Bitcoin paved the way for other cryptocurrencies. There are thousands of coins and many more new crypto coins yet to launch. Where does this leave the almighty [Bitcoin](/coins/btc)?

## What Are Altcoins?

Altcoins are cryptocurrencies that are not Bitcoin. In other words, they are alternative coins to Bitcoin. These coins share similar characteristics with Bitcoin but can improve their features. 
Ethereum is the second-largest cryptocurrency after Bitcoin, making it the largest altcoin based on market cap. Some other major altcoins are Binance, Solana, and USDC.

New crypto coins are emerging. Based on the level of advancement in the crypto world, they are likely to do even better. For example, there were older cryptocurrencies before Solana launched, yet it is currently one of the largest coins in the crypto space.

There are more than 14,000 altcoins; some are still rising in price while others have been struggling to stay relevant. Despite the number of altcoins available, in November 2021, according to (CMC) CoinMarkeyCap, Bitcoin and Ethereum had 60% of the cryptocurrencies available in the market, while altcoins accounted for the remaining 40%.

Currently, the price of Bitcoin influences most cryptocurrencies, a significant change in the price of Bitcoin leads to a significant change in the price of altcoins.

## Type of Altcoins

There are different types of altcoins and different categories based on their functions. Each of these categories plays a different role in the crypto world. The categories include;
Mining-based coins

Like Bitcoin, these coins are mined to create more and serve as a way of controlling the circulation of the coins. Some examples of mining-based coins are Litecoin and Zcash.

### Stablecoins

Stable coins play a really important role for investors in the crypto market. They are called stable coins because they are influenced by fiat currencies, for example, US dollars. Stable coins include NUSD, NUSD, and USDT. 

### Meme coins

These are usually short-term gain coins. A joke on existing popular cryptocurrencies inspires meme coins. Examples of meme coins are Shiba Inu and Dogecoin. 

### Security tokens

Security tokens are a replica of the traditional stock. 

### Utility tokens

These are tokens used to provide services within a network. An example of a utility coin is Filecoin. 

### Are Altcoins Good Investments?

Profit and loss in cryptocurrency trading depend on the coin you invest in. So the first step in determining if a coin is a good investment is to DYOR. With that, you will be able to figure out if the coin is worth the risk.
Not all altcoins are good investments, although many have proven profitable.

Generally, investing in cryptocurrency is risky as it is a volatile market. If you invest, ensure that you do proper research, especially on new crypto coins, and take wise risk decisions.

## Are More Altcoins Needed in the Market?

The emergence of new crypto coins positively impacts the crypto market. Bitcoin is out of reach for most crypto investors based on its current price. There are lots of altcoins with good potential going for a way lesser price compared to Bitcoin. 

Some new crypto coins are making waves in the crypto world and making their investors rich. Meme coins may be short-term gain coins and have a high level of volatility, but that doesn’t change the fact that it has made many millionaires overnight. 

More altcoins mean more opportunities for cryptocurrency investors. It is up to you to ensure that you are making the right investments.

## What Do Bitcoiners Think About Altcoins?

Altcoins are more advanced than Bitcoin and are considered good alternatives. Despite all the new features altcoins possess, Bitcoin still stands as the most popular and most prominent cryptocurrency in the crypto space.
Bitcoiners may not be too open to new crypto coins, but the fact is that the entire crypto space is aware of the positive impact altcoins have on the crypto market. 

Bitcoin remains the number one cryptocurrency in the whole crypto market. Bitcoiners are aware that these new crypto coins cannot replace Bitcoin.


New Crypto Coins: Good News for Bitcoin?

## Are you aware of [Bitcoin's](/coins/btc) growing energy problem?

The process of mining Bitcoin has resulted in a growing energy problem. This has turned it into a topic of heavy debate over the past few years.

Bitcoin mining is becoming more and more controversial because of its highly energy-hungry process by design. The cryptocurrency requires enormous hash calculations to process financial transactions without intermediaries. The primary impetus for each of these calculations is electricity. This article will discuss Bitcoin server mining, its growing energy problem, and why it has become a point of concern for the globe. 

## What is Bitcoin Server Mining?

Bitcoin server mining is creating new Bitcoins by solving complicated math problems. It consists of computing systems with specialised chips competing to solve mathematical puzzles. The mining process verifies transactions on the cryptocurrency's network and makes them reliable. When you successfully mine a Bitcoin, you will receive a predetermined number of Bitcoins.

