In 2009, the world was introduced to the idea of cryptocurrency with the launch of Bitcoin. According to CoinMarketCap, there are 2,125 digital currencies registered on the website with an estimated net valuation of around $140 billion.
Now, according to Bitcoin.com, mineable cryptocurrencies in the current market represented close to 70% of the entire market capitalization, at press time.
Despite the numbers, however, the collective volume suggested a dominant grip of a few significant cryptocurrencies. At press time, there were only four cryptocurrencies in the top 10 list that required mining. The other cryptos which were already minted included the likes of XRP, Stellar’s XLM and a few that use the POS mechanism.
Mineable tokens in the top 10 combine for a market cap of around $91.7 billion. The rest of the top 10 non-mineable cryptos were worth a total of $24 billion, which was roughly 17 percent of the whole economy.
The coins that can be mined in the top 10 included Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC]. Outside the top ten list, Bitcoin SV [BSV], Monero [XMR], DASH and Ethereum Classic [ETC] contributed to 2.2 percent of the entire market cap or worth about $3.32 billion that can be mined.
Additionally, all the mineable tokens can be mined by anyone with a standard GPU or ASIC machine. Litecoin [LTC] was initially supposed to be ASIC resistant, but that initiative was scrapped almost immediately.
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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.