Top 10 most important cryptocurrencies other than Bitcoin (May 2021)
This has led to a lot of attention being focused on Bitcoin as it is the trendsetter. But there have been other cryptocurrencies that have experienced growth that the number cryptocurrency.
Bitcoin has undoubtedly ushered in a wave of cryptocurrencies that are built on a decentralized peer-to-peer network. This has made it the de facto standard for cryptocurrencies as it continues to inspire the ever-growing legion of followers and offshoots.
Bitcoin is the leader of the cryptocurrency pack in terms of market capitalization, user base, and popularity. At the same time, other virtual currencies like Ethereum are being used to create decentralized financial systems for those who don’t have access to traditional financial products and services.
So let’s take a look at other major cryptocurrencies that have experienced greater growth than Bitcoin.
1. Ethereum (ETH)
This is the first bitcoin alternative. Ethereum uses a decentralized software platform that allows Smart Contracts and Decentralized Applications to be built and operated without downtime, fraud, third-party control or interference.
Ethereum aims to create a decentralized set of financial products that anyone in the world can freely access, regardless of nationality, ethnicity, or creed.
For people in some countries without government infrastructure and identification, this digital currency is more attractive because they can use it to access bank accounts, loans, insurance, or a variety of other financial products.
Ethereum’s rice was in 2014, when it launched a pre-sale for Ether that received an overwhelming response and ushered in the era of the Initial Coin Offering (ICO). As of January 2021, Ethereum (ETH) is valued at $138.3 billion and it has a per token value of $1,218.59.
This cryptocurrency entered the digital currency industry in 2011, also following in the footsteps of Bitcoin. This has led to it being referred to as the “silver to bitcoin’s gold”.
Charlie Lee, a MIT graduate and former Google engineer who developed Litecoin, revealed that the cryptocurrency is based on an open-source global payment network that is not controlled by a central authority.
Although Litecoin has great similarities with Bitcoin, it has a faster block generation rate, which allows for faster transaction confirmation time.
Litecoin had a market cap of $10.1 billion and a value per token of $153.88 as of January 2021, making it the sixth largest cryptocurrency in the world.
3. Cardano (ADA)
This cryptocurrency, co-founded by Charles Hoskinson, one of the five initial founding members of Ethereum, was created with a research-based approach by engineers, mathematicians, and cryptography experts.
Its blockchain was created through extensive experimentation and peer-reviewed research, making it stand out among its proof-of-stake peers and other prominent cryptocurrencies. As of January 2021, Cardio has a market cap of $9.8 billion and one ADA is trading for $0.31.
Tether is a stable coin that aims to tie its market value to a currency or other external reference point to reduce volatility. For this reason, Tether and other stable coins try to smooth out price fluctuations to become attractive to users who might otherwise be cautious. This is more the reason why the price is directly tied to the price of the US dollar.
Statistics from January 2021 show that Tether was the third largest cryptocurrency by market cap of $24.4 billion and a value per token of $1.00.
5. Binance Coin (BNB)
Binance Coin became an important cryptocurrency due to its useful features. It acts as a payment method for the fees associated with trading on Binance Exchange and allows a discount to those who use the token as payment for exchange trading.
Prior to its main network launch, Binance Coin was initially an ERC-20 token operating on the Ethereum blockchain.
BNB’s market cap is currently $6.8 billion, with one BNB having a value of $44.26.
6. Stellar (XLM)
This cryptocurrency has an open blockchain network that provides enterprise solutions by connecting financial institutions for large transactions.
It also aimed to reduce the days that such huge transactions between banks and investment firms typically take while removing intermediaries and costing a lot of money, which can now be done almost instantly without intermediaries and cost little to nothing for those doing the transaction.
As of January 201, Stellar Lumens had a market cap of $6.1 billion and are valued at $0.27 per coin.
This is another decentralized oracle network that bridges the gap between smart contracts, like Ethereum, and data outside the network. This means that Chainlink’s decentralized oracles allow smart contracts to communicate with outside data, allowing contracts to be executed based on data that Ethereum itself cannot connect to.
The market cap is $8.6 billion, and one LINK is valued at $21.53 in January 2021.
8. Bitcoin Cash (BCH)
This is one of the fast rising cryptocurrencies that hit the industry in 2017. Its introduction resulted from debates and arguments between developers and miners due to the decentralized nature of digital currencies.
The disagreement between different factions sometimes led to the split of the digital currency, with the original chain staying true to its original code and the new chain starting life as a new version of the previous coin, complete with changes to its code.
However, the Bitcoin network has a limit on the size of blocks: one megabyte (MB), which was later increased to eight MB with the idea that larger blocks can hold more transactions.
Their coming led to an increase in transaction speed and the elimination of the Segregated Witness protocol, which affected the block size. As of January 2021, BCH was valued at $8.9 billion alongside a value per token of $513.45.
9. Polkadot (DOT)
The uniqueness of Polkadot was to provide interoperability between other blockchains. The protocol of this digital currency was designed to connect permissioned and permissionless blockchains and oracles so that the systems could work together under one roof.
With this cryptocurrency, developers can create their blockchain while leveraging the security of Polkadot’s chain.
Polkadot is currently valued at $11.2 billion, and there is a DOT trade for $12.54.
It has a market cap of $2.8 billion and a value per token of $158.37 as of January 2021.
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