Altcoins are on the rise in booming crypto markets

[ad_1]

In early 2021, Bitcoin reigned supreme as the cryptocurrency champion, cornering 70% of the crypto market, as reported by CNBC. Now, however, the crypto markets are teeming with altcoins, all of which are eating away at Bitcoin’s market share.

At the end of July, Bitcoin claimed only 48% of the cryptocurrency market share. With a booming $ 1.6 trillion cryptocurrency market, new competition is introduced daily.

Currently, there are over 11,000 different types of altcoins on the market, according to CoinMarketCap. Altcoins encompass a variety of crypto areas; there are tokens such as ether, which are based on blockchain technology that hosts a large majority of DeFi applications, while there are also tokens such as stablecoin, such as tether, which are linked to fiat currencies.

Everyone is trying to do something that has never been done before, Mati Greenspan, founder and CEO of Quantum Economics, told CNBC in an interview.

BLOK believes in technology

The addition of so many altcoins is indicative of a market plagued by competition from blockchain. Amplify ETFs believe in this potential and invest in key players at the fundamental level of the blockchain itself.

The Amplify Transformational Data Sharing (BLOK) ETF, which now exceeds $ 1 billion in assets under management and is the largest of the blockchain ETFs, is actively managed and invests in companies directly involved in the development and use of blockchain technology.

The fund also invests in companies in partnership or that invest directly in companies using and developing blockchain technologies. However, the fund does not invest directly in blockchain technology and cryptocurrencies / tokens.

The BLOK ETF spreads its holdings across all sizes: at the end of June, the fund had a market capitalization split of 45.7% of holdings in large-cap companies, 24.8% in companies mid-cap and 27.2% in small-cap companies.

A sample of top holdings at the end of June included MicroStrategy Inc, a developer of cloud-based smart applications, at 6.74%, Marathon Digital, a Bitcoin mining company, at 3.99%; and Coinbase Global Inc, a cryptocurrency exchange, at 3.74%.

BLOK has an expense ratio of 0.71%.

For more news, information, and strategy, visit Crypto Channel.

[ad_2]