Impressed by parody Bitcoin?

Dogecoin, inspired by meme, worth more than $2bn (£1.5bn)

Much Wow? Dogecoin $1B Market Cap Fails To Impress Pundits

Dogecoin has become the latest cryptocurrency to seize a $1 billion market cap as commentators suggest the metric is now of little use.

What's in a Market Cap?

As altcoin markets surge this week, new all-time highs are in sight for many Top 50 assets. 35 altcoins, in addition to Bitcoin, can now be found in the top echelon - those with a market cap of $1 billion.

Along with fellow newcomer Komodo, Dogecoin has exploded in value over the past few months relative to its previous price activity.

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Definition of 'Altcoin'

Altcoins are the alternative cryptocurrencies launched after the success of Bitcoin. Generally, they project themselves as better substitutes to Bitcoin. The success of Bitcoin as the first peer-to-peer digital currency paved the way for many to follow. Many altcoins are trying to target any perceived limitations that Bitcoin has and come up with newer versions with competitive advantages. There is a great variety of altcoins.

Breaking down 'Altcoin'

"Altcoin" is a combination of two words: "alt" and "coin"; alt is short for alternative and coin signifies currency. Thus together they imply a category of cryptocurrency that is alternative to the digital currency Bitcoin. After the success story of Bitcoin, many other peer-to-peer digital currencies have emerged in an attempt to imitate that success.

Many of the altcoins are built up on the basic framework provided by Bitcoins. Thus most altcoins are peer-to-peer, involve a mining process and offer efficient and cheap ways to carry out transactions on the web. But even with many overlapping features, altcoins vary widely from each other.

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