In the world of digital currencies, Bitcoin is one of the most popular forms. Through sheer market capitalization, it has exponentially grown its value by more than ten times at various points in the last year. Amidst steep rise and fall in its value, several other forms of cryptocurrencies are there in the market that have managed to carve their way to the top.
If you are fond of investing in cryptocurrencies, you should have multiple options to choose to trade in. Having idea regarding multiple cryptocurrency types, you will be able to make sure you get to trade in your preferred form of cryptocurrency. Read on to know further to have an overall better understanding of the top cryptocurrencies.
List of Trending Cryptocurrencies
1. Ethereum
First comes Ethereum in the list; an ideal alternative to Bitcoin that runs on smart contracts and decentralized applications. The apps can be built and run without facing any downtime, fraud, control, or third-party interference.
Talking more about Ethereum, this particular form of cryptocurrency has been designed as a suite for financial products that people from all parts of the globe can access irrespective of ethnicity, faith, or nationality. This makes the implications for users in some countries way more compelling since those without state infrastructure or state identifications can have access to bank accounts, loans insurance, and other financial products.
Ethereum is used by developers that want to run or develop applications in Ethereum or by investors who want to purchase other digital currencies via the Ethereum. Launched in 2015, the cryptocurrency is the second-largest digital currency behind Bitcoin. Coming to the market value of Ethereum, this form of cryptocurrency is trading at $3,200/ETH as of January 2022.
2. Cardano
Next comes Cardano; known asEthereum killer” Cardano is capable of much more. Still, in its nascent stage, it offers a superior PoS consensus model compared to Ethereum. Cardano aims at providing DeFi products and solutions for chain interoperability, voter fraud, legal contract tracing, etc. Currently, the digital currency is the 7th largest as per market capitalization of $37 billion. Its token value is around $1.15.
3. Litecoin
Litecoin was first launched in 2011 and termed as“silver to Bitcoin’s.” Litecoin runs on a decentralized,open-source global payment network. Litecoin is known to have a faster transaction confirmation time.
Not just developers, but a growing number of merchants are using Litecoin. Currently, Litecoin has a market rate of $9 billion, and the token value of Litecoin is $130. Hence, it is the 22nd largest digital currency right now.
4. Polkadot
The unique PoS cryptocurrency aims at providing interoperability among other blockchains. Polkadot runs on ablockchain protocol.
The crypto’s relay chain allows for the interoperability of varying networks. It is designed to allow parallel blockchains to run with their native tokens for specific-use cases. Polkadot differs from Ethereum because it supports the creation of dApps and enables developers to create their blockchain while leveraging the existing security of the Polkadot chain. As of January 2022, Polkadot enjoys a market capitalization of $26 billion and an individual token rate of $24.50.
5. Bitcoin Cash
Next comes Bitcoin Cash; it holds a special place in the history of Altcoins. Since digital currencies are intrinsically decentralized, wholesale changes to the code of the underlying token must be made as per general consensus.
Bitcoin Cash came to life in 2017 from an issue regarding scalability. Since the Bitcoin network has a size limit of 1MB per block, the BCH increased it to 8MB. Bitcoin Cash runs on a platform that runs on larger blocks to hold more transactions. As a result, Bitcoin Cash leads to faster transaction speed. BCH has greatly benefitted from the change and currently enjoys a market capitalization of $7.1 billion with a token value of $377.
Final Words
At the end of the day, it can be stated that the volatile nature of cryptocurrencies is inevitable and should be taken proper care of. The enthusiastic financial investors should ensure following up with the information for these mentioned-above digital form of cryptocurrencies. When planning to trade in cryptocurrencies, always ensure checking out bitqt, the most reliable and secure crypto trading platform.
