Thousands of Cryptocurrencies have been created since the introduction of Bitcoin in 2009. While some have succeeded in creating a place for themselves in the crypto market, none has been able to match the popularity of Bitcoin. For most people cryptocurrency means prediction of bitcoin. However, several cryptocurrencies have been performing rather well in the last few years and have been able to create a distinctive space for themselves in the crypto arena, despite the looming presence of Bitcoin.
Different cryptocurrencies are now easily available on the various crypto exchanges, brokerages, and crypto trading apps. Bitcoin Era has helped investors and traders to build a strong crypto portfolio that includes a wide range of coins. Even during the lockdown, there were multiple varieties of Altcoin that ruled the market, and several Altcoins became popular with very good market returns.
2 reasons for the increasing acceptance of altcoins
Though Bitcoin continues to forge ahead in the cryptoverse with its price hovering over $30,000 and a market cap of around $580 billion, there has been a phenomenal increase in the trading activity of several altcoins too. The success of these altcoins can be attributed to the following 2 reasons:
- They include enhanced features and applications that make them more user-friendly and functional
- Bitcoin is highly volatile and so are most cryptocurrencies. Investing in several cryptocurrencies enables the investor to mitigate the risk factor associated with these coins.
Top performing altcoins
- Ethereum (ETH)
Ethereum has been able to prove to be the strongest contender to Bitcoin since its launch in 2015. Like Bitcoin, Ethereum also is decentralized and backed by blockchain technology but unlike Bitcoin, Ethereum’s functions include much more than trading of its native currency ETH. It is an open-ended platform with its programming language that allows developers to design decentralized apps (dApps) and execute smart contracts without intervention from a third party.
Ethereum’s value is in the vicinity of $2000 with a market cap of over $250 billion.
- Tether (USDT)
Tether is the strongest performing stablecoin. A stablecoinis a cryptocurrency whose value is linked to the value of a currency, commodity, or any other financial asset. This is done to counter the volatility that is otherwise highly prevalent among cryptocurrencies. Tether is linked to the U.S dollar and is valued at $1 per coin.Just after its creation, it has seen a steady overall growth and it is going to rule the market even in the next few years. It also has a cryptocurrency that is pegged to the price of gold and is called tether gold.
Tether’s market cap is expected to reach $80 billion in the near future.
- Binance Coin (BNB)
Binance Exchange is the largest crypto exchange in the world today. BNB or the Binance coin is the token that the exchange uses. Binancewas introduced in 2017 to considerably decrease trading fees and was originally based on the Ethereum blockchain. Now, BNB is exclusively used as a token for the Binance network and has included added functions like online services, financial services, and booking for travel among others.
Binance coin is valued at $ 300 with a market cap of $50 billion.
- USD Coin (USDC)
USDC is an ERC-20 token that functions on several blockchains including Ethereum. It is a new stablecointhat is backed by the U.S dollar. It facilitatesthe movement of the dollar across the globe in no time.
Its market cap is estimated to be $50 billion.
- XRP (XRP)
Ripple enables money transfers for financial service industries and the cryptocurrency it uses is XRP. Its fast transaction speed, low fees, and ability to use other cryptocurrencies other than XRP on its network have made Ripple a firm favorite among large financial enterprises.
It has a market cap of over $20 billion.
Other notable cryptocurrencies are:
- Binance USD
The trading and investment options in the crypto market are unlimited. It is for you to decide based on your requirements and preferences, which altcoin you feel offers the most exciting investment opportunity. There are a host of digital currencies in the market now, and some like the Cardano, Avalanche, Shiba Inu and XRP are really ruling the market and you can consult with some of the most certified and experienced professionals in this matter.