New cryptocurrency soars to $45bn market value in one day

clock • 1 min read
New cryptocurrency soars to $45bn market value in one day
A digital token launched on May 10 called ‘Internet Computer' is already one of the largest cryptocurrencies in the world, with a market value of about $45bn, according to CoinMarketCap.com data.
That places it eighth in the company's rankings, Bloomberg news agency reported from New York.
The token and its related digital ledger are supposed to help anyone - software developers or content creators - publish anything they want onto the internet, without having to go through digital giants such as Amazon.com or Facebook, or to use servers or commercial cloud services.
The coin's underlying network uses smart contracts, or software programmes that execute tasks, competing with such rivals as ethereum.
It's joining many other coins and related networks - polkadot, binance coin among them - trying to steal ethereum's thunder, Bloomberg said.
The total market value of all cryptocurrencies now stands at $2.48trn, up from less than $1trn at the beginning of the year.