Staying informed enables better portfolio planning
Cryptocurrency news proliferates
Cryptocurrency news abounds. A search online turns up about 279 million results, and the pace in which cryptocurrency news is generated has only increased with the proliferation of blockchain-based digital currencies.
Almost all major media networks and publications now cover cryptocurrency news. This is a far cry from the earlier days of Bitcoin when coverage of blockchain technology and cryptocurrencies was seldom and limited to online publications with a blockchain-specific focus.
Mainstream news and financial media outlets like CNBC, Forbes, and Wall Street Journal, prominent U.S. examples, all feature cryptocurrency news on an almost daily basis. The appetite for such news and information continues to grow alongside adoption and knowledge of cryptocurrencies.
It is difficult to arrive at a precise number of cryptocurrencies and with that, available cryptocurrency “stocks” circulating around the world.
Owning the cryptocurrency or token of any given blockchain-based company grants various use cases and perhaps user rights. However, unlike traditional stocks, owning a cryptocurrency very rarely, if ever, grants you a piece of ownership of that said company.
Due to the popularity of Bitcoin and it’s validated path toward significant value and wealth, thousands of cryptocurrencies have surfaced over the past 12 years. Coinmarketcap, a price-tracking website for cryptocurrency assets, lists over 8,250 cryptocurrencies on the market and that number continues to grow.
However, a plethora of coins and tokens on the market are seemingly dead or on the brink of death and show minimal, if any, trading volume. Just a select cadre of cryptocurrencies make-up the predominant share of activity on major exchanges.
Cryptocurrency markets are not backed by a central authority like a government or corporation. And while this next point is arguable on a case-by-case basis, cryptocurrency markets are usually considered decentralized, as they operate within peer-to-peer (i.e. node-to-node) networks.
Exchanges like OKCoin help bridge the gap and provide a safe and secure place to buy and sell cryptocurrencies. This is especially important when participation is otherwise outside the direct bounds of government or any central authority, and whereby paths for recourse or even assistance are minimal.
Coindesk claims the top 20 assets constitute roughly 99% of the market (by volume) at eight of the largest and most trustworthy exchanges. Whether the figure of 99% is true is debatable, but the point is clear: the cryptocurrency market overall is a tiered marketplace with a steep potential fall-off the further down the spectrum you go.
Visit blog.okcoin.com for the most relevant cryptocurrency news, platform updates and information on cryptocurrency markets.