5 Cryptocurrencies Getting Crushed By The Current Market Crisis

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1. Bitcoin (BTC)

Bitcoin is the world’s largest and most famous cryptocurrency. It reached a $1.27 trillion market cap in November 2021 when one BTC was worth $69,000, an all time high. As of June 23, it has slid 57.23% in the year to date, and currently hovers around the $20,000 mark.

Bitcoin is a pure cryptocurrency, and its transactions take place on a peer-to-peer basis without the involvement of any third party. Miners have to solve complex mathematical problems using heavy-duty computers in order to be rewarded with Bitcoins, and many have likened BTC to gold because of its limited supply. There will only ever be 21 million Bitcoins in the world, and 19.07 million of these are already in circulation. Every four years, the Bitcoin network goes through a phenomenon called ‘halving’, where the the supply of new Bitcoin rewards given to miners is cut in half. The first ‘halving’ happened in 2012, then in 2016 and the third in 2020. Bitcoin payments are accepted by many popular companies, including Microsoft, PayPal, Amazon, Home Depot and Starbucks, among others.

You can also take a look at 10 Best Finance Stocks To Buy Now and 10 Underperforming Stocks Targeted By Short Sellers.

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