We are already witnessing a global adoption of digital currencies. Bitcoin’s success has no match, with its value reaching a record high of around $70,000 by 2021. This seems appealing to so many people, but some still wonder: Is cryptocurrency safe?
We tell you all you need to know.
It all happened in around 12 years since its appearance in 2009. We see such enormous success very rarely in such a short period, but other cryptocurrencies are also lining up.
We can attribute this growth to the currency’s worldwide dominance at that time. Bitcoin’s original white paper promised a decentralized system for added fund security and to fight against inflation.
Is Cryptocurrency Safe? Yes and No
A clear answer to the question: is cryptocurrency safe? is YES and NO. The tech supporting blockchain is secure but users also need to put necessary security measures.
All crypto coins are generated and kept on decentralized public ledgers. What this means is hackers can’t attack one ledger to steal all the funds and data. Every user has access to their funds so the network is too huge for cybercriminals to target.
But, the very same reason makes cryptos susceptible.
Many believe that since crypto is less regulated, it’s not safe. The investors are on their own. There’s no law involved. All this is true.
So there’s no promise that cryptocurrency is 100% safe but the blockchain saves all the data using code that hackers can’t breakthrough. You can also ensure fund security by saving your assets in an encrypted wallet like metamask.
Although there are doubts involved about crypto security, many people are investing in cryptocurrency and yielding big returns. We also thought of sharing some stats with you that make these coins reach the sky and address: is cryptocurrency safe? With performance.
Top 3 Cryptocurrencies with Great Potential in 2022
Taking a look at Bitcoin on current market cap, the current market price is about $40,168. In the last month, we recorded a low of $39,390 and a high of $40,618. The market capital based on the current worth is about $843 Billion with a 24-hour trading volume of $29 Billion, which is actually down to 20.66%. We have the current circulating supply of almost 19 Million BTC, about 91% of the total supply of the 21 Million real Bitcoins.
The market dominance of Bitcoin is 40.79%, and as we all know, it’s the king of all cryptos; its market rank is #1. Checking out the symmetry rating is A- and the token inside gives a double-A (AA). 60% of holders are making money at the moment. At the same time, 36% of people holding Bitcoin are losing money right now. The concentration by large holders is 11%.
If you look at the price movement in the last year, we can see that one year ago, we were trading about $55,000 per BTC. We saw a big crash in May 2021 down to about $30 to $35,000 per Bitcoin.
We saw a huge rally in July, followed by a small correction. And then another real big rally to almost $70,000 a coin in Nov 2021. Since then, we have gotten to see a pretty big reduction in BTC price down to its current price of $40,127.
Ethereum is one of the biggest Defi exchangers that came up with smart contracts. We‘ve got results from coinmarketcap that prove Ethereum as the top referenced price-tracking website for crypto-assets worldwide.
Ethereum’s market dominance has also leveled up at 19.65% since last month, which was 17.74%. It ranks #2 in the market. In the ratings, the symmetry score is B+ while the inside rating is A. Right now, 75% of people who hole Ethereum are making money, while 25% are losing.
The token’s summary is valuable as it gives rise to smaller blockchain developers who can do big things. Recently, the Ethereum layer two developers Starkware raised at least 100 million dollars. They tripled their valuation within four months. There is a lot more exciting coming about blockchain.
Polkadot’s market dominance is 0.93%, and its marketing rank is #13. Symmetry rating is grade B, while the inside token gives it a triple B (BBB). Polkadot continues expanding, especially considering the sheer investment amounts to the company.
The market capital of Polkadot is at the current valuation is about $368 Billion, which is up 1%. In the last 24 hours, we have traded a volume of about $19 Billion, which is down to 15%. The current circulating supply is about 112 million each. Polkadot is reported to be the top crypto held by venture capitalists and hedge funds.
Currently, Polkadot is trading for $17.63, and in the last month, we have a low of $17.23 with a high of $18.00. Based on the current price, we have a market capitalization of $19 Billion. During the last 24 hours, the trading volume has been $725 Million, which is down 18.59%.
With the growing power of crypto, we see a higher demand for interoperable networks that also answer ‘is cryptocurrency safe?’ questions. There’s so much hype, excitement, and faith in the platform’s success. We conclude that Polkadot is a good investment of crypto for beginners.