At the time of writing, only one coin in the top ten crypto assets by market capitalization is a proof-of-work (PoW) token and out of the top 20, there are only three tokens that leverage a PoW consensus mechanism. Moreover, out of 50 of the largest crypto coins by valuation, only six use PoW and out of all of them, there’s roughly 230 exahash per second (EH/s) of hashpower combined.
With Ethereum changing from proof-of-work (PoW) to proof-of-stake (PoS), only 12% of the top 50 coins now leverage PoW. Six crypto asset networks use PoW consensus mechanisms like SHA256 or Scrypt to verify transactions and mint new coins. Bitcoin.com News recently reported on how the top ten would only see one PoW asset remain and at the time of writing, that’s bitcoin (BTC). Dogecoin (DOGE) was a top ten contender just recently, but the meme token’s market cap has been pushed down to the 11th position.
That leaves ethereum classic (ETC) as the third PoW coin in the top 20 standings today. Doge has roughly 429 terahash per second (TH/s) of hashrate or 0.00042994 EH/s. ETC has even less with 0.00022551 EH/s, which equates to 225 TH/s of hashpower. Following ETC is litecoin (LTC), which is the fourth-ranked PoW coin in the top 50. Roughly 0.000469 EH/s or 469 TH/s is dedicated to the Litecoin chain today. Behind LTC is monero (XMR) with 2.71 gigahash per second (GH/s) of hashrate. The last and final PoW coin out of the top 50 crypto assets by market cap is bitcoin cash (BCH).
Bitcoin Cash currently has 1.28 EH/s of hashpower dedicated to the BCH blockchain. Bitcoin (BTC) has 228 EH/s, and between all six PoW networks, there’s close to 230 EH/s of hashpower securing all six chains. While BTC’s market valuation commands 37.7% of the entire crypto economy’s net value, out of every PoW coin in existence, BTC equates to 94% of the PoW coin economy’s USD value.
Eight years ago, PoW crypto assets dominated the pack of top valuations, and now there are only six PoW crypto assets in the top 50. It will be interesting to see what the trend looks like in another eight years, and whether or not PoW dominance continues to slide.
What do you think about the fact that only six coins out of the top 50 largest crypto capitalizations are proof-of-work coins? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.
At the time of writing, only one coin in the top ten crypto assets by market capitalization is a proof-of-work (PoW) token and out of the top 20, there are only three tokens that leverage a PoW consensus mechanism. Moreover, out of 50 of the largest crypto coins by valuation, only six use PoW and out of all of them, there’s roughly 230 exahash per second (EH/s) of hashpower combined.
With Ethereum changing from proof-of-work (PoW) to proof-of-stake (PoS), only 12% of the top 50 coins now leverage PoW. Six crypto asset networks use PoW consensus mechanisms like SHA256 or Scrypt to verify transactions and mint new coins. Bitcoin.com News recently reported on how the top ten would only see one PoW asset remain and at the time of writing, that’s bitcoin (BTC). Dogecoin (DOGE) was a top ten contender just recently, but the meme token’s market cap has been pushed down to the 11th position.
That leaves ethereum classic (ETC) as the third PoW coin in the top 20 standings today. Doge has roughly 429 terahash per second (TH/s) of hashrate or 0.00042994 EH/s. ETC has even less with 0.00022551 EH/s, which equates to 225 TH/s of hashpower. Following ETC is litecoin (LTC), which is the fourth-ranked PoW coin in the top 50. Roughly 0.000469 EH/s or 469 TH/s is dedicated to the Litecoin chain today. Behind LTC is monero (XMR) with 2.71 gigahash per second (GH/s) of hashrate. The last and final PoW coin out of the top 50 crypto assets by market cap is bitcoin cash (BCH).
Bitcoin Cash currently has 1.28 EH/s of hashpower dedicated to the BCH blockchain. Bitcoin (BTC) has 228 EH/s, and between all six PoW networks, there’s close to 230 EH/s of hashpower securing all six chains. While BTC’s market valuation commands 37.7% of the entire crypto economy’s net value, out of every PoW coin in existence, BTC equates to 94% of the PoW coin economy’s USD value.
Eight years ago, PoW crypto assets dominated the pack of top valuations, and now there are only six PoW crypto assets in the top 50. It will be interesting to see what the trend looks like in another eight years, and whether or not PoW dominance continues to slide.
What do you think about the fact that only six coins out of the top 50 largest crypto capitalizations are proof-of-work coins? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.
Cosmos was once again in the green, as the token moved closer to a four-month high during Friday’s session. Prices rose past a key resistance level during the day, as bullish sentiment continued to rise. Chainlink also traded higher, as prices surged for a third straight session.
Cosmos (ATOM) continued to trade higher on Friday, as the token moved closer to a multi-month high.
ATOM/USD rose to an intraday high of $16.25 in today’s session, pushing prices above a key resistance level in the process.
The aforementioned ceiling is the $16.15 level. The move comes less than 24 hours after prices were trading at a low of $14.40.
Friday’s surge takes the token closer to last Friday’s peak of $17.20, which was the highest point for ATOM since May 9.
As seen from the chart above, the 14-day relative strength index (RSI) is tracking at the 65.00 mark, which has historically been a level of resistance.
If cosmos were to recapture, and surge past last week’s high, then the likelihood of ATOM moving above $17.20 would exponentially increase.
Like ATOM, chainlink (LINK) also rose for a third consecutive session on Friday, as bulls continued to push prices toward a key resistance level.
Following a low of $7.07 on Thursday, LINK/USD raced to an intraday high of $7.77 earlier in the day.
This peak pushed the token closer to its long-term price ceiling of $8.05, which is the level LINK was trading at to start the week.
However, following disappointing inflation data from the United States, market volatility rose, sending crypto prices mostly lower.
Today’s surge comes as the 14-day RSI moved past a key obstacle, which in this instance is the 53.95 resistance level.
Bulls will likely continue to target a move above $8.00 this weekend, however it remains to be seen if there is enough momentum in the market to see this through.
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Do you expect chainlink to hit $8.00 this weekend? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Source From : News