Bitcoin has been dominating the crypto industry for many years since its inception. It has rapidly grown in value over 10 times within certain periods of the previous year and it is projected to rise to an unprecedented price in the coming years. Bitcoin is the ideal standard for other cryptocurrencies, gathering a multitude of investors and market engagement. Developers and analysts are now modeling new cryptocurrency tokens based on Bitcoin.
However, some other cryptocurrencies apart from Bitcoin are starting to garner recognition in the financial markets. As of January 2021, about 4000 cryptocurrencies were said to be in existence. While many of these digital currencies receive minimal reception and low trading volume, some others are gaining popularity among investors in the financial community.
Let’s go ahead and discuss the ten most important cryptocurrencies apart from Bitcoin in no particular order.
1.Ethereum (ETH)
If you’re conversant with the financial market, you might have come across ethereum. Ethereum is the most significant replacement for Bitcoin by market cap and comes first on the list. Ethereum is a decentralized software platform that can perform smart contract transactions and run decentralized applications (DApps) on the blockchain network. Ethereum was created not only to facilitate exchange transactions but to encourage blockchain transactions without any interference from third parties.
At its inception, Ethereum was sought out by mostly developers for programming and application development purposes but it has garnered a lot of attention from crypto investors for its ability to deliver remarkable market returns. Investors use a token called “ether” to purchase other cryptocurrencies. Ether is a digital currency launched in 2015, and it’s the leading digital currency by market cap after Bitcoin.
Although the margin between Bitcoin and ethereum is a longshot, ethereum is certain to remain as a dominant force in the cryptocurrency industry.
2.Litecoin (LTC)
Another valuable digital asset that makes this list is Litecoin. Introduced in 2011, it has made evident progress in emerging as an important digital currency in the market. Litecoin was created to emulate the model and global success attributed to Bitcoin. It has a faster block generation rate that offers quick transaction completion time.
As of early January 2021, Litecoin has had a market valuation of $10.1 billion making it one of the most dominant digital currencies around.
3.Ripple (XRP)
Ripple is a very much hyped digital asset in the crypto community and this is due to its market cap of more than $19.8 billion. Although the price of acquiring each XRP token is small, the total number of XRP in circulation is quite high. Data shows that there are over 39 billion XRPs in circulation right now.
4.Bitcoin Cash (BCH)
Bitcoin Cash (BCH) emerged as a result of a split in 2017. This split was prompted by a disagreement about the issue of scalability. The total market cap as of January 2021 was estimated at $14.5 billion, with a market price of $843 per coin.
5.Polkadot (DOT)
Polkadot is a digital asset that is similar to Ethereum. Developers can create DApps and write smart contracts on Polkadot just like in Ethereum. The most significant difference is that with Ethereum, developers create new blockchains as well as the security protocols, but with Polkadot, the security protocols are inherited from the Polkadot’s chain.
Polkadot was created by a core founder of Ethereum, Gavin Wood and as of January 2021, Its market cap is said to be at $11.2 billion.
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Although Bitcoin is still the most dominant digital asset to attain, some other cryptocurrencies are gaining momentum and recognition in the financial world.
http://www.cryptcointrade.com/top-five-cryptocurrencies-other-than-bitcoin/
