What are the two largest cryptocurrencies by market capitalization?

Among the 18,000-plus cryptocurrencies in existence, Bitcoin and Ethereum are the two largest cryptocurrencies by market capitalization. Bitcoin, the original and largest cryptocurrency, was developed in 2009 as an alternative monetary asset. It was meant to be an alternative to the U.S. dollar and other fiat currencies.

Why is crypto so popular in Asia?

The reason is simple: Crypto’s promise of financial democratization has a strong appeal in countries where large segments of the population lack access to certain banking services. It is not a coincidence that Asia’s two largest developing countries, China and India, have cracked down hard on crypto while emerging Southeast Asia has not.

How many cryptocurrencies are there?

Sources report that there are over 6,700 cryptocurrencies traded publicly. Such currencies continue to abound on the market, raising funds through initial coin offerings (ICOs).

Can cryptocurrencies boost financial inclusion in Southeast Asia?

Crypto could thus ultimately help to boost financial inclusion in some of Southeast Asia’s most important emerging economies. Vietnam has been slow to adopt crypto regulations, though it allows its citizens to hold virtual assets. It does not recognize cryptocurrencies as legal tender. In this legal gray area, crypto has found space to thrive.