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What are the top 10 Altcoins?

top altcoins

January 28, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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Contrary to popular belief, bitcoin is not the only cryptocurrency. New cryptos have been emerging for the past several years. There is a wide array of promising altcoins available on the crypto market, from data storage and transfer to decentralized computing. So, what are altcoins?

Altcoins are alternatives to bitcoin. They function based on the basic framework of bitcoin and aim to eradicate bitcoin monopolization. There are many different types of altcoins, some of which are more popular than others. This article will provide a comprehensive list of the top 10 altcoins of 2021. Without further ado, let us take a look at these successful and productive altcoins.

The top 10 altcoins to trade now

The altcoins market continues to expand as more and more altcoins flood major exchanges. According to the Coinmarketcap listing, there are more than 6,500 altcoins, with more than 5,000 of them on the most popular exchanges. So, here is a list of the top 10 altcoins in the crypto market space.

1.    Ethereum

Topping our list of top 10 altcoins to invest in is Ethereum (ETH). Launched by Vitalik Buterin in 2015, Ethereum has steadily taken the crypto market by storm over the past few years. With a current market capitalization of about $64.35 billion, many people believe it is the second leading cryptocurrency after bitcoin.

Furthermore, the crypto market is excited about the roll-out of Ethereum 2.0. Many suspect that this roll-out will lead to the price of ETH soaring, becoming one of the best altcoins. These altcoins will soon shift from being 'proof of work' coins to 'proof of stake' coins. 

2.    Litecoin

Another candidate in our top 10 altcoins list is Litecoin. Released in 2011 by an ex-Google employee, Charlie Lee, Litecoin is the oldest altcoin in the crypto industry. Its main difference compared to bitcoin is that it has an increased maximum number, different script-based algorithm, and has a smaller block generation time.  However, it is also a peer-to-peer digital asset, like bitcoin.

Ultimately, Litecoin seeks to account for bitcoins shortcomings, including its slow transaction speed.  Thanks to its faster block generation rate, this digital currency has a quicker transaction processing time. As a result, more payment platforms are accepting Litecoin. Litecoin has a market cap of $3 billion and $46.92 per token value as of January 2020, making it the sixth-largest cryptocurrency in the world.

3.    Ripple (XRP)

Launched in 2012 and developed by the Ripple Company, this virtual coin represents a real-time global settlement network. It provides immediate, secure, and low-cost international payments. In turn, banks can settle real-time cross-border payments with end-to-end transparency and at low processing costs. 

Also referred to as the Ripple Transaction Protocol (RTXP) or the Ripple Protocol, this coin was released in 2004. A web developer, Ryan Fugger, had an idea to create a decentralized monetary system that effectively allows individuals to generate money. 

As of January 2020, Ripple had a $9.2 billion market cap and $0.21 per token value, making it the third-largest cryptocurrency in the world. This digital currency has seen significant success with its current business model. Many traditional financial institutions can rely on Ripple to transform its cross-border payments.

4.    Bitcoin Cash (BTC)

Since its inception in August 2017, Bitcoin Cash emerged from the idea of making bitcoin more scalable for small, day-to-day transactions. A change to the initial bitcoin code led to the inception of BTC, allowing faster payment processing. 

Before BTC, it took about four days to process bitcoin payments unless you pay a fee. Now, Bitcoin Cash ensures instant transactions. As of January 2020, BTC had a $4.4 billion market capitalization and $240.80per token value.

5.    EOS

Released as open-source software in June 2018, EOS is one of the newest cryptocurrencies featured on our top 10 altcoins list. Created by cryptocurrency engineer Dan Larimer, EOS is similar to Ethereum in that it provides a platform where developers can build decentralized applications. 

Additionally, EOS offers an assigned proof-of-stake mechanism. In the future, this digital coin aims to provide more scalability than its competitors. It is also worthy to note that EOS also contains EOS.IO and EOS coins. Unlike bitcoin, there is no mining mechanism to generate this coin. Instead, block producers create blocks and are rewarded in EOS tokens depending on production rates. As of January of 2020, EOS had a $2.7 billion market capitalization and @2.85 value per token.

6.    Tether (USDT)

Released on the Ethereum, Omni, EOS, Tron, Algorand, and Liquid blockchain, tether is a cryptocurrency that seeks to attach its market value to a currency. It ensures there is an underlying asset in the form of a dollar or other external reference point for each token. 

Most digital currencies, like bitcoin, experience periods of dramatic volatility. Tether smoothens out price fluctuations, attracting many cautious users. Since its launch in 2014, this digital coin has proved itself as a profitable investment. As of January 2020, tether had a total market capitalization of $4.6 billion and a $1 per token value.

7.    Monero (XMR)

Launched in April 2014, Monero has steadily grown in popularity among crypto miners and investors. It is a private, secure, and untraceable virtual coin that has had a powerful performance over the years. Monero's development is entirely community-driven and donation-based, with a strong focal point on scalability and decentralization. 

Using a unique technique referred to as 'ring signatures,' Monero allows complete privacy through a group of cryptographic signatures. All the signatures used appear as valid, meaning you cannot isolate real and fake ones. As a result, this digital currency has been linked to many criminal operations all over the world. Monero has a $994 million market capitalization and a $57.16 per token value as of January 2020.

8.    NEO

Launched in 2014 by Da Hongfei in China, NEO offers a platform for running smart contracts, ICOs, and decentralized applications (DApps). Originally named AntShares, NEO is also referred to as the 'Chinese Ethereum' due to their similar functions. 

However, NEO and Ethereum also have several differences. First, NEO provides faster transactions and supports programming in multiple languages. Alternatively, Ethereum only supports one programming language and supports only 15 transactions per second instead of NEO's 100 transactions per second. As of December 2020, NEO has a $1.02 billion market cap and $14.32 per token value.

9.    Cardano (ADA)

Created by Charles Hoskinson in September 2017, Cardano is a DApps and smart contracts building platform, and its native currency is ADA. It seeks to solve the issue of scalability, sustainability, and interoperability, as faced by first and second-generation blockchain projects. 

Cardano has grown to be one of the most prominent altcoins that use a 'Proof of Stake' consensus mechanism. As of December 2020, this digital currency had a market cap of $5.5 billion and $0.18 per token value.

10.    Libra

The last entry on our top 10 altcoins list is Libra, a cryptocurrency developed by social media giant Facebook, Inc. In June 2019, Facebook confirmed the rumors of developing its own crypto by releasing Libra's white paper. The company has a tentative launch date of early 2021, as Facebook is still sorting through regulatory barriers. 

Given the popularity of Facebook, the development of Libra will provide an incredible global reach for cryptocurrencies. It also increases the potential for massive volumes of exchange across its platform.

Conclusion

Are you new to the cryptocurrency industry and looking for the top 10 altcoins? Over the years, many altcoins have gained and retained momentum in the cryptocurrency market. In 2021, many miners and investors believe that many of these altcoins in this list will hit their prime time. It is up to you as the investor to choose the best altcoins worthy of your investment and choose a reliable exchange platform to get started. 

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