected to reduce Bitcoin’s market share in the future.
The competition at the top appears to be much tougher, as these new coins have better algorithms and are gaining popularity on social media, increasing their value.
Elon Musk’s recent admission that he owns Dogecoin is an example of how social media can influence crypto markets, causing Dogecoin to rise by 8% on the day.
If there is a coin that can dethrone Bitcoin, it is Ether, which soared in May and helped the cryptocurrency market reach a new high of $ 2 trillion in market capitalization.
The use of Ethereum DeFi (decentralised financing) and NFT (non-fungible tokens) is increasing the coin’s popularity. Bitcoin, on the other hand, continues to dominate as countries such as El Salvador accept it as legal tender. Furthermore, corporations such as Tesla and SpaceX are hoarding bitcoins in anticipation of the day when mining becomes more environmentally friendly.
Here’s How You Can Benefit
A little healthy competition is always welcome, especially in the cryptocurrency market, where there are thousands of coins to choose from. The key is to find a reputable broker whose platform facilitates the efficient purchase and sale of cryptocurrencies.
Starcapital is a cryptocurrency broker with the mission of making it simple while also ensuring security and safety.
Their web-based trading platform, which does not require a downloadable app, allows you to trade from any device. The Starcapital trading platform is built on cutting-edge technology and allows you to execute orders quickly; additionally, the interface is simple to use.
Starcapital assigns you a dedicated account manager to assist you and provide you with the tools you require. They have strict compliance, security, and anti-money laundering (AML) policies in place to ensure that there is no malicious activity on their platform, thereby protecting their customers’ funds and personal information.
They accept cryptocurrency, bank transfers, and credit/debit cards as payment methods. Withdrawals are processed using the same payment methods as deposits. When processing withdrawals, identity verification is required in order for funds to be returned to their rightful owner.
The support team at Starcapital is available 24 hours a day, six days a week, and can be reached via email or live chat.
Competition in cryptocurrency markets opens the door for anyone to begin trading. Starcapital’s web platform is outfitted with the necessary tools and features to begin cryptocurrency trading. Their vision of allowing you to trade from anywhere is realized through the extensive features they provide.