If you want to be successful, you need to stay updated with the world’s latest trends. With new technologies being introduced in the market, trends change quickly, and you also need to change with that. Nowadays, the latest trend is a cryptocurrency, and bitcoin is the king of cryptocurrency.
Everyone knows about bitcoin, but there are several other digital currencies which has great scope in the future, and if you invest in them, you can enjoy some advantage over other investors. First and foremost, you need to learn about different digital currencies other than bitcoin. So, some of the most popular cryptocurrencies in the market are mentioned in the following paragraph.
If we talk about the top alternatives of bitcoin, Ethereum will surely top the list. It is a software platform, also known as ETH. It mainly focuses on providing Decentralized applications and Smart contracts to the users and ensures that they run with minimum downtime, fraud, and zero involvement of any intermediary.
It is an open-source software platform based on blockchain technology. It is also used as a programming language by several developers to publish and create distributed applications and a software platform. Along with it, it also has its unique cryptocurrency known as Ether.
People mainly use it to develop applications and as a platform to buy other cryptocurrencies. It was introduced in 2015, and if we talk about the market cap, it is the second-biggest cryptocurrency in the market after bitcoin. However, the difference between the market value of Ether and bitcoin is massive. Later Ethereum was divided into two parts Ethereum Classic (ETC) and Ethereum (ETH).
Another immensely popular cryptocurrency is Ripple (XRP), and it was launched in 2012. It is a real-time payment network user for making an international settlement at cheaper transaction costs. Banks and financial institutions mainly use it to make international payments with great transparency, smoothness, and affordability.
Unlike bitcoin, there is no mining requirement with Ripple as it has its unique method of confirmation known as Consensus Ledger. All the Ripple tokens were mined before its launching, so now XRP is only launched and removed from the market.
One such feature makes Ripple stand out in the market and makes it different from other cryptocurrencies. With no requirement of mining, power usage and network latency are also reduced to a great extent. If we talk about cross-border payments, Ripple is one of the most successful cryptocurrencies facilitating it. Moreover, it has the third-largest market capital among all other cryptocurrencies in the world.
There are several digital currencies in the market, but one of the most hyped and the interesting currency is Libra. It was supposed to be launched in January 2020, but people are still waiting for it to be launched. It has made it to this list because of the hype it created in the market, making it one of the hot topics in the market. In 2018, some rumors were floating in the market that Facebook planned to launch its own cryptocurrency.
The rumors were confirmed when Facebook announced that it is launching its digital currency, and it is named Libra. The launch date has been shifted to late 2020, but it had no impact on its popularity. Libra has excellent hype in the market, and whenever it gets launched, it would surely give tough competition to top cryptocurrencies such as Bitcoin.
If you are interested in the cryptocurrency world, you must have heard about Litecoin. It is one of the most popular digital currencies and is giving tough competition to bitcoin. It was launched back in 2011 and was one of the first cryptocurrencies touching the market after Bitcoin. It was founded by Charlie Lee, who is a former Google Engineer and has graduated from MIT. Litecoin is a payment network that focuses on providing users with a decentralized global payment system. It is not controlled by any institution or authority and is quite similar to bitcoin.
Litecoin is highly identical to bitcoin, but it offers way faster block generation speed, which increases the transaction confirmation time. Several merchants have accepted Litecoin and are using it as a common medium of exchange. If we talk about the market capital of Litecoin, it is around $3 billion, which makes it the sixth-largest and most successful cryptocurrency in the market. You can visit bitcoinbillionaire to gain more information about cryptocurrencies.
Monero, also known as XMR, is a private digital currency that offers great security and anonymity to its users. It is an open-source virtual currency that was launched in April 2014. Soon after its launch, it gained great popularity among cryptocurrency investors and traders. Monero is mainly popular for the high level of privacy it provides to the users. It offers a unique feature known as ‘Ring Signature’ and ensures users’ privacy, and increases safety.
Despite some outstanding features, Monero has a poor reputation in the market as it is believed that it is mostly used for criminal operations and purposes. But if we ignore it for good or bad purposes, it is irrefutable that it is one of the most technologically advanced cryptocurrencies in the market. According to the recent reports, the total market cap of Monero is around $999 million, with $57.16 of per-token value.
Tether got famous as it aimed to peg their value to any other currency, which allows them to lower the volatility to some extent. Most of the cryptocurrencies are volatile, so Tether focuses on reducing the volatility and offer people a cryptocurrency with better stability. Tether is a stable coin that tried to minimize the price fluctuations, which was the primary reason people got attracted to it. It was introduced in 2014 and is a platform based on blockchain used to make fiat currency transactions digitally.