Cryptocurrency and bitcoin were almost used synonymously several months ago. Many laymen did not know and understand the difference between these two terms as a large part of cryptocurrencies were dominated and led by bitcoins. Since they were the most popular and held a lion’s share of the overall market cap, many people did not bother to learn about or invest in the other coins that existed in the market. However, in recent months, times have changed. There have been several coins that have emerged apart from bitcoins that have taken precedence and gained value. As these new cryptos pop up and have been scrambling for the attention of the investors, the market cap and trading volume for cryptocurrencies, on the whole, has witnessed a sharp increase. This can be seen particularly in the prices of the more popular ones, for example – the Ethereum price rose significantly in the middle of the last year, and also the underrated coins like Shiba Inu.
What are Altcoins: Any cryptocurrency that is not bitcoin is called altcoins. Some of these altcoins differ largely from bitcoins as they offer more in terms of their technology and network. Not only tokens or mediums for transfers, but some of these altcoins are also developed enough that they have their own blockchain systems, and they can store data for third-party institutes. There are different ways by which these Altcoins gain popularity, some emerge victorious based on the promise that they show potential investors in terms of the growth of their money, some are backed by billionaires, celebrities, and industrial titans, while others simply become popular using social media and in the form of memes.
Purchasing Altcoins or any kind of crypto trading can be a risky venture owing to the rapid fluctuations of the market and the lack of consistency. However, some more popular altcoins have been under the radar of potential investors and have grown in terms of their prices. Here are 7 of the most popular altcoins to invest in:
- Ethereum – By far, the largest and most preferred alternative to bitcoin would be Ethereum. It dominates the market by being the second-largest cryptocurrency that exists. This coin, however, was built with a different purpose in mind. The decentralized network used by Ethereum was one of the first to bring to light the use of smart contracts. This is the code that allows platforms that use blockchains to run decentralized applications (dApps). Ethereum currently has over 2,889 dApps that are used for different purposes. Even the ETH coins are arguably the most popular ones. Convert the price of ETH to INR and invest in this cryptocurrency.
- Solana – This crypto is relatively new to space as compared to Ethereum. This newcomer, however, did not let its spirits damper as it soon skyrocketed and became the fourth most popular cryptocurrency in the world. This crypto also supports dApps and NFTs like Ethereum but the volume and number of projects are still comparatively much lower. This ecosystem has much lower fees than Ethereum and the unique verification process utilizes lesser energy making SOL greener crypto than Bitcoin and Ethereum.
- Polkadot – This blockchain was founded in 2020 by the co-founder of Ethereum. The main network surrounding Polkadot is where the transactions are permanent. The unique feature of this technology is called parachains – these are blockchains created by the users that can be customized even while the users can still benefit from the same safe security measures as the main chain. Essentially, this system can allow the investors to make trades and transfers in different cryptocurrencies like Bitcoin and Ethereum directly without the need for an exchange.
- Dogecoin – Created as a joke in 2013 as a parody of bitcoin, it caught fire in 2020 thanks to the Shiba Inu dog that served as a mascot. Dogecoin gained popularity as it became a social media meme. However, it also won over some major entrepreneurs that increased the value of this coin through merely one tweet. Elon Musk’s interest in DOGE and his efforts to integrate this cryptocurrency as a medium of exchange in Tesla has increased the faith of the investors in this crypto.
- Litecoin – This coin was created in 2011 by an ex-google engineer, Charlie Lee. The association between Litecoin to Bitcoin is what silver is to gold. The biggest advantage that LTC has over BTC is that it has a faster block generation time that eventually transcends into a shorter transaction time. Different organizations have expressed their interest to accept Litecoin as a viable method of payment thus expanding the overall footprint of Litecoin. The price gain that Litecoin has seen has been more than 450% in the last 3 years.
- Cardano – Launched in 2017, this crypto was considered one of the best investment options. It gathered fame as it was known to ‘eat away bitcoin’s dominance’. Another decentralized blockchain platform that is famously known for its proof of stake validation is Cardano (ADA). This platform efficiently conducts transactions that are secure and peer-to-peer using ADA tokens. There is a hard cap on the number of ADAs available in the global market – this means that as the tokens are limited, the demand increases along with the prices. This, along with the blockchain, makes it one of the most appealing currencies to invest in.
- Shiba Inu – This is a self-proclaimed competitor to Dogecoin and is primarily famous as a testament to the branding and its name and logo. It was created in August 2020, which means it has not had enough time to make its way into the market, however, in this limited time, it has been accepted by ShibaSwap which is a decentralized exchange that provides financial services for its community of users.
These 7 altcoins have gained popularity over bitcoin in recent years and have lured millions of investors to invest a part of their funds into them. The potential and promise that these coins show has been the main reasons why they are trusted and renowned in today’s day and age.