You’ve all noticed that bitcoins get all the limelight and headlines when it comes to cryptocurrencies. But did you know there are literally hundreds of other options that exist in the digital market?
Well, yes! I agree that bitcoin is currently the most popular crypto that hit the market in 2009, but there are also tons of other options that are equally beneficial and reliable.
You may not know the names of all of them, but the six largest cryptocurrencies are currently making the waves and getting tremendous popularity. I have highlighted them by their market capitalization score so you can learn the overall worth of these cryptocurrencies before investing.
Bitcoin
Market cap= $561 billion
Bitcoin is the most popular cryptocurrency overall. The best part about this coin is, that it is designed to be independent of any government. This means no government or agency is involved in any matter related to bitcoin.
Instead, bitcoins rely on blockchain technology, which is a decentralized public ledger having a digital record of Bitcoin transactions. This cryptocurrency has established the entire cryptography system. People might not know much about cryptos but everyone must know about bitcoin – due to its popularity and effectiveness.
The so-called bitcoin miners utilize different powerful computers so they can verify blocks of transactions to build more bitcoins, which is quite a time-consuming process and also known as proof-of-work (PoW).
Ethereum
Market cap= $210 billion
Now just like Bitcoin, Ethereum is also a popular blockchain network, but unlike others, it is designed as a great programmable blockchain. This means it’s not developed to support any currency but it only enables the users of a network to build, publish, monetize, and then use applications (called “dApps”).
Ether is the native Ethereum currency, which is created as a payment form on the Ethereum platform.
According to the analysis performed in September 2021, Ethereum cryptocurrency was considered the number two virtual currency, after Bitcoin. The crypto is also generated proof-of-work system. However, unlike others, there are no restrictions or limitations to the number of ETHs that can be developed.
Binance Coin
Market cap= $18 billion
Binance is considered the biggest cryptocurrency exchange in the world, and Binance Coin is probably a cryptocurrency token developed specifically to be used as a medium of exchange on Binance.
The coin was first built on the Ethereum blockchain. However, it is now housed on Binance’s private blockchain platform.
This cryptocurrency was developed as a utility token in 2017 which enabled traders to seek discounts on Binance’s trading fees. And now, it’s been used for payments, booking tickets, entertainment purposes, online shopping, and even financial services.
Tether
Market cap= $72 billion
You might have heard a lot about Tether, but you may not know that it is the first cryptocurrency that was marketed as a “stablecoin”. It is a breed of crypto called fiat-collateralized stablecoins. Now the overall value of this crypto is pegged to a fiat currency –the U.S. dollar.
Just like other stablecoins, this crypto is designed to provide a lot of stability, reliability, flexibility, and transparency, with low transaction charges to users.
Tether might not be a great speculative investment just like the traditional cryptocurrencies, but it can be frequently used by potential investors who want to avoid the high volatility of the cryptocurrency industry. According to the reports presented in February 2021, more than 57% of bitcoin trading was initiated using tethers.
Dogecoin
Market cap= $10 billion
Dogecoin is also called the first joke cryptocurrency which was launched in 2013. The interesting thing about Dogecoin is, that it was developed as a way to poke fun at Bitcoin. Nevertheless, it has captured massive attention as well as a fair amount of investment.
After that in April 2019, Elon Musk’s tweet indicated that he thinks very positively about Dogecoin, which further raised its profile and reputation, and is considered to be a legitimate cryptocurrency.
Dogecoin is mainly an altcoin which is quite similar to Ether and Bitcoin as it also runs on a blockchain network with a PoW system. However, the number of coins that can be mined is totally unlimited.
Dogecoin is even associated with headline moments in crypto. Many investors have paid the equivalent of almost $30,000 in Dogecoin so they can help send the Jamaican bobsled team to the Winter Olympics in 2014.
Polkadot
Market cap= $9 billion
Polkadot was founded by Gavin Wood who is also a co-founder of Ethereum. He launched the coin to take all the capabilities of a blockchain network to another level. The cryptocurrency of blockchain is called dot.
Polkadot even operates with two blockchains. One is the main “relay” network, where all the transactions are permanent. And the other is a parallel network of user-created blockchains, which is also called “parachains” which you can customize for different uses like making apps and they also benefit from the security of the main blockchain.
Solana
Market cap= $13 billion
If you are interested in cryptocurrencies, you must have heard about Solana too. It’s basically a blockchain platform that helps you generate a cryptocurrency called Sol. The surprising element is, that it is an extremely volatile cryptocurrency that was trading at nearly $191.00 on Sept. 10, 2021. And only one year ago, it was worth $3.42. You must be wondering what accounts for its exponentially grown presence in the world of crypto?
Solana has made its way to decentralized finance and earned success in its smart contract technology, which are the basic programs that run on the platform based on several preset conditions.
Conclusion
The world of crypto is continuously expanding – each day. There are thousands of cryptos invented so far that investors may want to explore. However, if you are planning to invest in some largest cryptos that I mentioned above, then make sure you first consider their market capitalization and find out how and why they are different from each other. If you want to learn more about cryptos or how to market the crypto using different strategies, then give us a call at Promote Coin and learn how we help you make a difference.
