Since its inception in 2009, Bitcoin has surpassed rival cryptocurrencies in popularity. Its impact has resulted in the birth of several altcoins whose trends, value, and worth have been influenced by its reign. The coinmarketcap.com website had only 15 coins listed on May 26th, 2013. Currently, the market capitalization is $1,548,982,054. According to Forbes, 2013 was the "year of Bitcoin." Bitcoin captured the attention of many investors, with the price of the currency reaching $1,242 per coin and the price of gold plummeting to a session low of $1,240 per ounce.

Its worth skyrocketed, and it started making the rounds at discussion tables, online forums, and seminars. This rapid evolution led to widely divergent perspectives on cryptocurrencies, which saw them as a scam on the one hand and as profitable and appealing on the other. In fact, both views are equally convincing. As a result of the significant volatility of the cryptocurrency markets, there were wild fluctuations in value and opinion.

The evolution of cryptocurrencies began in 2009 with Bitcoin, introducing a decentralised, peer-to-peer digital cash system. This first generation established blockchain’s core principles. The subsequent era, pioneered by Ethereum around 2015, introduced programmable "smart contracts," enabling decentralised applications (dApps) and transformative decentralised finance (DeFi).

Today, the landscape is defined by third-generation projects focused on overcoming early limitations like scalability and energy consumption. Evolution continues with the rise of Central Bank Digital Currencies (CBDCs) and the exploration of new consensus mechanisms, signalling a maturation from niche digital cash to a broad, institutional asset class and technological foundation.