Previously, everything except Bitcoin (BTC) was considered an altcoin. The world of crypto assets today is much broader. There is a wide variety of coins with use cases that go far beyond a “trade” environment. From time to time, publications and people share lists in which they comment on the “best cryptocurrencies”. In this article, we will share the top 10 altcoin projects selected by Forbes. Here are the details…
In first place is Ethereum, the leading altcoin
Of the $1 trillion that represents the total market capitalization of over 20,000 cryptoassets available today, nearly $200 billion is held in Ethereum, the largest altcoin in the market. Unlike Bitcoin, which qualifies as a “decentralized currency,” think of Ethereum as a distributed computing network where users can use Blockchain to run decentralized applications (dApps) and host smart contracts. “BTC is a store of value, while ETH is a decentralized playground for developers to determine the future in Blockchain technology,” said Walker Holmes, vice president of Metaverse platform MetaTope.
Binance’s altcoin project Binance Coin ranks second on the list
Binance Coin is a utility token that can be used to pay trading fees and perform discount trades on the Binance exchange. You can even use BNB outside of the Binance crypto exchange for payment transactions such as booking travel arrangements. Critics say BNB is not as decentralized as other altcoins. Another risk is the reported US Securities and Exchange Commission (SEC) investigation into whether Binance should register BNB as a security at the time of the initial coin offering.
Facing the SEC, Ripple (XRP) ranks third
XRP can be used to facilitate the exchange of different types of currencies with digital technology and payment processing company Ripple Labs. Although this altcoin has extremely low transaction fees, critics say it faces legal challenges. As we reported on Kriptokoin.com, in recent years Ripple and its two executives have been involved in an SEC lawsuit alleging that they should register XRP as a security. The company says that XRP is a cryptocurrency, not a security.
Fourth place is Cardano.
Cardano was one of the first adopters of the PoS consensus mechanism, which speeds up transaction time by removing the competitive and energy-intensive problem-solving dimension of platforms like Bitcoin. “Cardano is a thought leader that paves the way for proving stock consensus mechanisms in the industry,” says Holmes. “ADA is a blockchain solution that promises higher levels of security and lower fees than many of its counterparts,” he adds. But Daniel Logvin, CEO of blockchain network provider and LedgerByte consultancy, said that the altcoin has promised too much and has yet to deliver.
Fifth place: Ethereum rival Solana
Developed to help power decentralized finance and applications, as well as smart contracts, Solana works with unique consensus mechanisms to process transactions quickly and securely. Solana is one of the fastest Blockchain in the market. Still, Whitney Setiawan, a research analyst with digital asset exchange Bitrue, says it faces criticism for being too centralized with very few verification nodes compared to Ethereum. Holmes says Solana is a highly scalable Blockchain solution with very low fees but has seen downtime and downtime.
Biggest meme coin DOGE ranked sixth
Dogecoin is the original meme coin that was launched as a joke in 2013. However, it has quickly evolved into a leading cryptocurrency thanks to a dedicated community and creative memes. Richard Gardner, CEO of financial software provider Modulus Global, points out that DOGE has some big backers, but the coin continues to be riskier than Bitcoin.
“Altcoins like DOGE can fluctuate extremely low and high depending on market volatility as they have yet to prove real-world use cases,” says Garry Krugljakow, founder of 0VIX Protocol, a decentralized application that enables crypto lending and borrowing.
What are the comments for the seventh-ranked Polkadot?
DOT powers the Polkadot ecosystem where developers can create different Blockchains. So DOT is the native token for Polkadot. James Wo, CEO of blockchain and cryptocurrency investment firm Digital Finance Group, says that this altcoin has better shared security and is a leader in developer activities and many projects. But project progress has been slow and lacks stellar apps to help boost its ecosystem, he says.
SHIB, the second largest meme coin, ranks eighth
Dubbed the “Dogecoin killer”, this coin is a meme coin. According to some, this coin has little use case and should not be invested based on this factor. But it is worth noting that SHIB is trying to improve in the NFT, Shibarium, playground.
Polygon ranked ninth
Polygon is an Ethereum-based scaling platform that allows the developer. Polygon is an Ethereum-based platform that allows developers to build dApps with low transaction fees. “It allows people to transact on top of the Ethereum network,” Logvin says. “This solution increases efficiency and saves tons of transaction fees,” he adds.
Last altcoin on the list: AVAX
Latif Peracha, who leads financial technology and crypto investments at M13, a consumer technology venture capital firm, says Avalanche is an altcoin that could emerge as a leader given its strong developer community. Crypto offers two key features: high transaction speeds and low transaction fees. AVAX also exhibits a healthy locked-in total value (TVL) in decentralized finance. TVL is the total value of crypto assets invested in a decentralized finance (DeFi) protocol such as staking, lending or liquidity pools. A high TVL indicates the popularity of a protocol and the adoption rate of a particular cryptocurrency. Currently, AVAX’s TVL is $2.1 billion.
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