While Bitcoin has a cryptocurrency market share of more than 50%, competition is hotting up as investors are looking at smaller, cheaper cryptocurrencies for which there is more scope to rise in value.
Bitcoin, the most established cryptocurrency, was worth $13,300 and had a market capitalization of $224 billion on Sunday, according to Coinmarketcap.
The next largest cryptocurrency by market cap is Ripple, which was worth $91.7 billion on Sunday, followed by Ethereum, worth $70.9 billion. However, one Ripple is currently priced between $2 and $3, extremely cheap when compared to competitors such as Litecoin ($220) or Ethereum ($732).
"Go a few rungs lower and market cap plummets; by the 200th rung you get Faircoin, at a mere $57 million market cap and $1.09 apiece earlier today. Move on down to #1,065 and you get Nodecoin, with a total market cap of less than $8,000, a price of less than a nickel per coin—and a 19% gain in just the past hour!" ValueWalk advised on Saturday.
The cryptocurrency with the fourth largest market cap is Bitcoin Cash, which was created as a result of a so-called "fork" in August when some Bitcoin developers branched off to create a new, allegedly superior payment network — with the same transaction history.
On Thursday, BitMEX, a Seychelles Islands-based cryptocurrency trading platform, announced it had sold all of the Bitcoin Cash cryptocurrency held by its users, and credited them with an equivalent value of Bitcoin instead.