## How Much Energy is Consumed?

Bitcoin's estimated energy consumption shot up from an annual rate of 6.6 terawatt-hours in 2017 to 138 terawatt-hours in early 2022. That's more energy than the annual consumption of countries like Sweden, Norway, and Malaysia.

## Why Does Mining for Bitcoin Use So Much Energy?

Bitcoin mining consumes a lot of energy to help computers solve complex mathematical problems to verify transactions. The intricacy of the calculations increases as the number of Bitcoin miners grows, forcing them to invest in even more powerful machines and more giant server farms for competitive advantage.

However, the Bitcoin proponents say the cryptocurrency still only uses a minute proportion of global electricity consumption – less than what's required to power the world's Christmas lights.

## Are We Trying to Reduce the Carbon Footprint?

As the debate over Bitcoin's growing energy problem raised climate concerns, many miners worldwide have been trying to embrace green energy in mining. The strategies miners should use to reduce carbon footprint include:

•	Improving mining processes
•	Cleaning up electricity supply
•	Shifting to renewable sources
•	Optimizing transportation
•	Reducing waste

## Are Bitcoin's Emissions Dropping?

While notable personalities like Elon Musk, Michael Saylor, and Jack Dorsey exhort the industry to fuel-switch green energy, there has been a surprise increase in global carbon emissions. According to one of the leading energy journals, [Elsevier's Joule](https://www.journals.elsevier.com/joule/recent-articles), the share of renewables in the overall energy mining dropped from 42% in 2020 to 25% in August 2021. Likewise, the carbon footprint from generating electricity grew by 17% between 2020 and 2021.

## Has the Climate Concern Impacted the Crypto Markets?

Yes, it has. Elon Musk, the chief executive of Tesla, said in February 2021 that the company had invested $1.5 billion in Bitcoin. He added that it would accept the cryptocurrency as a payment method for its products. This move made the digital currency more popular with investors. However, Musk later that year announced a stunning turnabout that Tesla had suspended vehicle purchases using Bitcoin due to its climate change concerns. The decision provoked a sell-off in Bitcoin that affected many other cryptocurrencies.

## What is the Most Efficient Bitcoin Miner?

The widely considered best Bitcoin miner is Antminer S19, followed by WhatsMiner M30S+ and AvalonMiner 1246. This mining hardware varies in power consumption, hash rate rating, and price. You can use profitability calculators with mining pools to find the best one for you.

## What Does the Future Hold?

Bitcoin's critics say the energy-hungry "proof of work" (PoW) system used on its blockchain was never designed to hold up what's now a trillion-dollar asset. This debate gave the backers of rival cryptocurrencies a chance to seize on Bitcoin's growing energy problem as an argument to shift to lower-power alternatives. Ethereum is widely expected to switch from energy-consuming PoW to "proof of stake" (PoS) by 2022. This will slash its estimated energy consumption by about 99%. Like Cardano and Solana, many newer blockchains also use variations of "proof of stake" as an alternative process that takes up less electricity.

The bright side is that Bitcoin's development community is experimenting with solutions to improve its energy efficiency, which may alleviate the climate concern. What the future holds for Bitcoin server mining and investors is still unknown. However, it remains the world's dominant cryptocurrency despite many challenges.


Bitcoin's Growing Energy Problem - All Revealed

[Bitcoin's](/coins/btc) price rose above $30,613, increasing by 5.62% in the last 24 hours. [Ethereum's](/coins/eth) price also rose by 7.02% to $1,902 in the same time frame.  

The [Bitcoin (BTC) price](https://coinmarketcap.com/currencies/bitcoin/) remained far above the $28,500 support zone and began a new upward trend over the $29,200 resistance mark. As of writing, the price has surpassed $30,600 and has increased by more than 5% in a single day. 

Similarly, the price of Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, is back over the $1,850 resistance level and is up 6% in a day.

BTC and ETH were not along in experiencing 24 hours of notable value rises on the cryptocurrency markets.
Ripple (XRP), which is another major altcoin, was aiming for an upward break over $0.40. ADA gained 12% and broke through the $0.50 resistance level. 

## Bitcoin Price Rises

The Bitcoin price began to rise steadily after establishing a solid base at $28,500. BTC surpassed $30,000 and entered the positive zone. The next significant resistance level is at $30,500. A clear move above $30,500 may signal the start of a more rapid rise. It might rise to $32,000 in this case. On the downside, $29,500 provides immediate support. The major weekly support is at $28,500. 

