Watch Out For These 7 Altcoin Competitors

Since its enthronement as the King of altcoins, Ethereum seems to have enjoyed a peaceful and long reign. However, developments in the blockchain and cryptocurrency space have given rise to a lot of altcoins. While some may pose no threat to the great Ethereum, some show great promise and signs of good things to come. If you’re interested in these promising altcoins, below is a curation of the top seven. 

• Avalanche (AVAX) 

Avalanche is one of the newest blockchain platforms. This platform is strongly focused on building decentralized apps and facilitating the creation of the custom blockchain. Its token, which is known as AVAX, is used to carry out different transactions. At the moment, the market price of the currency stands at USD$91.63 and boasts a market value of USD$20 billion. 

One of the distinguishing features of the Avalanche (AVAX) is the fact that it could be a great completion for the altcoin, King Ethereum. 

• Tether (USDT) 

The Tether is one of the stable coins in the market. It’s tied strongly to the value of the dollar. Since it’s tied to a specific asset, its value barely diminishes. The market price stands at a dollar, with a market cap of USD$78 billion. 

The Tether saves as a medium currency that’s used in moving from one cryptocurrency to another. While some people claim that the Tether is not as secure as it seems, there is no immediate worry on the horizon. Being tied to the value of the dollar gives the coin great potential. 

• Binance Coin (BNB)

For a digital currency that started as a coin used to pay for discounted trades, the Binance coin has become a household name in the crypto world. It has a market price of USD$424.51 and a market cap of USD$70 billion. 

Maybe the reason behind its popularity is the fact that it’s issued by one of the top crypto exchanges in the world. The coin, which is known as BNB, is now used to purchase goods and services and make payments as well. 

• USD Coin (USDC) 

One of the most popular coins in the market now is the USD coin. What makes it unique in the market is that it’s tied to the value of the dollar. It’s stable and barely fluctuates. It’s backed by fully reserved assets or those with ‘equivalent fair value.’

The coin’s price stands at a dollar and comes with a market price of USD$51 billion. The coin is strongly regulated and has the potential to rise as high as the US dollar would. With the bright future of the US dollar, it’s safe to say that the coin will pose a threat in years to come. 

• Cardano (ADA) 

The Cardano cryptocurrency was created by the co-founder of Ethereum. Built to mimic the Ethereum blockchain, Cardano uses smart contracts, making it good for identity management. 

The currency of Cardano is ADA. At the moment, its market price is at USD$1.20 and market cap is at USD$39 billion. 

Cardano is not just used to initiate transactions, but it can also be used to power apps. It’s currently one with a lot of activity among traders and hopes for a bright future.

• Solana (SOL)

Solana is one of the newest coins on the block. It was created by Anatoly Yakovenko. 

For something that started out in 2019, the Solana coin has come a long way. At the moment, its price stands at USD$114.18, and its market cap is at USD$38 billion. Its currency, which is called SOL, is capped at 480 million coins. 

Furthermore, Solana is believed to have the biggest blockchain with the ability to validate 65,000 transactions in a second without an intermediary. 

• Ripple (XRP)

Although it has been tied down in a lot of lawsuits with the SEC, Ripple has proved to be resilient. While it may not seem like the best coin on this list, it’s full of potential. It has a USD$0.8997 market price and a market cap of USD$35 billion. 

Created originally to facilitate transfers on the blockchain at a lesser price compared to the banks, the Ripple coin is used to initiate transactions on the blockchain. Although a lot of coins seem to be going ahead of the Ripple XRP, this coin holds a lot of potential and could go up any day. 

Conclusion

With the different activities in the crypto space, there’s a lot that can happen anytime. Any of these coins have the potential to overtake the altcoin space at any moment. While Ethereum can sit at the top of the cadre now, it should beware all these coins. Crypto traders should watch out for them too.