With a total market cap of around $995bn, it is obvious how huge the cryptocurrency market is globally. While there are literally thousands of individual coins to invest in, Bitcoin is perhaps the one we are most familiar with. The first coin that really took off around the world, Bitcoin has been digital money’s flagship token for a while now.
It is also a coin that has long had a reputation as being one of the most valuable to invest in. But is this still true?
Is Bitcoin one of the most valuable crypto coins?
Although the price of Bitcoin can naturally fluctuate depending on how the market is performing on the day, it is accurate to label it one of the most valuable coins in general. This is actually not too hard a statement to back up and a brief look at the figures around BTC help here.
To begin with, it has a market capitalization figure that dwarfs its nearest competitors. As of late June 2022, for example, BTC has a market cap of around $405bn – with its nearest rival Ethereum having a market cap of around $146bn. This immediately shows that Bitcoin is still one of the most valuable coins around and one that has the biggest backing from investors.
BTC’s price history proves its worth
Of course, looking at the latest cryptocurrency prices on OKX provides a great way to see just how valuable BTC is in the world of digital cash. Although other crypto tokens perform well, none match the prices that Bitcoin tends to see.
It is not just current price levels that prove its status as a valuable coin, though. Bitcoin’s recent price history also shows why it is still considered one of the most valuable. December 2017, for example, saw it rocket up in price to over $13,000, while March 2021 saw it progress to over $58,000. When you also consider that one BTC was worth $68,000 at one point in November 2021, you can see why it’s still a valued coin.
Why else is Bitcoin regarded as one of the more valuable coins?
Pretty much all of us are familiar with the concept of supply and demand. This idea also helps explain BTC’s position as one of the more valuable coins to put money into. As it tends to gain most attention in the media and therefore be the coin most people know about, it is also the one which most people still tend to invest in. This demand coupled with the limited overall number of Bitcoin available on the market helps BTC retain its overall value in the crypto world.
One way for something to have true value and therefore be sought after as an asset is to solve a problem in real life. Bitcoin certainly does this and this has helped it to cement its status as one of the top coins. Although it was not the first digital currency created with a decentralized model in mind, it was the first to bring real transparency to financial transactions.
The secure and trusted network BTC is founded on, for example, helps avoid reliance on traditional legacy banking systems that involve third parties and high fees. When you also add in that BTC can be used to pay for many things online and in real life, its value is clear.
Bitcoin has a great safety record
Protecting yourself from hackers is vital in personal life but this is something that cryptocurrencies focus on as well. The simple facts are that, to date, Bitcoin’s network has never been hacked or breached. This is not something you can say for other coins people could invest their money in! For this reason, BTC is seen as one of the top coins because of the security it offers.
This is very appealing for investors and especially those who worry about the safety of trading in crypto coins. It is also important to add here that BTC has been around for a long time (since 2009) and has truly stood the test of time. Due to this, it is seen as a more valuable coin by many and one that people can put their trust in.
Bitcoin is still one of the top coins in crypto
Although it has been around for quite a few years now, BTC is still one of the most valuable coins around. For many, it is actually still the king of the crypto market! When you look at its high market cap compared to other coins, its price history and its long-standing safety record, it is easy to see why it has this status in so many investors’ eyes.