## Ethereum Price Update

Ethereum's price stayed firmly over $1,700 and began a steady rise above the $1,850 resistance zone. On the flipside, immediate resistance is found at $1,920. The next significant barrier is at $1,950, over which the price might break $2,000 for the first time in months. If there is a downward correction, the market may find offers, around $1,820. The next big support is at $1,750. 

A co-founder of a cryptocurrency exchange stated that Bitcoin remains stable. Although, reaching its ultimate strength will take time, experts have observed.

Over the previous 24 hours, the overall cryptocurrency market volume has climbed by 4.74% to $53.47 billion.
Keep following Latest Moni from Moni Talks for the latest cryptocurrency price rise news, breaking market stories and blockchain insight.


Bitcoin Price and Ethereum Price See 24hr Rise

The [BTC](/coins/btc) price is now trading at $28K, indicating that it is highly oversold, as evidenced by RSI levels around 30%.

Indeed, the RSI has hit levels not seen since the May 2021 crisis. The price may have a positive retracement and retest the broken $30K barrier in the immediate term. However, it is also feasible that it will continue to fall towards $24K and $20K, which might eventually indicate a mid-term bottom. 

The 50-day and 100-day moving averages also form a bearish crossing, which might increase the likelihood of lower prices sooner rather than later. BTC price has broken below the huge bearish flag that has been building over the previous few months, indicating a negative continuation scenario. 
 
The downtrend is presently displaying symptoms of fatigue, with the past few candles closing with large wicks to the downward. The RSI is also attempting to break above the oversold area, implying a short-term positive pullback to the previously breached $30K barrier. However, the bears have total control, and a collapse below the $24K level remains likely. 

The futures market undoubtedly had an influential role in this collapse, since Bitcoin's open interest was unusually high even as the price fell from $48K to $37K in April. This gradual decline in open interest during a 20% drop indicated that many stop losses and liquidation targets of long positions were located below the $37K, $33K, and $28K support levels.  

However, the open interest is still significantly greater than in May 2021 following the drop from the $64K ATH, indicating that the futures market is still hot, despite the current decline. Because high open interest results in significant volatility, this might be taken as a negative indication. Rising inflation, geopolitical events, and concerns about the Fed tightening monetary policy have all contributed to heightened market volatility. 

The Fed raised interest rates on Wednesday - the first time in more than 20 years - signalling that future rate hikes are likely and that the balance sheet runoff will begin in June. Some analysts believe [TerraUSD (UST)](https://coinmarketcap.com/currencies/terrausd/), one of the most popular stable currencies, also contributed to Bitcoin's fall this week. UST is supposed to be tethered to the dollar, but it plummeted to 29 cents this week and crashed in a simulated bank run as investors panicked and sold out their tokens. 

Since December 25, 2021, the BTC price has not risen beyond $50,000. Despite the problems, Bitcoin has remained above its January low of less than $34,000, which was the lowest in the preceding six months. BTC price dropped by 40% since its all-time high above $68,000 on November 10, owing to rising inflation, a sluggish job market recovery, and the Fed's continuous signs that it will begin winding down the measures to assist the economy.

Despite a poor start to the year, Bitcoin entered 2021 on a high note, thanks to a robust November and early December that gave way to the recent downward trend. After beginning 2021 around the $30,000 level, Bitcoin rose throughout the year, reaching its current all-time high of $68,000 on November 10.  

Despite decreasing dramatically from its most recent all-time high, many analysts believe BTC price will eventually surge beyond $100,000, describing it as a matter of when, not if.

Bitcoin reached its first high in 2021 when it surpassed $60,000 in April. Since then, the price fluctuation has highlighted the cryptocurrency's unpredictability when more individuals are eager to participate. Bitcoin bounced dramatically up and down in the weeks between a July low that brought it below $30,000 and its most recent peak in November. 

## Analysts’ Views of BTC Price

According to a crypto specialist, price fluctuations are expected for individuals who invest in crypto for the long term. Big drops are not a cause for concern, and he avoids reviewing his stocks during dangerous market falls.

Humphrey Yang's set it and forget it attitude to cryptocurrencies mirrors his approach to traditional stock market trading. Still, other experts believe Bitcoin is too distinct from traditional assets to draw historical similarities.  

Recent price fluctuations have been accompanied by rising inflation, persistent uncertainty over the country's protracted battle with COVID-19, and new regulatory steps by the United States government, notably Biden's recent executive order.
 
## Cryptocurrency Crime and Tax Evasion 

A few main themes have developed about new cryptocurrency regulation in the US: preventing cryptocurrency crime and tax fraud, ensuring stable coin regulation, and the possibility for investment vehicles like crypto ETFs and other funds.
The decentralised nature of digital currencies is a significant appeal for many crypto aficionados. However, regulatory guidelines can assist in protecting investors.  

