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Analytics, 13 April 2022

Best promising Cryptos other than bitcoin

Crypto trading has emerged as one of the most lucrative investment strategies. Many investors are opening positions in cryptocurrencies to take advantage of the volatility and price swings usually associated with crypto.

According to CoinMarketCap, there were over 14,000 cryptocurrencies as of November 2021; Bitcoin and Ethereum account for nearly 60% of the total cryptocurrency market.

But like other equities such as stocks, gains from investing in cryptocurrencies depend on picking the best Crypto. While most investors may only know bitcoin, there are other promising cryptocurrencies other than bitcoin - these are known as Altcoins.

Altcoins share characteristics with Bitcoin, except that some use a different consensus mechanism to produce blocks or validate transactions. They may also provide new or additional capabilities, such as low-price volatility.

Since they are often derived from Bitcoin, altcoin price movements tend to mimic Bitcoin’s trajectory. But as their ecosystems continue to develop, the price movements for altcoins ill eventually become independent of Bitcoin’s trading signals.

The Most Promising Cryptocurrencies

1. Ethereum (ETH)

While this brief intended to discuss cryptocurrencies other than bitcoin and Ethereum, no discussion of promising altcoins should occur without mentioning Ethereum. Ethereum is the first and most promising Bitcoin alternative. Ethereum is a decentralized software platform that enables smart contracts and decentralized applications to be built and run without any downtime, fraud, control, or interference from a third party.

Ethereum aims to create a decentralized suite of financial products accessible to anyone without discrimination such as nationality, ethnicity, or faith. The accessibility aspect makes implications for those in some countries more compelling because those without state infrastructure and state identifications can access bank accounts, loans, insurance, or a variety of other financial products.

Launched in 2015, Ethereum is currently the second-largest digital currency by market capitalization after Bitcoin. As of April 13, 2022, its market cap was $367.5 billion, while one Ethereum traded for around $ 3,072.88.

2. Litecoin (LTC)

In 2011, Litecoin was among the first cryptocurrencies to mimic bitcoin and is often referred to as “silver to Bitcoin’s gold.”. The altcoin was created by Charlie Lee, an MIT graduate and former Google engineer.

The currency is based on an open-source global payment network independent of any central authority. It uses scrypt, which can be decoded with the help of consumer-grade central processing units (CPUs). Though Litecoin resembles Bitcoin in many ways, it has a faster block generation rate and thus offers a faster transaction confirmation time.

As of April 13, 2022, Litecoin had a market of $758.9 billion and a per token value of around $109, making it the 21st-largest cryptocurrency in the world.

3. Cardano (ADA)

Dubbed as the Ethereum killer, Cardano seems to stand out among its PoS peers as well as other large cryptocurrencies. Observers note that Cardanol’s blockchain is said to be capable of more, despite being in its early stages.

Cardano aims to be the world’s financial operating system by establishing DeFi products similar to Ethereum’s and providing solutions for chain interoperability, voter fraud, and legal contract tracing, among other things. Cardano had the eighth-largest market capitalization at $31.87 billion as of April 13, 2022. One ADA trades for around $0.96.

4. Polkadot (DOT)

Another unique POS cryptocurrency is Polkadot (DOT), which aims to deliver interoperability among other blockchains. Polkadot’s protocol is designed to connect permissioned and permissionless blockchains as well as oracles to allow systems to work together under one roof. Its core component is its relay chain, which allows the interoperability of varying networks. It also allows for parachains, or parallel blockchains with their own native tokens for specific-use cases.

Created by Gavin Wood, another member of the core founders of the Ethereum project, Polkadot market capitalization stood at roughly $17 billion as of April 13, 2022. And one DOT trades for $17.70

5. Bitcoin Cash (BCH)

Nothing holds an important place in the history of altcoins than Bitcoin Cash. Bitcoin cash emerged in August 2017 due to issue of scalability. Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin – a spin-off or altcoin that was created in 2017. In November 2018, Bitcoin Cash split further into two cryptocurrencies: Bitcoin Cash and Bitcoin S

Bitcoin cash had a market capitalization of around $6.21 billion and a value per token of $332, as of April 13, 2022.

6. Dogecoin (DOGE)

Dogecoin (DOGE) is often seen by some as “memecoin”. The coin has been the subject of various memes and caused a stir in 2021 as its price skyrocketed. The coin is accepted as a form of payment by some major companies, including the Dallas Mavericks, Kronos, and—perhaps most notably—SpaceX, a company owned by Tesla founder Elon Musk.

The price of DOGE hit an all-time high of approximately 0.74 cents during the week when Musk was scheduled to appear on Saturday Night Live. Dogecoin’s has a market capitalization $18.2 billion and one DOGE is valued at around 14 cents, as of April 13, 2022.

7. Binance Coin (BNB)

Binance Coin (BNB) operates as a payment method for the fees associated with trading on the Binance Exchange. It is the third-largest cryptocurrency by market capitalization.

Binance exchange’s decentralized trading platform relies on Binance Coin’s blockchain. It was founded by Changpeng Zhao and is one of the most widely used exchanges in the world based on trading volumes. Binance Coin has a market capitalization of $61.0 billion. One BNB trades at $418.15 today.

8. Tether (USDT)

Tether is the third-largest cryptocurrency by market capitalization, with a market cap of $80.1 billion and a per-token value of $1.26. It was one the first and most popular stablecoins —cryptocurrencies that aim to peg their market value to a currency or other external reference point to reduce volatility.

Since most digital currencies often experience frequent periods of dramatic volatility, stablecoins attempt to smooth out price fluctuations to attract users who may otherwise be cautious. Tether’s price is tied directly to the price of the U.S. dollar. The system allows users to make transfers more easily from other cryptocurrencies back to U.S. dollars in a timelier manner than actually converting to normal currency.

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