By Natalie Lord
Over the past few weeks we have looked at the most popular cryptocurrencies in circulation. With almost 2000 now having been launched, it can be a confusing market to understand and explore for investment purposes. To date we’ve looked at Bitcoin, Bitcoin Cash, Litecoin and Dogecoin. Today we’re going to look at Ethereum and BAT.
Ethereum offers a more advanced blockchain technology than other cryptocurrencies like Bitcoin, so doesn’t perform solely as a digital currency in the way many others do. The technology it uses enables other blockchain projects to be launched on the Ethereum platform. Ethereum is the cryptocurrency responsible for introducing smart contracts into the cryptocurrency sphere which gives it a greater purpose than just being a standard token.
Since being introduced in 2015, Ethereum has made considerable gains and has been one of the most closely watched of the cryptocurrencies. A consortium of some of the largest corporations around the world are currently in the process of building business-ready versions of the software that drives Ethereum. These companies include Intel, Chase, J.P. Morgan and Microsoft.
Earlier this year, Ethereum was voted the best cryptocurrency to invest in. It has grown by almost 3000% since inception, skyrocketing to achieve a price of US$1600 on January 13 2018. At that time its market capitalisation was around US$138 billion.
With a current price point of around US$185, Ethereum presents as an excellent intermediate coin in which to invest. It’s significantly cheaper than Bitcoin, yet more expensive than the likes of BAT and Ripple.
BAT (Basic Attention Tokens) operates in a similar way to Ethereum, but in the digital advertising spectrum. Advertising is one of the most critical revenue models for most online businesses, but the old industry model was outdated which is where BAT comes in. BAT is designed to bring a new manner of sponsorship to the internet. At the moment, the internet is based mostly on paid advertisements. When you open a website, you will almost always be subjected to a slew of ads selling this, that or the other. BAT works on the principle that is can monetize attention by paying users in BAT for browsing the web, thereby cutting out the middlemen.
Like Ethereum, BAT was also voted one of the top cryptocurrencies in which to invest in 2019. The coin has already more than tripled in value since it was launched. There are currently about 1.3 billion BAT coins in circulation. BAT’s market capitalisation is US$466 million.
We’ve now explored six out of the top ten cryptocurrencies. Next week we look at the final four.