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NON-BITCOIN CRYPTOS TO BE ON THE LOOKOUT FOR IN THE SECOND QUARTER OF 2021

non-bitcoin currencies to watch

May 3, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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2021 started with bitcoin's dramatic rise as its value has ballooned by more than 220% since January 2021. Bitcoin's significant surge can be attributed to support from notable companies, including Tesla Inc and PayPal, which rolled cryptocurrency payment capability for their customers at the beginning of April 2021. 

But as bitcoin continues dominating the market, other non-bitcoin currencies also made a solid start to the year and have the potential to break new ground as we move into the second quarter of 2021. As a savvy investor, be on the lookout for these non-bitcoin cryptos.

Dogecoin (DOGE)

Before, Dogecoin was lesser known in the crypto market partly because of its little value, but it exploded in the headlines early this year. Like many dramatic events in the cryptocurrency market, its popularity can be attributed to Tesla's CEO Elon Musk, who mentioned it in a series of tweets where he appeared to support the altcoin. That would send investors into a buying frenzy of the coin that was not popular before.

Other celebrities, including famous rapper Snoop Dog and Kiss singer Gene Simmons, also tweeted in support of Dogecoin, which thrust the coin into the limelight. The price of Dogecoin in 2021 moved by 1028% to highs of $0.05. According to CoinGecko, a crypto market data site, the market value of Dogecoin is $51billion, making it big in the market.

Ether (ETH)

Ether's prominence comes from the fact that it is the second most popular coin after bitcoin. Etherium is a smart contract blockchain that uses Ether as a token which has seen a dramatic increase in value in 2021 correlated with its most popular peer, bitcoin.

From the beginning of 2021, the value of Ether has surged by around 143%, as it currently stands at $2,715. The rise of Ether can also be attributed to the fact that in late March this year, Visa Inc, a card payment firm, announced that it would support payments via crypto on the Etherium blockchain.

Uniswap (UNI)

Uniswap is one of the tokens experiencing a dramatic surge in 2021. Uniswap platform powers a model that makes it easy to exchange cryptocurrencies on the Etherium blockchain. It uses an automated market system instead of a traditional order book. Instead of balancing individual buy and sell orders, individuals can pool together two assets traded against with the price determined depending on the ratio between the two.

Uniswap is a top decentralized exchange in the market, with its token's value having surged by 488% to $41.95 currently. The token might see a potential rise during the third version of the protocol set to launch on 5th May. According to its designers, it will be the most efficient and flexible automated market in existence.

Decentraland Mana (MANA)

Currently, cryptocurrencies have started making their way into the gaming and entertainment industries. Decentraland Mana is one of the coins making this significant move. It enables users to build, buy and monetize virtual reality applications. 

Simply put, Decentralized Mana users can buy virtual land with it on the platform and create digital applications and apps that they own and control. MANA, the token on use on the platform, has dramatically increased since the beginning of 2021, moving by 1255% to $1.46 currently.

Its huge boost can be attributed to the fact that Atari, the renowned video developer credited for retro classics like Pacman and Pong, in March announced its plans to open a cryptocurrency-based casino later this year. The virtual casino named Vegas City is expected to feature Atari Non-Fungible tokens and Atari-themed games to launch in May 2021.

Litecoin (LTC)

Following its rise as the first altcoin in 2010, Litecoin has attracted users to its platform because of its faster transaction method when compared to bitcoin's blockchain. It also facilitates a cheaper entry point for newbies than bitcoin, which is pricier.

It has rocketed in 2021 by 167%, trading at $255.51 today. Although the coin no longer occupies the dominant position it used to, it is a cheaper alternative for investors to ride the bullish coattails of bitcoin's rally as more institutional investors invest in the industry.

Ripple (XRP)

Ripple markets itself as a blockchain that facilitates faster and decentralized currency exchange payments than regular wire transfers. However, ripple is not mineable, and its XRP tokens are issued by human operators, unlike bitcoins, whereby tokens are awarded to computers solving transactions through algorithms.

Ripple is touted as a viable alternative to wire transfer system payments, especially for small quantity transactions not handled by traditional exchanges. Ripple value has increased by 107% in the last few months to $1.3761 currently.

Cosmos (ATOM)

Blockchain technology continues to expand further into more industries, and more projects continue to emerge to take advantage of the protocol, one of which is Cosmos. Cosmos is one of the altcoins aiming to resolve some of the problems surrounding the scalability and interoperability of various blockchain systems. 

Cosmos aims to develop an internet of blockchains to enable blockchains to collaborate and communicate similarly to devices on the internet of things. Its price is currently at $22.55, and it could attract many investors if it succeeds in linking blockchains together. That means it will open up a new outlook and methods of how the technology interacts with itself and operates.

THE TAKEAWAY

Many institutional investors have started looking at cryptocurrencies as an asset class, with many of them making moves to accept them for transactions. That means investors have the potential to score big with some of the top digital coins in the market. Watch out for the non-bitcoin currencies mentioned above as we enter the second quarter of the year 2021.

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