When it comes to cryptocurrencies, people instantly relate them to Bitcoin. It is not entirely incorrect as Bitcoin is the world’s leading cryptocurrency, but it is not the “only” cryptocurrency in the market. An altcoin is a simple term used to refer to all the cryptocurrencies other than Bitcoin. So be it Ethereum, Litecoin, Dogecoin, Ripple, etc., they’re all altcoins. However, people should remember that just because altcoin refers to all cryptocurrencies except Bitcoin doesn’t mean all the altcoins are Bitcoin’s competitors.
Every cryptocurrency is launched with a specific goal in mind, and it may or may not be Bitcoin’s competitor. As the market has enough talks going around Bitcoin, it will be wise to get to know the other digital currencies dominating the space too. If you’re a crypto investor who plans to own a diverse cryptocurrency portfolio, you should consider taking the following altcoins seriously due to their promising prospects:
A leading altcoin that is making headlines for all the right reasons is Ripple. It is a decentralized, open-source network built using blockchain technology that aims to change the way cross-border payments are conducted. Officially launched in the crypto space in 2012, Ripple has turned many leading global banks and financial institutions in its favour.
Ripple aims to replace SWIFT in the coming years, and its roadmap is quite promising. Through Ripple, you can make cross-border payments at a fraction of the cost of what is charged during the traditional payment transfer method. These payments are also secure and fast. So if you want to purchase an altcoin that has a possibility of skyrocketing in value in the coming years, you should buy Ripple in India.
If you’re following the crypto space for quite some time, you’ll know Ethereum is the altcoin that managed to reach next to Bitcoin in terms of market capitalization, popularity, and demand. Today, Ethereum is among the top five digital currencies that investors can bet big on. It is a decentralized platform that enables developers to create dApps using smart contracts.
Today, many top Non-fungible tokens (NFTs) and Decentralized Finance (DeFi) apps are hosted on Ethereum. The system is expected to attract more developers from across sectors in the coming years. All this has set strong grounds for Ethereum’s promising future. Many even believe that Ethereum has the potential to overtake Bitcoin as the world’s top cryptocurrency in the near future.
One cryptocurrency making strides outside the crypto sphere is Chainlink. Its utility and widespread adoption in the Decentralized Finance (DeFi) market has made it desirable by many. Chainlink aims to leverage smart contracts to their true potential by incorporating outside data like global occurrences, asset prices, etc., into smart contracts. For example, farmers can use Chainlink to hedge against a dry or bad harvest season.
When used by insurance companies, farmers can automatically receive insurance claims to their account when smart contracts filtered through Chainlink meet predefined criteria, like temperature or rainfall not meeting a certain standard. Chainlink’s potential is massive, and it is what makes investors hopeful of its bright future.
Co-founded by one of Ethereum’s founders, Cardano aims to become the world’s most preferred financial operating system. It is pretty similar to Ethereum, but it is capable of doing much more. The team behind Cardano has spent a considerable amount of time researching and working to make this decentralized currency reach the top ten cryptocurrencies list. In fact, in November 2021, Cardano was the sixth-largest cryptocurrency across the world in terms of market capitalization.
Many investors view Cardano as the “Ethereum killer” because of its potential. Besides facilitating decentralized financial transactions, it can also provide solutions to counter voter fraud, chain interoperability, legal contract tracing, etc. Though Cardano is still in its nascent stage, its future holds tremendous growth potential. If you’re someone who bets big on cryptocurrencies, you cannot ignore Cardano.
Solana’s ability to seamlessly integrate with digital tokens from other networks has made it desirable by many. Plus, its fast transaction speeds have attracted the attention of many developers who want to mint smart contracts like DeFi apps and NFTs. As it is faster than Ethereum and consumes less processing power, Solana has started getting into the good books of crypto investors for all the right reasons. Currently, as many as 500 dApps are created and hosted on Solana, and some of them are P2E games, DeFi services, NFT trade, etc.
Independent developers seem to like what Solana is offering. And as it continues to evolve, you can expect more people to join Solana, ultimately raising the demand and price of Solana tokens. As of November 2021, Solana enjoys a spot in the list of top ten cryptocurrencies worldwide, and this position is expected to remain intact in the coming years.
Now that you’re aware of the top five altcoins that have a promising future, you should ensure to always engage in safe crypto transactions. For example, if you want to buy and sell Ripple, always do it on trusted crypto exchange platforms. Choose an exchange that facilitates secure transactions and lets you buy XRP in INR. The wrong platform will always lead to losses, irrespective of the cryptocurrency you handpick for a profitable trade. If you’ve been in this ever growing crypto space for long, you might want to add one or more altcoins listed above in your portfolio if you haven’t already.