Cryptocurrencies that might run parallel to Bitcoin

Bitcoin was the trendsetter in the crypto industry. Launched in 2008, this digital currency became an instant hit amongst investors. Except for 2014, the digital currency has provided its investors with huge profits. As of 2021, the market capitalization of Bitcoin is $1.98T. The currency is increasing its price day by day. Compared to any previous day analysis, Bitcoin has been growing its market currency by $0.89%. To get more deals on Bitcoin and cryptocurrencies, check the Black Friday Carnival of Bidder.

What attracted investors to Bitcoin?

Even today, Bitcoin attracts its investors through the concept of decentralized financing. There are no middlemen or secondary parties involved in completing your transaction. As an investor, you pick the volume of bitcoin required. There is no central agency tracking your transactions.

Still confused! Let us make it simple. Traditional currency transactions need banks to track and verify every transaction undertaken. Cryptocurrencies are transparent and involve minimal transaction charges.

Bitcoin has increased followers in the past 10 years. But, from a cost standpoint, it is not easy for everyone to buy the same. Let us now look at a few other cryptocurrencies other than Bitcoin. These cryptos will help you grow your profits.

Ethereum (ETH): It is the first alternative to Bitcoin. The platform uses a decentralized financing platform. It allows for smart contracts and applications on this network. Ethereum promises minimal downtime. It deploys a safe and secured network, quality delivery against fraudulent activities. Yet another promising factor is the reduced interference from any third party. The Ethereum framework comes with a promising network enabling access to every investor. Irrespective of creed, nationality, or ethnicity platform is available to everyone for use. The current market capital of Ethereum is $447 billion. The price from $11 in 2016 has now grown to $3700.

Litecoin (LTC): This is yet another cryptocurrency following the footsteps of Bitcoin. This cryptocurrency has also been termed silver in the cryptocurrency industry. Litecoin uses Scrypt as Proof of work as its algorithm. There is no central banking authority controlling the transaction. The global open-source payment network currently implemented in the Litecoin platform enables faster transactions. On closer analysis, there are many similarities between Bitcoin and Litecoin.

Cardano (ADA): This cryptocurrency entered late into the market. Cardano promises validation using proof of stake theory. This way there is a reduction in energy use for executing a transaction. The working structure of Cardano is like Ethereum. It works on the smart contracts platform. ADA backs the decentralized network of Cardano. The current market capital of Cardano is $44 billion. Since its launch in 2017, Cardano prices have increased from $0.02 and $1.34. There is an average increase of 6600% to its investors.

Polkadot (DOT): It uses unique proof of stake algorithm. It focuses on providing a feature of developing interoperability. Polkadot uses dApps technology. This enables developers to use Polkadot security to develop their apps. The security of Polkadot will remain as an added advantage. The current market capitalization of Polkadot is $29 billion. Since its launch in 2020, the price has grown from $2.93 to $30.04. On average, investors have received an annual profit of 925%.

Stellar (XLM): A cryptocurrency model connecting financial institutions, then Stellar is your answer. There is an enterprise solution and network designed to allow a large volume of transactions. The added advantage is transactions execute in a jiffy. In the traditional model, transactions would need a day or two’s time completed. Institutional transactions allow Stellar to steal the limelight. It has also positioned itself promising high-quality results.

Dogecoin (DOGE): In 2021, meme-based crypto took the world by storm. Its price skyrocketed to an all-time high. Many technology companies accept Dogecoin. Few in the list is Kronos, Mavericks accepts this crypto as an official mode of payment. Going by speculations and market predictions Dogecoin will soon take over Bitcoin.

Solana (SOL): This cryptocurrency runs on a proof of stake and proof of history platform. This platform helps in processing many transactions securely and easily. Solana launched in 2020 to the marketplace. The launching price at $0.77 has not reached an all-time high of $171. This has provided an approximate increase of 22000% increase. The current market capitalization of Solana is $52 billion.

Leave a Comment