Folks, Bitcoin is one of the most popular cryptocurrencies in the world of crypto; however, there are other types of cryptocurrencies that are available. In this article, we will be decoding some of the types of cryptocurrencies that you must know about if you are actively involved in the Crypto business. So, keep reading the article till the end as we decode some of the best cryptocurrencies that you can trade with.
Cryptocurrency:
Folks, before we divulge more details about some of the alternatives to Bitcoin. Let me give you a brief about cryptocurrency if you are new to the world of crypto. Well, cryptos are basically digital coins that can be used to do digital transactions. Each of the cryptos holds some value, and they are available in the crypto exchanges for buying and trading. The cryptocurrencies are developed by a team through a process called mining, and they are designed to be free from the government’s control and manipulation. Hence, the cryptos are decentralized but are currently the most trending thing to invest in.
Top 10 Cryptocurrency:
Folks, now that you all have got a good idea about cryptocurrency, it is now time to look at the next Bitcoin, by which we mean the other alternatives to Bitcoin. So, keep reading this section of the article as we reveal some of the best cryptocurrencies to trade.
Before we tell you about the type of cryptocurrency, let me tell you that these cryptocurrencies are blockchain-based tokens that are intended to serve another purpose other than money. You can take the example of a token issued as part of an Initial Coin Offering (ICO) and it represents a stake in the blockchain or Decentralized Finance(DeFi) project. If these tokens are to be linked to the value of the project or the company, then they are called security tokens
Now let us have a look at some of the Type of cryptocurrencies that are the best crypto to invest in.
Tether (USDT):
This is one of the type of cryptocurrencies that you can consider investing in. It is the first and the most popular stablecoins, which are alternatives to cryptos that can be pegged to a market value for their currency or another external reference point. This is significantly helpful in reducing volatility, and even the most popular Bitcoin has faced volatility frequently. Tether is helpful in reducing the price fluctuations that are known to attract customers who are otherwise careful of the same.
Tether was launched in 2014, and this US-based token’s pricing is in US dollars. This type of cryptocurrency is tied to the US dollar because the developers have claimed to be holding the US dollars for every circulating UST. The reason is that the system will allow the users to transfer their crypto back to the US dollar and in a much lesser time
Ethereum (ETH):
This is a type of cryptocurrency that is known to be the next Bitcoin or the first alternative to the infamous Bitcoin. It was one of the best crypto to invest in 2021. Ethereum is basically a decentralized software platform where small contracts as well as decentralized applications, are built. They are run without any downtime, fraud, control, or any kind of interference from the third party. Its goal is to provide anyone with any financial products, irrespective of ethnicity, faith, and race. Ethereum uses Ether to pay its validators. One of the most free platforms to access is the Ethereum platform, which allows to have free access to financial products
Binance Coin (BNB):
This is a type of cryptocurrency that acts as a payment method for the fees associated with the trading platform Binance Exchange. Those who use BNC as a means of payment for trading can use it for trading and are eligible for attractive discounts. Not only that, it is also the third largest cryptocurrency by market specialization. On the Binance Exchange platform, the Binance’s decentralized exchange operates, and the Binance coin was initially an ERC-20 token that operated on the Ethereum blockchain. This type of cryptocurrency had a market capitalization as of July 2023 of $37.3 billion, with one BNB valued at around $242.55.
XRP:
This is a type of cryptocurrency that is the native token of the ledger and was created by the payment system Ripple in 2012. The XRP ledger uses a consensus mechanism also called the XRP Ledger Consensus Protocol. It simply means that the ledger does not use a proof-of-work or proof-of-stake for consensus and validation. However, it uses client applications for signing and sending transactions to the ledger servers. As of July 22, 2023, the XRP had a market capitalization of about $39.3 billion, and its trading reached around $0.74.
Cardano (ADA):
This type of cryptocurrency is a project by research-based engineers, cryptography experts, and mathematicians. The Project has been co-founded by Charles Hoskinson who is one of the five founding members of Ethereum. The team who had created the Cardano crypto had done extensive peer research before developing the coin. The researchers have written about 120 research papers based on blockchain technology across many topics. Then, finally, they have come up with the Cardano crypto. The old coin price of this crypto as of July 2023 stands at $10.9 billion, which is the seventh largest market capitalization and has been traded for around $0.31.
USD Coin (USDC):
This is another type of cryptocurrency and a stable token. The crypto pegs its price to the US dollars which means that it uses a fiat fiat collateralized reserves, This also means that the cryptocurrency has got an amount of fiat currency which is equal to the amount of USD coin in circulation. The cryptocurrency was launched in 2018 and has a Circle and Coinbase. The market capitalization of the cryptocurrency as of July 2023 is at $30.8 billion and a price per coin of $0.9999.
Dogecoin (DOGE):
This is a type of cryptocurrency that is quite a popular one and has been termed as the original “Meme coin.” The price of this crypto reached its highest in the year 2021. This coin uses the image of the Shiba Inu as its avatar. Not only this but it has also been accepted as a form of payment in many major companies. As of July 2023, the market capitalization of this most expensive currency stands at $ 9.9 billion, and it was valued at around $0.07
Solana (SOL):
This is a type of cryptocurrency that was founded in 2017. Crypto is primarily designed to support decentralized apps and is known as the ‘Ethereum Killer.’ Solana can perform many transactions as compared to Ethereum and also charge lower transaction fees than Ethereum.
The Solana or SOL is the cryptocurrency that you can consider buying and trading in. Ever since its inception, the cryptocurrency has gotten its market capitalization at $8.4 billion and was valued at around $21 on July 22, 2023. It is the eighth-largest cryptocurrency in the market.
Polygon (MATIC):
This is a type of cryptocurrency that is developed primarily to address the issues with the Ethereum network congestion and traffic. With recent innovations, this cryptocurrency has become a multi-chain system blockchain. It can also work collaboratively with Ethereum’s Virtual machine. As of July 2023, MATIC traded at $0.76 and had a market cap of $7.09 billion. The Polygon also hosts NFTs, dApps, Smart contracts, and other solutions for the developers
Tron (TRX):
This is a type of cryptocurrency that was launched in 2017 to provide digital content makers full ownership rights through the process of tokenization and dApps. With the launch of the Tron, the creators have got a way to create apps. As of July 2023, TRX had a value of $0.085 and a market cap of $7.64 billion.
Crypto News Today:
As per the latest news,
- BTC has crumbled to $42k
- India has blocked access to many overseas crypto exchanges, such as Kucoin and Binance. Hence, invest wisely in any crypto now!
Commonly Asked Questions:
What Crypto to Invest In?
You can always check the market news to know which is the trending crypto to invest in. As the price of cryptocurrency keeps fluctuating
What are the Other Types of Cryptocurrencies?
Folks, you can check out this article to learn about some of the other types of cryptocurrencies apart from Bitcoin
Conclusion:
Folks, these are the types of cryptocurrencies that you all can consider investing in. However, it is important to keep in mind that cryptos are highly volatile, and they become extremely difficult to manage. So, it is important to do market research before investing. That’s all, folks. I hope the article will help you to get all the information you need.
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