5 Important Cryptocurrency apart from Bitcoin
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You’ve probably heard the word, ‘cryptocurrency’ several times with bitcoin being cited as an example.
You are either confused that Bitcoin is the only available crypto, or curious to know if there are any other forms of crypto apart from Bitcoin.
You are not alone in this voyage of discovery: some people like to stand-out and not everyone will invest in Bitcoin.
This article has put together 5 different cryptos with the exclusion of Bitcoin (there is no point including bitcoin when information about it is all over the internet).
With more than 4000 coins in circulation, the following coins are considered to be important based on their market cap and volume of trade.
When I first heard about this coin, I thought it was an element like Sulphur and Nitrogen. Jokes apart, the name is unique but that’s not why we are here.
Ethereum is a form of crypto launched in 2015. As of January 2021, the Ethereum market cap had increased by about 19% of Bitcoin’s market cap
The platform allows decentralized applications to run themselves without frauds or external manipulations.
The platform is currently working on changing its consensus algorithm’s proof from work to stake.
This means that the platform’s network can now run itself with less energy and improved transaction speed.
Ethereum is currently trading between $1,500 to $1900 as it experienced a huge increase during the last bull run
was created by Charlie Lee, an MIT graduate and former Google engineer in 2011 as an alternative to Bitcoin.
Although it was referred to as the “silver to Bitcoin’s gold” it is based on an open-source network that is not controlled by any central authority.
Litecoin has faster block generation and offers a faster transaction completion time. Bitcoin’s market cap is more than $10billion making it the 6th largest crypto in the world. Litecoin is currently trading between $150 to $170.
It was created by Gavin Wood, a co-founder of the Ethereum project who had a differing opinion as regards the future of the coin.
Polkadot is a form of crypto that is aimed at delivering interoperability between other blockchain technologies.
Polkadot is different from Ethereum because it allows developers to create their blockchain while using the security Polkadot already has.
This feature on Polkadot is known as shared security. Polkadot is currently trading between $25.000 to $32.000.
Binance Coin (BNB)
Is a utility cryptocurrency that operates as payment for fees associated with trading on the popular Binance platform.
It was founded by Changpeng Zhao in 2017. It is currently the most widely used exchange across the globe based on trading volumes.
Binance coin has more than a $7billion market cap with the price experiencing a bull run in February. Binance coin is currently trading at $231 to $260 after reaching an all-time high at $340 within the last 7 days.
is one of the most popular forms of stable coins (cryptocurrencies that aim to offer price stability).
The need for price stability is necessary because other cryptocurrencies, including the almighty Bitcoin, always experience great market volatility.
USDT and other stable coins aim at stabilizing the market when fluctuations occur, they attract buyers that are cautious of investing. It allows investors to transfer their assets back to other fiat currencies as well as cryptos.
Tether was the third-largest cryptocurrency as of January 2021 before the BNB coin took over the position during the February bull run. USDT is currently trading between N450-N490.
While these are the main cryptocurrency according to their market cap and volume of trade, other indispensable coins include Cardano, XRP, Bake coin, Binance Cash, BUSD, NEAR, Dogecoin, and few others.
You can invest in any of the coins above and expect a huge increase after hodl.
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