There is no denying the fact that Bitcoin prepared a seamless way for thousands of cryptocurrencies to emerge and establish themselves in the digital finance domain. This is what gave birth to a plethora of altcoins to leave their indelible imprint on the crypto ecosystem. crypto revolution will take you through some of the emerging altcoins that have impressed investors and have also become the favourite of millions of traders today. No doubt, the world is exposed to a deluge of cryptocurrencies lately.
Here are some of the predominant altcoins that continue to be investors’ favourites.
#1 Ethereum
Ethereum comes right after Bitcoin’s dominance. It is also considered the oldest & largest alternative to the trailblazer Bitcoin. However, the goal of creating Ethereum was not akin to Bitcoin as both of these digital currencies were created for separate purposes. The entire Ethereum network harbors gaming dApps, socializing, gambling, Defi (decentralized finance) & NFTs i.e., Non-Fungible Tokens. Ether is considered Ethereum’s native token and has outshone Bitcoin recently. Currently, there are 2,921 active dApps that run on this network.
#2 Ripple aka XRP
When it comes to conducting a seamless global financial transaction, Ripple will always pop up as the most favourable option. It is used to facilitate hassle-free transactions between financial institutions & banks. This platform provides cheaper, faster, and is a highly secured alternative to the SWIFT systems, i.e., “Society for worldwide interbank financial telecommunications.” Ripple’s native cryptocurrency is XRP which was specifically designed for ledger blockchain intended for XRP. As per the estimates, a transaction conducted on this platform takes only 5 seconds and doesn’t cost more than 1 cent.
#3 Solana (SOL)
This altcoin was launched in March 2020 and it has significantly emerged to become the 6th cryptocurrency that holds immense stakes & value for the stakeholders. It also supports all the active NFTs & dApps just like Ethereum. However, Solana enjoys exclusive dominance over Ethereum in terms of PoS, i.e., proof of stake & PoH, i.e., proof of history. It also provides a seamless platform for cheaper & faster transactions along with their verification.
#4 Polkadot aka DOT
Just like Solana, Polkadot was also successfully launched in 2020 by Gavin Wood (Co-founder of Ethereum). It operates on a kind of network where all the transactions are recorded permanently. It is a major network blockchain and its exclusivity comes in the form of Parachains. Such Parachains can easily be customized as they have been created by users operating on the blockchain. Users have an option to customize a number of Polkadot chains intended for different purposes.
#5 Dogecoin aka DOGE
Dogecoin is not a new term in the cryptocurrency domain as it remains one of the hot topics in the digital finance ecosystem. It was created back in 2013 which was an alternative to Bitcoin, rather than a famous Bitcoin parody. It has now become a highly valuable & popular currency brand globally and its success can also be attributed to its widely renowned mascot Shiba Inu. Elon Musk gave a significant push to Dogecoin which is why it sits on such high stature.
#6 Litecoin aka LTC
Launched in 2011, Litecoin was developed by Charlie Lee who was one of the high-ranking engineers from Google. He currently works for a global platform known as COIN aka Coinbase Global Inc. It was created to replicate the relationship between silver & gold which is Bitcoin & Litecoin. However, among a number of great benefits provided by Litecoin comes in the form of its “Block-Generation-Rate.” It paves the way for significantly shorter transactions and the confirmation time is also short.
#7 FTX Token aka FTT
Users have a great option to earn interest and avail of fewer fees benefits provided by FTX token. Needless to say that it has evolved into being one of a remarkable investment & investors view a great opportunity in it. FTX Token registered a 100% growth from the last year which was only 62%. Now, that is a significant factor that needs to be taken into consideration. Bank of America also recognizes among 23 cryptocurrencies that it keeps a track of.