Other cryptocurrencies are gaining prominence in addition to Bitcoin. In reality, there are already over 20,000 separate cryptocurrencies, each with its own set of characteristics and purposes. If you are only looking into Bitcoin, you are missing out on different types of crypto coins in the cryptocurrency market. These currencies have all weathered crises and emerge victorious. Please continue reading as we unveil ten of the most popular cryptocurrencies or bitcoin alternatives.
What are the different types of cryptocurrencies besides Bitcoin?
Launched in 2015, Ether currently trails behind Bitcoin by a wide margin. Ethereum is a decentralized platform for the creation and execution of smart contracts, which are programs that run precisely as intended without the risk of fraud or third-party interference.
One significant difference compared to BTC is that Ethereum can not only process transactions but also store computer code, which can be helpful in building decentralized applications. The purpose of Ethereum is to provide a set of financial products that anyone can use. This aspect is especially compelling for people living in countries without robust state infrastructure because it gives them access to things like bank accounts, loans, and insurance that they wouldn’t otherwise have.
As of 18th September 2022, it is trading at around $1,383 with a market cap of $169.5 billion, which is less than half of the BTC.
Launched in 2014, Tether is a cryptocurrency pegged to the US dollar. This means that an equivalent amount of USD is held in reserve for every Tether coin in circulation. This makes Tether a stablecoin, representing its value does not fluctuate as much as other cryptocurrencies. This feature enables people who want to trade cryptocurrencies but don’t want the volatility that comes with it.
Tether is also one of the most widely used stablecoins. So, if you want to buy crypto coins that are less volatile, USDT is an option that is listed on several exchanges. It can be used to purchase other cryptocurrencies and goods and services.
It is the third-largest crypto by market cap with a value of $67.9 billion and a token value of $1.00 as of 18th September 2022.
USD Coin (USDC)
Launched in 2018, USD Coin is a stablecoin pegged to the US dollar. Like Tether, this makes it less volatile than other cryptocurrencies and thus more suitable for use in commerce. A private company issued Tether, but the US government issued USD Coin. It makes USDC one of the most trusted stablecoins on the market.
It has a market cap of $55.5 billion that is ranked fourth in value and trading volume. As of 18th September 2022, the trading value of USDC is $1.00.
Binance Coin (BNB)
Binance Coin is the native coin of the Binance cryptocurrency exchange that is the largest in the world by trading volume. One can use this coin to pay fees on the Binance exchange, giving it a utility outside of being traded. BNB also has some other benefits, such as discounts on trading fees and access to exclusive events.
With a market capitalisation of $44.1 billion, it is fifth in the ranking and valued at around $273.34 as of 18th September 2022.
It is the native crypto product of the Ripple network. Ripple is a payment processing company that uses blockchain technology to speed up and improve the efficiency of international money transactions. These transactions, as well as other payments, can be facilitated via XRP.
Several banks and financial organizations have used the Ripple network to accelerate international transfers. This has given XRP some real-world utility and contributed to its growing popularity.
It has a market capitalization of $19.6 billion and was trading at roughly $0.39 on September 18th, 2022.
Binance USD (BUSD)
This stablecoin was created by the Binance exchange and is backed by the company’s reserves. The New York State Department of Financial Services approved this stablecoin, making it regulated as well. Because it is a licensed token, it is one of the most trusted stablecoins on the market.
The market capitalisation of BUSD was $20.5 billion on September 18, 2022, with a trading value of $1.00 per coin.
It debuted in 2017 as an innovative contract platform and has since grown to become one of the most popular altcoins. ADA is distinct in that it employs a proof-of-stake consensus process, which makes it more energy-efficient than other cryptocurrencies.
Cardano aims to become the world’s financial and operational system by providing services equivalent to Ethereum’s, as well as solutions for chain interoperability, voter fraud, and legal contract tracing.
As of September 18, 2022, it was trading for roughly $0.47 and had the seventh greatest market cap of $15.9 billion.
Solana is a high-performance blockchain platform built for large-scale applications. SOL’s distinguishing characteristic is that it can handle up to 50,000 transactions per second, making it one of the fastest blockchain platforms. Solana is not only fast, but also scalable and secure.
The Solana team has numerous accomplished developers, lending legitimacy to the idea. Furthermore, Solana has collaborations with a number of big corporations, including Google Cloud and Intel.
On September 18, 2022, the SOL coin was trading at $32.46 with a market worth of $11.5 billion, ranking ninth in the market.
This token was created in 2013 as a joke and is based on the Doge meme, which depicts a Shiba Inu dog. It has now grown to become one of the most popular altcoins, with a significant and committed following.
Dogecoin began as an attempt to mock the frenzy around Bitcoin and other cryptocurrencies. However, it has since evolved into a useful money. Dogecoin is frequently used to tip social media content providers and make charitable donations.
As of September 18, 2022. DOGE’s market capitalization was $7.9 billion, ranking it 10th in terms of market capitalization, and it was priced at roughly $0.06.
Polkadot is a next-generation blockchain platform that is scalable and adaptable. It is based on a heterogeneous multi-chain design that allows it to support several blockchains. Polkadot can also connect many blockchains, whether public or private.
It is distinct from other cryptocurrencies in that it is more than just a platform for smart contracts. Polkadot is also intended to be a Web 3.0 platform, allowing users to connect with the network in a more user-friendly manner.
As of September 18th, 2022, the market capitalisation of DOT was approximately $7.5 billion, and its trading value was $6.78.