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What are the best Altcoins?

best altcoins

February 5, 2021 | 

2309 Views | 

JOHN K MWANIKI | 

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Due to the volatile nature of cryptocurrency, the market has had very many ups and downs over the years. With many digital coins in existence, choosing the best altcoins is quite difficult. 

Bitcoin is the most dominant cryptocurrency in the world. But, there are many other digital currencies. They continue to emerge and show great potential. Altcoins refers to alternative coins other than bitcoin, giving them the name 'altcoins.' In this article, we will look at the five best altcoins and check their potential. We will also look at some reasons why you should invest in crypto in 2021.

Why should you invest in the best altcoins in 2021?

With this tumultuous year finally ending, many crypto enthusiasts are eager to know the future of crypto trading. Many factors are affecting the market currently. As a result, many are questioning the altcoins to invest in and those they should avoid. 

Generally, cryptocurrency trading is an exciting yet risky business venture. Many people earn large profits from it. There are others who have made significant losses. There are more than 50 million cryptocurrency traders worldwide. Thus, the market has plenty of volatility and action. You will always find a buyer for your coin, depending on the price. 

Another reason to join the cryptocurrency industry is to learn and develop new skills and strategies. If you have an interest in learning new things and have excellent analytical skills, crypto trading is an ideal option. Not only can you diversify your skills and portfolio, but you can also make large profits in the process. 

Bitcoins and other digital currencies operate on blockchain technology. If you have been paying attention to the financial industry, this technology has been the epitome of the financial revolution globally. The technology has also influenced other industries, like medicine, gaming, supply chain management, and voting, among many others.

Additionally, many major businesses have begun embracing these digital currencies by allowing their consumers to pay with them. As a result, these tokens are gaining mainstream recognition and widespread application. You can now pay for your favorite foods or watch the latest movies by paying for them with crypto. Also, PayPal has a new crypto service that allows merchants to accept bitcoin and other cryptocurrency payments

Thus, investing in altcoins in 2021 is definitely a worthy venture as it has many applications and great potential. So, what are the five best altcoins to trade in 20201?

The five best altcoins to invest in

1. Ethereum

Ethereum is the second-largest cryptocurrency after Bitcoin. Unlike bitcoin, ethereum is a virtual coin that offers many applications that go beyond cryptocurrency trading. This currency supports the use of decentralized apps (DApps) and smart contracts. As a result, this digital currency influences different sectors, like businesses, sciences, and commodities trading.

It is also worth noting that ethereum exists in different versions. There is Ethereum Classic (ETC Coin) and Ethereum (ETH Coin). Traders should always ensure they are buying and selling the right coin as the symbols can be somewhat tricky.

Furthermore, there has been a lot of excitement around ethereum because of the upcoming launch of Ethereum 2.0. This new version's launch will change it from being a 'proof of work' coin to a 'proof of stake' coin. Also, major payment platforms, like PayPal, accept ethereum as a form of payment. 

2. Litecoin

Popularly referred to as the silver to bitcoin's gold, Litecoin is an excellent investment option. With an $8.2 billion market cap, this digital coin is among the world's top 20 largest cryptocurrencies. Litecoin was released in 2014 and has a maximum supply limit of 84 million coins, four times more than bitcoin. 

Unlike bitcoin, Litecoin functions using a proof-of-work mechanism called scrypts, which is more effective than bitcoin's technology. As a result, this digital coin allows faster and cheaper transactions than bitcoin. Users can complete a Litecoin transaction in 2.5 minutes, while a bitcoin transaction takes about 10 minutes to complete.

3. NEO

Often known as the Chinese Ethereum, NEO was developed in 2014 by Da Hongfei in China. It is the largest and most reputable cryptocurrency from China. Like ethereum, this token supports the use of smart contracts, ICOs, and decentralized apps. 

But, NEO supports more transactions and accommodates many programming languages compared to ethereum. Thus, it is more efficient and user-friendly than ethereum since you do not have to learn a new programming language.

In the past year, NEO has been one of the most wanted cryptocurrencies in the market. Its price has experienced fluctuations between $3.93 and $25.86 over the past year. With a $1.6 billion market cap, NEO is definitely one of the most popular cryptocurrencies among developers.

4. Bitcoin Cash (BTC)

Another one of the best altcoins to invest in Bitcoin Cash (BTC) as it has great potential of achieving mainstream adoption. Due to its PayPal integration, this coin may see heightened levels of demands due to its use in everyday purchases on the platform. 

Launched in 2017, bitcoin cash features bigger block sizes of 8MB compared to bitcoins 1MB, enabling faster, cheaper, and more frequent transactions. Although it is less popular than the original bitcoin, it offers more scalability, giving it a lot of room for growth. With a market cap of $4.7 billion and $488.92 per token value, bitcoin cash is definitely in the running for the best cryptocurrency.

5. Ripple (XRP)

The last entry on our best altcoins list is Ripple. Unlike bitcoin and many other altcoins, this unique token aims to change the existing financial system. It seeks to serve as a bridge between the existing currencies, crypto and fiat, and allow more effective cross-border payments. Thus, users can make international transfers in a couple of seconds. 

Due to its great function, many major financial institutions have adopted Ripple. With a market capitalization of $3.35 billion and $3.84 per token value, Ripple enjoys a lot of popularity in the crypto community. 

Conclusion

Based on our research, the altcoins named above are the best altcoins to invest in 2021. Bitcoin remains the most dominant cryptocurrency in the world. But, owing to the immense growth and development of other altcoins, no one knows how long bitcoin will keep its dominance.

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