The leading crypto Bitcoin (BTC) has the largest share in the nearly $2 trillion cryptocurrency market, but only dominates 40% of the market. So a significant portion of the volume comes from altcoin projects. In this article, let’s list the most popular Bitcoin alternatives from the list of analyst Abhinav Mishra.
Bitcoin isn’t the only crypto you can invest in
Ethereum (ETH) is one of the top cryptocurrencies when it comes to trading volume. Ethereum investors are waiting for the upgrade called “merge” or Ethereum 2.0, which will migrate the blockchain from PoW to PoS. Thus, it will provide the system with faster transaction speeds, energy efficiency and cheaper operations.
XRP, created by Ripple Labs, which aims to strengthen the global payment network, is used in financial transactions. leading the creation of DeFi infrastructures, helping to reduce the role of third parties. XRP investors are optimistic about the price of this leading altcoin as it continues to bring value to Blockchain development, especially if the SEC case is settled positively.
Next is Solana (LEFT). The Solana network is known for its high speed and low fees, which uses a combination of PoS consensus mechanism and proof of history to verify the time and order of transactions. It has increased by more than 200% since last year and far outperformed Bitcoin and Ethereum.
These altcoin projects challenge Ethereum
Terra (LUNA), an open source stablecoin network that provides greater stability to payments. TerraUSD (UST), the stablecoin backed by Terra, is currently the third largest stablecoin in the market, with a valuation of $17.5 billion. LUNA is up nearly 600% from last year and has a market cap of $34 billion.
Another ETH competitor, Cardano, has increased its Blockchain activities and is preparing to build more than 400 projects. Cardano uses PoS and Ouroboros protocols that enable the platform to grow sustainably with minimal energy use. The platform’s native token can stake with ADA.
Avalanche (AVAX) is a popular smart contracts platform that has achieved rapid adoption. Despite being relatively new, Avalanche is one of the most traded altcoins with a market cap of $21 billion. Its current price is about $77 and it has increased almost 200% over the last year.
Dogecoin was created in 2013 as a “meme coin”. As Cryptokoin.com, Tesla CEO Elon Musk supported DOGE through various tweets and contributed to its popularity. Dogecoin is among the most traded altcoins with a market cap of over $18 billion. Among his advisors is Ethereum founder Vitalik Buterin.
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