Going Beyond Bitcoin: Top 5 Altcoins by Market Cap

By Stan Peterson
Published December 1, 2021 Updated December 1, 2021
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Going Beyond Bitcoin: Top 5 Altcoins by Market Cap

By Stan Peterson
Published December 1, 2021 Updated December 1, 2021

Introduction–Bitcoin is the first cryptocurrency, launched in 2009, works on blockchain technology, and since then, it has gained immense popularity among investors though the valuations had soared past the US$ 64k mark. The question arises of how to go beyond Bitcoin with a plethora of private cryptocurrencies available. As many as 10,000 private cryptocurrencies are available in the market, but the moot question is to choose the right ones among these. It’s essential to understand well-known alternatives to Bitcoin, where the possibility of investment exists.

Market Capitalization of Top Altcoins Bitcoin is way ahead of other cryptocurrencies as far as market cap is concerned, standing over US$ 1.17 trillion. Ether occupies second place with a market cap of US$ 520 billion; Binance Coin is placed at third rank with a market cap of US$ 88 billion; the fourth position is occupied by Tether, having a market cap of US$ 70 billion, and the fifth rank goes to Cardano with a market cap of US$ 66 billion. Let’s understand each one of the other top altcoins by market capitalization.

Ethereum 2.0 (ETH) – This is the second-largest and one of the best performing altcoins during the current year when its price has crossed the US$ 4,600 mark. The upgraded version of Ethereum 2.0 will have a proof-of-stake consensus mechanism, with reduced transaction costs and sharding technology curtailing network congestion. Completion of the Ethereum 2.0 upgrade would mean an environment-friendly and promising currency to purchase. You can buy Ether in India at ZebPay.

Binance Coin (BNB) – Binance is one of the largest crypto exchanges, and initially, its coin could be used to trade and pay fees on Binance. With time, BNB has expanded usage for trading, payment processing besides travel-related bookings. It could also be traded or exchanged like other cryptocurrencies, namely Bitcoin or ether. Its price had gained 5,300 times when it was first launched in 2017.

Tether (USDT) – Unlike other cryptocurrencies, it is said to be a stable coin, backed by fiat currencies, namely, US Dollar or Euro, meaning securing issuance by way of equivalent currency. Its price has relatively lesser volatility, and consistent performance makes it a favourite among investors.

Cardano (ADA) – This altcoin embraced a proof-of-stake validation mechanism in the early stages. The proof-of-stake mechanism expedites processing time as parallel validation is possible in addition to curbing energy usage, thereby making it environment-friendly. Cardano enables smart contracts and decentralised platforms. An investor could buy Cardano in India by paying around Rs 150/- for a coin on one of the cryptocurrency exchanges.

Other than the top five altcoins, one could also buy Litecoin (LTC) by paying around Rs 15,000/- equivalent to US$ 190 on one of the cryptocurrency exchanges in India. Litecoin’s price had touched an all-time high of USD 386 in May 2021. The transaction cost is quite low for LTC as compared to other cryptocurrencies. Another altcoin Chainlink (LINK) gauges ways to get information by creating a network of nodes in and out of a blockchain, which is considered secure, reliable, and decentralised. Chainlink oracles enable procuring information on price feeds, event outcomes, and links to traditional payment systems without compromising security or decentralisation. An investor would buy Chainlink by shelling out Rs 2,500/- approximately.

Polkadot crypto aims to integrate various blockchains by creating a cryptocurrency network. The management of cryptocurrencies would significantly change with the proposed integration resulting in surging valuation ever since DOT was launched in September 2020. The price of Polkadot crypto has gained by 1400 per cent during the last 12 months, reaching a market cap of US$ 47 billion.

India offers huge potential for the cryptocurrency market with many cryptocurrency exchanges functioning, where one could trade cryptocurrencies. It’s time when an investor has to look beyond Bitcoin for two reasons – the first is scarcity, and the second one is Bitcoin price. Besides the top 5 altcoins by market cap, Litecoin, Chainlink and Polkadot also offer opportunities for investment, where investment or trading bets could be undertaken based on investors’ risk appetite. ZebPay, launched in 2014, is the oldest cryptocurrency exchange in India, where an investor could open a wallet account and commence trading in any of the altcoins mentioned above.

References:

  1. https://www.forbes.com/advisor/investing/top-10-cryptocurrencies/
  2. https://www.benzinga.com/money/best-alt-coins/
  3. https://currency.com/the-top-seven-altcoins-for-2021

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Stan Peterson
756 Articles
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.