Bitcoin is the most popular cryptocurrency on the market. However, it is by no means the only investment option. In fact, depending on your trading style and money, Bitcoin may not be the best choice. Interested in investing in cryptocurrencies but looking for an alternative to Bitcoin? Analysts have identified eight alternative cryptocurrencies to Bitcoin, including Cardano.
ETH, Cardano, XRP, Solana, DOGE, BNB, Algorand, SHIB and Uniswap
Ethereum (ETH)
Ethereum is the number one alternative to Bitcoin. It is also second only to Bitcoin in terms of market cap. Thanks to the growing popularity of the DeFi and NFT sectors, Ethereum has seen record highs over the past few years. The growing popularity and growth of DeFi is another bullish catalyst for Ethereum.
Ethereum is an open-source operating system and computing platform that aims to implement a globally decentralized, digital computer to execute peer-to-peer contracts. Ether (ETH) is the fuel of the Ethereum network. A utility token required to run applications or process transactions on the blockchain. ETH is among the top 3 cryptocurrencies with a lethal advantage.
Experts say that it is best to buy ETH to multiply your money in the future. “PoS eliminates mining-related costs such as electricity and hardware costs,” said Daniel Polotsky, CEO and founder of CoinFlip. This means that miners will sell less ETH. Instead, as this ETH will be staked, its value will increase even more,” he says.
Cardano (ADA)
Cardano is one of the most trending and fastest growing crypto platforms on the market. The altcoin stands out from its competitors due to its unique Ouroboros Proof-of-Stake protocol that makes it an environmentally friendly asset. Cardano is a third-generation blockchain that aims to solve the scalability issues faced by Ethereum and Bitcoin. It started from scratch instead of layering solutions on top of existing technology. Thus, he created a completely new and advanced Blockchain.
Bitcoin has a very energy-intensive PoW mechanism. It requires miners to use powerful computers to solve complex mathematical equations. This huge energy consumption has caused heavy criticism in the crypto space lately. Meanwhile, Cardano founder Hoskinson says the network is ‘1.6 million times more energy efficient’ than Bitcoin. This sustainable nature of the token has led a large number of investors to buy Cardano recently. Thus, it increased its value and price. Looking forward, experts predict that Cardano price has the potential to surpass Ethereum. Hoskinson has high expectations for the token.
Ripple (XRP)
There is no doubt that Ripple is one of the leading cryptocurrencies besides Bitcoin. Experts believe that investing in Ripple now will pay off in the future. XRP is the native token for Ripple, a payment platform that makes international money transfers faster, cheaper and easier. The Ripple Blockchain network facilitates platform-free international transfers. Therefore, it attracts many investors. International money transfers with a traditional bank usually take up to 10 business days. Ripple provides transactions in a matter of seconds.
XRP serves a fundamental purpose in the Ripple Ecosystem. This token is a digital asset that facilitates the use of network tools. In this way, XRP functions as a utility token. Ripple also has partnership agreements with major banks around the world. The more contracts they sign, the more accessible XRP becomes to investors. Despite the ongoing lawsuit with the US Securities and Exchange Commission (SEC), Ripple currently holds the upper hand. Some speculators predict that Ripple could reach $25 by 2023.
Left (LEFT)
Solana is quickly making a buzz in the crypto world for all the right reasons. Altcoin is a unique crypto, described as “a fast, secure and censorship-resistant Blockchain that provides the open infrastructure needed for global adoption.”
It is growing in popularity among traders and investors. Crypto analysts predict that Solana will explode by the end of 2023. There are several reasons and technical updates that support this prediction. First, Solana has quickly positioned itself among one of the best performing cryptos in the market. Second, Solana is an open-source project that leverages blockchain technology to provide decentralized finance solutions. And finally, with its low cost and faster transactions, SOL is possible to replace Ethereum Blockchain in dApp development.
Dogecoin (DOGE)
Another of the first cryptocurrencies to follow Bitcoin. Dogecoin is a first-generation cryptocurrency that can be used to securely transfer value globally. Like Bitcoin and Litecoin, the purpose of this crypto is to allow peer-to-peer transactions to occur in a censorship-proof manner. Recently, Dogecoin has gained significant media coverage due to its notable price spikes.
Binance Coin (BNB)
If you are looking for other important cryptocurrencies besides Bitcoin, BNB is a good choice. Binance Coin (BNB) is the cryptocurrency of the popular Binance exchange. Specifically, Binance is by far the largest crypto exchange in the world. Binance is currently the largest cryptocurrency exchange supporting over 1.4 million transactions per second (TPS). BNB has two main functions. First, it works as a discount token to pay trading fees on the exchange. Second, it feeds the Binance Smart Chain (BSC).
Algorand (ALGO)
With its solid foundations, Algorand is a good investment option. Algorand is a Pure PoS Blockchain platform that uses algorithmic randomness to solve the Blockchain triad. Unlike most Blockchain projects, Algorand requires minimal computation. Also, since it is a public blockchain platform, it is possible for developers to build decentralized applications (dApps) on top of it. The name Algorand is derived from Algorithmic Random (Algo and Rand). Protocol, Bitcoin, Ethereum, etc. It aims to address the inefficiencies of ledgers that are at the core of every Blockchain project, including
Shiba Inu (SHIB)
Shiba Inu (SHIB) is a new meme token that captures the interests of the blockchain investment community. Many see this token as a replica of Dogecoin, as both are inspired by the famous Shiba Inu dog breed. However, the Shiba Inu provides users with greater earning potential. The main goal behind the project is to create an ERC-20 token and ecosystem that is priced so low that anyone can own millions. As such, the creators deliberately released SHIB coins that were priced well below a penny. The strategy is to make the token profitable by hitting just $0.01.
Uniswap (UNI)
The Uniswap idea is very interesting. A decentralized exchange running on the Ethereum Blockchain that allows anyone to list and trade any cryptocurrency. Founded in 2018 alone, Uniswap’s price has skyrocketed. In March 2021, Uniswap finally broke into the top 10 by market cap. It stands at eighteenth place according to CoinMarketCap at the time of writing. A huge success for such a little-known cryptocurrency.
This article, which we prepared as Kriptokoin.com, is not a trade or investment advice. Before buying any cryptocurrency or investing in any project, be sure to do your research.
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