Cryptocurrencies: A Fledgling Asset Class, But It Is Too Early to Tell
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Currently there are not quite 1500 versions of cryptocurrencies with a total market capitalization of $360 billion (CoinMarketCap.com). Bitcoin and Ethereum are the two largest and most prominent of the cryptocurrency (hereafter, crypto) offerings. With Bitcoin as the initial case, all other cryptocurrencies were developed either to expand the capacity for a store of value or as a medium of exchange or to enhance the platform in terms security, distribution or other attributes. This course of evolution in the cryptomarket is expected to continue unabated as older versions become obsolete and new versions emerge reflecting improved performance (Table 10.1).
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