Did you know that there are other cryptocurrencies than bitcoin? What if I tell you the 10 most important cryptocurrencies other than bitcoin? Cryptocurrencies are the new normal to finance and investment markets. However, they are the virtual or digital money support by e-wallets to do the transaction nationally and internationally. The transaction process is quick and easy and doesn’t require any third party like brokers or cryptocurrency exchanges to intervene. Cryptocurrencies use encryption algorithms in their systems to encrypt the transactions sent or received. Therefore, cryptocurrencies are a secure way of trading and commerce.
“Bitcoin” Or “bitcoin”?
Bitcoin is the very first cryptocurrency system in the world. No doubt, bitcoin was the trendsetter and gave the idea of cryptocurrencies to the whole world. Therefore, it’s no question that the state of evolution of the newer cryptocurrency systems is far beyond the previous ones and notably more secure. Let’s look at the ten most essential and famous cryptocurrencies other than bitcoin, which are operating globally.
10 Most Important Cryptocurrencies Other Than Bitcoin
Ehtereum (ETH)
It is the second cryptocurrency after bitcoin, and it is the best alternative to bitcoin. Ehtereum (ETH) operates with its cryptographic token Ether. Investors use Ether to purchase or trade-in other digital currencies. However, many developers use it to make Ehtereum apps inside the system. According to market capitalization, Ether reached the world of crypto in 2015, and now it is the largest digital currency after Bitcoin. According to the facts and figures, Ehtereum (eth) had a $138.3 billion market capital and a value of $1,218.59 per token recorded in January 2021.
Litecoin (LTC)
Charlee Lee introduces in 2011 by the name “silver to bitcoin’s gold” because it followed bitcoin’s footsteps. Litecoin is not under the control of any central authorities based on an open-source global payment network. However, Litecoin uses proof of work encryption, which you can decode with consumer-grade CPUs. Whereas Litecoin enables faster block generation, and in this way, it offers a more immediate transaction confirmation than bitcoin. Litecoin’s market capitalization is $10.1 billion and a token value of $153.88, recorded in January 2021.
Ripple (XRP)
It is a stable cryptocurrency network for the transaction of money internationally anywhere in the world without third parties help. Ripple (XRP) has the fastest processing time of up to 5 seconds and offers low fee rates. However, Ripple XRP secures a market capitalization of $19,026,758,949 USD with each XRP value $0.4163 in January 2021.
Bitcoin cash (BCH)
Bitcoin cash is a fork of bitcoin. It aimed to resolve bitcoin’s issues like scalability and interoperability.
Bitcoin cash (BCH) is different from bitcoin as it introduced eight times larger blocks than bitcoin. More than 5,000 locations worldwide use Bitcoin cash for online payments and purchases.
In January 2021, BCHholds $8.9 billion of market capitalization per token value of $513.45.
Cardano (ADA)
Cardano is a unique and first peer-reviewed blockchain-based platform that works with proof-of-stake models and uses the Ouroboros algorithm. It aims to improve scalability and mass adoption issues.
It’s a two-layer network:
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- Settlement layer settle transactions and payment
- Control layer for smart contracts deployment
Cardano secured a market capitalization of $9.8 billion, and each ADA trades at $0.31 in January 2021.
Polka dot (DOT)
It is a proof-of-stake model cryptocurrency. However, Polka dot is famous and successful due to its interoperability in varying networks. It also allows for parallel blockchains called “Para chains” with their native tokens. The Polka dot system developers can create their blockchain and use Polka dot’s chain’s security. They call this concept shared security, making the system more secure. According to the record of January 2021, Polka dot has an $11.2 billion market capitalization with each dot trade value of $12.54.
Stellar (XLM)
Stellar is an open blockchain cryptocurrency network designed to provide enterprise solutions. Through stellar (XLM), a massive amount of transactions can be sent or received between multiple banks and investment firms quickly and with bare minimum costs. Other than institutional use, any individual can use it too. Stellar allows cross-border international transactions in any currency. As the record of January 2021, stellar has $6.1 billion of market capitalization, and each lumen (XLM) has a value of $0.27.
Chainlink
The decentralized oracle network creates the base of Chainlink, which works as a bridge between smart contracts and their data. Blockchains are not capable enough to connect external applications securely. Chainlink’s system executes the deals allowing smart contracts to connect with outside data through the oracle network’s decentralization. It launched the first oracle blockchain system, which revolutionized and boosted blockchain technology. Chainlink has an $8.6 billion market capitalization with a value of $21.53 for each link as per January 2021 records.
Binance coin (BnB)
Binance was the world’s largest exchange by volume. It introduced the BnB token and revolutionized the market. Therefore, Bnb enables its users increased flexibility, improved functionality, and lower fees. It is now known as a shared or commonplace for different exchanges to host as a native utility token. After that, BNB is considered the most successful exchange token above all its competitors. According to the record of January 2021, Binance earned $6.8 billion in market capitalization, a value of $44.26 per unit.
Tether (USDT)
It is the first successful and popular stable coin. Traders rely on this stable coin to avoid or reduce market volatility. However, Tether USDT is available on almost every big and reputable cryptocurrency exchange. Thus, Tether allows low fees and fast transaction rates and popular in minimizing the volatility during a transaction in other digital currencies. Therefore, Tether was declared the third-largest cryptocurrency with a $24.4 billion market capitalization, having a $1.00 value per token in January 2021.
The Bottom Line
Trading via cryptocurrency is effortless. You can even buy or sell real estate or automobiles through cryptocurrencies. Most developing countries are interested in cryptocurrencies and frequently use them, like Germany and China. Whereas e-commerce also supports cryptocurrencies in some countries, others adopt these trading methods. A lot of cryptocurrencies popped up over the last few years. Many failed, but some did an excellent job in the market. Nevertheless, as many nations are thinking about a digital currency, the crypto game just began.
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