Although I have been a sideliner with cryptocurrency, it is an asset class that is interesting for many reasons. Many crypto investors start and end their conversation on the best cryptos. Bitcoin (CCC) BTC/USD ). It’s becoming more obvious that Bitcoin doesn’t have to be your preferred digital currency.
This is because altcoins have flooded the cryptocurrency market. Altcoins, or alternative coins, can be loosely defined to include any coin other than Bitcoin. Ethereum is the most popular altcoin. Many other altcoins compete for your attention. These may not all be the best cryptos for speculative investors.
The price of altcoins was closely related to Bitcoin’s for a long time. This has begun to change. This could be an indication of a maturing market. Altcoins are often created to address specific problems that Bitcoin has not addressed.
In a free market, investors can vote with their dollars, or in this case, their digital dollars. Altcoins have been growing in value over the years.
Here are seven top cryptos you might want to look at.
Although I did not include Ethereum in this list, it isn’t because it doesn’t deserve to be there. With only seven places for these altcoins, I decided not to claim a spot. Many investors already have strong opinions about them.
Cardano is a crypto hedge against Ethereum, according to many analysts. Cardano was a proof of stake (PoS), the coin that I loved when it first launched. This made it stand out from most altcoins. This will not always be a benefit, but it gave Cardano an edge in its attempt to differentiate itself from Ethereum.
Cardano will launch its network in five stages. The network won’t officially launch until all five phases have been completed. This methodical approach may frustrate investors. It is a solid strategy, however, to ensure it is right, even if not at the beginning.
Cardano, a Proof of Stake (PoS) coin that uses the Ouroboros algorithm, is called Cardano.
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Neo is a PoS coin that acts as an Ethereum hedge.
Neo is the NEO blockchain’s native currency. It is often called the “Chinese Ethereum” because it enables smart contracts. Investors have a good chance that Neo will be among the top cryptos due to the size of China’s market. Neo should not be considered as an alternative to Ethereum.
Neo is slightly more decentralized than Ethereum. Because the network depends on less than 10 nodes for its decision-making, Neo is slightly less decentralized than Ethereum.
Neo’s total supply is only 200 million. About 165 million Neo have been distributed. NEO’s value should increase as more people demand it.
The recent launch of the N3 mainnet on the blockchain is a catalyst for cryptocurrency. Neo’s price soared over 150% following the launch. Neo is a solid choice for crypto investors, even though there has been some correction.
Litecoin’s 2021 surge is due to its potential to overcome one of the biggest obstacles to cryptocurrency adoption: Bitcoin. The cryptocurrency has lower transaction fees and block hashing times than Bitcoin. Many analysts believe that Litecoin is an altcoin that could achieve retail adoption.
You can see how excited investors were to hear that Walmart would accept Litecoin for payment. But there was one problem. The story was fabricated. It is not clear that Litecoin was involved in the deception. Therefore, I believe that any selling of altcoins will be brief.
Investors will likely focus on why they like Litecoin in the first place. The company also offers investors another incentive with its participation in the growing non-fungible token market.
Binance Coin is another Ethereum competitor. Binance Coin recently launched the Binance Smart Chain, which breaks the monopoly Ethereum enjoyed by the Defi and DApp communities.
Binance, like Neo and Cardano, is a utility token. The utility of the coin and the demand for it is what determines the value. Part of Binance’s bullish argument is that, unlike other utility tokens, the BNB token has many uses and more are being created all the time. This could mean that the altcoin will see more demand, which in turn will lead to a higher price.
Binance Coin, which has a market capitalization above $73million, is the fifth-largest cryptocurrency. It also has high trading volume and impressive liquidity.
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Stellar Lumens strikes my eye as one of the most compelling altcoins due to its ability to facilitate cross-border transactions. I explained in January that Stellar’s decentralized network allows users to create digital representations of almost any currency and send it or trade it over a single network.
This will theoretically allow web developers and coders to integrate functions such as currency trading and exchanging directly into their apps and sites.
It is a cousin to Ripple. (CCC and XRP-USD). However, XLM targets individuals and small businesses, whereas Ripple is focused on banks.
Stellar Lumens illustrates both the bullish or bearish case for altcoins. The coin is used in a particular way. This use case was responsible for generating 4.3 million accounts last time I checked. The value of the Altcoin Lumens, which is the Stellar network’s altcoin, will be determined by the Stellar network’s value. Its value will be boosted by its scarcity.
I doubt I would have included Polkadot in this list earlier this year. The DOT token is now the ninth most valuable cryptocurrency in terms of market capitalization. This was due to the launch of the para chain by the company earlier in the year. The polka dot par chain can process as many as 1,000,000 transactions per second.
Polkadot is a network of connected blockchains. The central chain is responsible for the security and the side chains, which are known as parachains, make Polkadot more scalable. Some even claim that the network is more flexible than Ethereum.
Parachains will allow developers to create “bridges” to allow parachains to connect with external networks (think Ethereum and Bitcoin blockchains). Parachains will allow you to create smart contracts on the Ethereum blockchain. The contract could also interact with another blockchain. Both transactions could be handled simultaneously.
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Chainlink is last on the list of top cryptos. It was launched in 2017 and may look like an old veteran. Chainlink, like many altcoins in this list is primarily used to create smart contract applications. Chainlink is a crypto “oracle”, which uses data from outside the world to confirm certain aspects of a smart contract.
Chainlink can be used to verify that a contract has met certain conditions. Although it may not seem like much, it is.
This is the one feature that makes the blockchain appealing in the DeFi sector. Blockchains, as Alex Sirois stated, “don’t allow data from outside their chains or data to be sent to their chain.”
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