With the price of Bitcoin being a bit shaky, trading at the $48K to $50K mark, the top five altcoins have shown growth over the last 24 hours. With that, these coins were measured through their price performance and social activity.
The Importance of Social Strength in Crypto
Social activity is actually a very important indicator of a project when it comes to crypto since it indicates the strength of the community behind the crypto. LunarCrush has been used as a common tool to find the social strength of a certain crypto project.
As per Ben GCrypto, the top five were not ranked sequentially but rather as a whole with each of them showing impressive growth over the last 24 hours. The tweet included the 24-hour price change, the market capitalization, trading volume, and its major exchange.
Top 5 Tokens by Alt Rank: December 16th
— Ben GCrypto (@GCryptoBen) December 16, 2021
Alt Rank is a unique measurement by @LunarCRUSH, that combines actual altcoin price performance relative to Bitcoin and social activity indicators.$FTM $EGLD $IOTX $SOL $LUNA pic.twitter.com/LF2yV2EU2J
Top 5 Altcoins for December 16
Fantom
Cryptocurrency ticker: FTM
24 hour price change: 14.3 percent
Total market capitalization: 4 billion USD
Trading volume: 527 million USD
Major exchange: Binance
Elrond
Cryptocurrency ticker: EGLD
24 hour price change: 13.8 percent
Total market capitalization: 6.5 billion USD
Trading volume: 442 million USD
Major exchange: Binance
IoTex
Cryptocurrency ticker: IOTX
24 hour price change: 15.8 percent
Total market capitalization: 47 million USD
Trading volume: 47 million USD
Major exchange: Binance
Solana
Cryptocurrency ticker: SOL
24 hour price change: 10.1 percent
Total market capitalization: 56 billion USD
Trading volume: 3.5 billion USD
Major exchange: Coinbase Pro
Terra
Cryptocurrency ticker: LUNA
24 hour price change: 10.4 percent
Total market capitalization: 24.2 billion USD
Trading volume: 2 billion USD
Major exchange: Binance
What are Altcoins?
According to the story by Time, when it comes to cryptocurrency, Bitcoin has been established as the top cryptocurrency leaving other coins called "altcoins." With that, ever since then, there have been thousands of new altcoins or "alternative coins."
Altcoin, in a more general term, refers to any type of cryptocurrency as opposed to Bitcoin. With that, although Ethereum is still considered an altcoin, due to its massive growth and popularity, some would argue that it is more than just an "alternative coin" but rather standing top crypto on its own.
Read Also: Whales Control 94% of All ADA Supply | Only 10% of Wealthiest Cardano Addresses
15,000 Types of Cryptocurrencies
As of the moment, there are more than 15,000 types of cryptocurrencies as recorded in December of this year as per CoinMarketCap. To add, a large chunk of the cryptocurrency market, however, is made up of Bitcoin at 40% and Ethereum at 20% during the time the article was written.
The remaining altcoins in the market reportedly make up around 40%. To expand, this means that as of the moment, there are literally thousands of other coins that are being exchanged in the metaverse.
Related Article: Top 10 Cryptocurrencies Half Bearish Over Last 7 Days | SOL moving up the list
This article is owned by Tech Times
Written by Urian B.