One proposal would broaden the definition of a brokerage to include firms that support digital asset trading, such as cryptocurrency exchanges. This type of move would imply higher tax reporting duty to assist the IRS in tracking crypto tax evasion. 

Companies that facilitate crypto trades would be compelled to provide tax information about such exchanges to the IRS, beginning with the 2024 tax season, under a proposed new rule being examined by legislators.  

Furthermore, Gensler has spoken about the necessity for increased legislation to help avoid future ransomware attacks. 

## Stable Coin Regulation 

Stable coins are most utilised by sophisticated traders to decrease costs on crypto-to-crypto exchanges, but the Biden administration analysis suggests that stable coins may become a more general digital payment system. Because cryptocurrency is still in its infancy as an asset class, any new regulations may influence investors' portfolios.

According to Gensler, unscrupulous actors may be able to dodge public policy measures and other punishments targeted at preventing money laundering or guaranteeing tax compliance by avoiding the use of US dollars in direct crypto-to-crypto exchanges. 

## Cryptocurrency ETFs 

Cryptocurrencies ETFs are not now accessible in the US, but they may provide a future method for investors to invest in cryptocurrency without buying directly from an exchange. "There's not a method to acquire an asset that closely tracks the price of a certain cryptocurrency until an ETF is approved," explains Jeremy Schneider. That implies that the only method for investors to do so is to purchase coins directly from an exchange. If you are interested in cryptocurrency, these funds, like a traditional ETF or index fund, may help you diversify your assets among multiple coins. 

## Biden's Executive Order  

President Joe Biden has authorised federal agencies to establish a plan for laws and regulations on digital assets such as bitcoin with the signing of a new executive order on cryptocurrency. 

According to experts, the decision will assist in creating the regulatory clarity needed for significant institutional adoption of Bitcoin and other digital assets. Long-term investors may benefit from more stability in the usually turbulent crypto sector. After an early burst that saw the price of Bitcoin rise, it quickly dropped again. 

Biden's directive also directs US authorities to ensure that the country's cryptocurrency regulations are consistent with US allies. It charges the Financial Stability Oversight Council to investigate any illegal financial issues. Furthermore, the law underlines the significance of a new central bank digital currency issued by the government. Biden's executive order is a timely reminder that US politicians are closely monitoring Bitcoin and how it may impact financial markets in the future. This should not persuade crypto investors to make quick adjustments to their long-term investment strategy.

Experts advise sticking to the most established cryptocurrencies, Bitcoin and Ethereum, and investing just what you are willing to lose or no more than 5% of your overall portfolio. Budget essentials such as emergency preparedness, debt repayment, and retirement savings should take precedence over Bitcoin investments. Regarding where to purchase and sell cryptocurrencies, stick with a well-known, high-volume cryptocurrency exchange. 

## China’s Ban on Financial Institutions from Cryptocurrency Business 

China has prohibited financial institutions and payment businesses from offering cryptocurrency transaction services and has advised investors against speculative crypto trading.

According to a blockchain analysis business, a combination of factors has contributed to the recent sell-off, in which new short-term investors dumping their holdings in response to the latest decline may be adding to the reduction in Bitcoin's value. However, the stock and cryptocurrency markets have historically gained despite greater volatility and this is expected to continue. As a precaution, experts urge investors to keep investments small to handle volatility. 

To conclude, if Bitcoin survives as a digital asset class, which it may, it will be seen as a high-risk asset class. As a result, it might see a significant gain in value in the future or go the other way and become worthless. Therefore, it remains to be seen if Bitcoin is indeed the future “world money".


BTC Price: Bitcoin Update

This article addresses how to calculate the conversion of BTC into GBP. Before we start, it's important to understand what bitcoin really is.

[Bitcoin](/coins/btc) is a decentralised online cryptocurrency that can be sent from user to user on a peer-to-peer network without intermediaries.

The cryptocurrency is also called "digital gold" due to its high value, which no government or bank can manipulate. It is increasing in popularity as a payment method because it offers a more efficient and cheaper way to do business.

After hitting an extortionate value, Bitcoin is losing some of its value today. As the value changes, many people are concerned about the loss. To understand how much you can potentially lose or gain, you need to determine the fluctuation for each day. Let's look at how to calculate BTC to GBP daily.

## BTC to GBP: Calculate the Value Daily

The [value of Bitcoin changes every day,](https://coinmarketcap.com/) so there's no straightforward formula to work out the price of 1 BTC in GBP. So, let's keep the following as a rough guide for better understanding.

