While you are roaming around in the crypto market, never make the mistake that Bitcoins are the only cryptocurrency in the market. There are thousands of altcoins at this link that could have potential that you never knew existed if you do not look into them. Although you can say Bitcoin is the emperor of the crypto market. But there are many other members in this market too. The market value of Bitcoin is almost $2 trillion today but that is only 40% of the total crypto market.
What Are Altcoins?
Now you must be wondering what altcoins are? Yes, they are just alternative cryptocurrency coins. This means when you put it simply, they are coins that work in the same spirit and manner as Bitcoins, but they are not Bitcoins. They have some different features and applications which make them different from Bitcoins. The Altcoins are equally popular as compared to the Bitcoins, and they also have their own contributions in the field of digital currency.
7 Altcoins That Are Worth Watching Out For
First, have a look at the seven altcoins or cryptocurrencies that you could just have a look at apart from Bitcoins. If you observe them they read like this:
- Ethereum
- Cardano
- Ripple
- Solana
- Polkadot
- Dogecoin
- Litecoin
Ethereum
Ethereum works on the fundamentals of blockchain technology. It has its separate programming language and owns cryptocurrency. Like Bitcoin, Ethereum too has a decentralized ledger that is public. As of today, it has become the second most popular and valuable cryptocurrency. It leads the altcoin market.
It has become popular because it takes less than a few seconds to get confirmed. It differs from Bitcoin in this respect. With its currency that is circulated in the market, Ethereum begs to differ from Bitcoin in its aims. It is here to facilitate applications and programmatic contracts with its own currency.
Cardano
Conceived by Charles Hoskinson in 2015, the coin works on the principle of proof-of-stake. This gives the coin its security also. Cardano became a popular coin in such a short time because it is very cheap to transact with and is highly energy efficient. Its main aim is to improvise smart contracts. The return that you get from Cardano is much more than that when compared to the other form of Bitcoin.
Ripple
It is a blockchain technology that helps in transactions in both banks and financial money lending systems both via online and offline methods. It comprises one of the swiftest and safest means of transaction. It is mostly popular among seasoned investors now, and it gives a better value for money when you start the investment process.
Solana
A very new introduction to the crypto market, Solana was born in 2020. But it has become a very highly successful Altcoin with a market value of $ 31 billion. This currency has two different verification modes namely PoS and PoH. It is proof-of-stake and proof-of-history. It is even faster than Ethereum and requires even lesser energy.
Polkadot
Polkadot or just DOT came into the market in 2020 along with Solana. It has a permanent blockchain network where all the transactions and history are recorded. But it also makes use of parachains where certain different chains are added with the help of network and computing. It is added on to the main blockchain.
Dogecoin
Shiba Inu made this coin a very popular one in the market. It gained more popularity with Elon Musk’s involvement and association with the coin. He invested here because as per him it is one of the strongest of all Altcoins in the world currently.
Litecoin
Litecoin was founded in 2011 by Charlie Lee, an engineer with Google. Litecoin is capable of generating blocks even faster than Bitcoin. And you will get the confirmation very fast which is an added benefit. Some big companies purchased and traded with the coins, and this made it a very popular coin in a very small span of time.
Closing Cover
No matter which coins you want to trade-in, you must remember that every coin in the market is very volatile. They are so volatile that it is almost going on a rollercoaster ride with them. But if you want to trade safely and securely with Bitcoins then you can trade app.