First, you need to find the number of Bitcoins currently in circulation. You can visit any reputable cryptocurrency app or website that tracks data on it.

Next, find the exchange rate for today. You can use a converter, easily found online, to find a reasonable estimate for the current exchange rate. But remember, the price of 1 BTC depends on its value relative to other cryptocurrencies.

For a rough idea of what one bitcoin worth is in pounds sterling today, consider doing the following formula:

1 BTC = (Current value of 1 BTC in GBP / The exchange rate from that day’s date) 0.000033 * 30,362.43 = 1.00196019 GBP
This method can give you a rough estimation of what one BTC is worth in GBP in today’s money terms. But since the price changes every day, the value of 1 BTC to GBP will also change.

The best thing about cryptocurrency is that it's backed by mathematical proof instead of any authority. The digital currency is immune to political influence as it's not subject to government control or inflation.

## How to Calculate the BTC to GBP Exchange Rate?

The BTC to GBP exchange rate is the rate at which Bitcoin will be exchanged for the British pound on a specific date or time. As no central banks control the cryptocurrency market, calculating an exchange rate for this system can be challenging. Use the formula mentioned above to calculate the current price of one BTC to GBP.

1 BTC = 1.00196019 GBP

## Conclusion

As cryptocurrency is becoming more and more relevant in today's technological revolution, it has become most important to understand the conversion of Bitcoin into GBP. The value of Bitcoin fluctuates each day, so you need to check the value daily to determine how much Bitcoin is worth in GBP today.
 
 
 
 



BTC to GBP: 1 Bitcoin to British Pound Sterling

This week we watched as the [Bitcoin](/coins/btc) price [crashed to its lowest level in almost a year](https://www.cbsnews.com/news/bitcoin-price-down-high-cryptocurrency/), infamously going along with the stock market plunge.

This, however, isn't unexpected and can be attributed to the Federal Reserve's tightening its grip on the overall economy. Last week, Fed Chairman Jerome Powell stated the central bank accepted a half-percentage-point interest rate rise in an attempt to restrain inflation that reached its record heights in the last 40 years.

Constant rising inflation, paired with a heavy growth of the interest rates, creates one of the most significant short-term dangers for the American economy. The Fed also cautioned that the Russia-Ukraine conflict could represent a dangerous threat to the country's financial stability.

The central bank said that more 'adverse surprises' in interest rates and inflation could affect the financial system negatively, especially if they are accompanied by economic activity declining.

The rest of the algorithm is pretty clear - as the Fed raises rates, the U.S. Dollar Index became the strongest in the last 20 years.

The Crypto community is not happy with the Fed's supremacy over the digital currency markets. Bitcoin's price crashed by 17% in April - the worst monthly performance this year. The biggest cryptocurrency by its market cap completed six consecutive red weekly candles, a phenomenon that hasn't happened since 2014.

However, solace of a kind is found in the fact that crypto prices are following equities, especially tech stocks. This means that the fall isn't the direct result of investors not believing in crypto. Still, it shows that Bitcoin is still not considered a hedge against inflation.

## Fears of Crypto Winter

Analysts argue about what could happen next. Some are afraid of repeating the crypto winter 2018, while others claim the crypto sector is in a better condition now than it was four years ago.

Still, the geopolitical situation is far from ideal. Last year was marked by a COVID pandemic that boosted virtual finance and resulted in altcoins jumping more than 5,000%. This year, we are witnessing an exodus from the crypto market.

At the time of writing, Bitcoin was trading at more than 40% lower than its all-time high. It won't be easy to HODL and many will be tempted to sell. 

However, to sell a loss, you're limiting yourself from profiting.

The Fed may be a big deal, but it isn't the only regulator of the digital currency market. The whole sector is still in diapers and we're still waiting for it to be regulated.

## Crypto Not Losing Its Grip

Be that as it may, we doubt the crypto market will lose its grip. However, some investors may reallocate from Bitcoin or gold to the dollar in the short term. Still, it is believed that Bitcoin will still be guided mainly by basic factors, such as an increase in users and network usage.

On the other hand, Bitcoin bulls will most probably take advantage of the Fed's move and, almost regardless of price, buy the dip.



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BTC Price: Bitcoin Update

BTC to GBP: 1 Bitcoin to British Pound Sterling

Bitcoin Price Crash After Fed Raises Rates

Dash or Litecoin? Crypto Comparison

How to Buy Altcoins

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