When most people think of cryptocurrencies, it is likely that they think of Bitcoin. The cryptocurrency has become the biggest talking point in finance, with many speculating that it is either the future or a giant fad. Based on CoinMarketCap’s most recent data, Bitcoin has at least 17 million coins in circulation, and a total market capitalization of around $142 million. Yet it isn’t the only cryptocurrency.
There are approximately 1,600 cryptocurrencies in circulation today, each with a distinct quality. Some are known as StableCoins, while others are known for their volatility. In this list, you will find cryptocurrencies that are gaining traction in terms of prices and popularity, which could lead them to catch up with Bitcoin.
While Bitcoin Cash has the same technology as Bitcoin, it has two main differences. The first is that Bitcoin Cash’s value is much lower compared to Bitcoin. As of this writing, it sells for about $1,197. Second, it is projected to beat Bitcoin in terms of popularity in the next few years because the former has lower fees per transaction. Bitcoin Cash’s market cap is currently at $20.5 million.
Ethereum is one of Bitcoin’s biggest competitors not only in terms of popularity but also market capitalization. In fact, its market cap is the closest one to Bitcoin at $68.5 million. FXCM notes that Ethereum is only behind Bitcoin Cash in terms of aggregate market value. From January 2017, to January 2018, Ethereum’s prices appreciated to over 6,000%. With a huge market cap and value of only $690 per ether, this cryptocurrency isn’t going anywhere soon.
Ripple works with over 75 financial institutions, making it one of the most progressive cryptocurrencies in the world. It has a really low value at $0.88 per coin but a huge market cap of $26.3 million. Ripple is usually used as an entry point by investors who want to get exposure from the cryptocurrency market due to its cheap price.
LiteCoin was created in 2011 to complement Bitcoin as well as eliminate its flaws. The fees associated with using LiteCoin are about 1/50th of Bitcoin’s dues, and its speed is 4 times faster than Bitcoin transactions. It costs about $133 per coin and has a market cap of about $7.5 million. What makes LiteCoin different from other cryptocurrencies is that it can be withdrawn from Bitcoin ATMs.
Just as the name implies, Dash offers instant transactions to users. In addition to its speed, Dash has a self-governing and self-funding mechanism that encourages the creation of independent entities within its networks, and it is because of these reasons that Dash may catch up to Bitcoin’s market cap. As of this writing, Dash currently sells at $378 per coin, and has a total market cap of $3.05 million.
Unlike other cryptocurrencies in the list, SALT works by allowing investors to deposit different altcoins in exchange for real money. Similar to how mutual funds work, but instead of bonds and stocks cryptocurrencies are the assets. Each SALT costs about $2.70, and it has a current market cap of $159 million.
IOTA specializes in selling data. Major companies around the world demand information about consumer trends, and IOTA is capitalizing on them through cryptocurrency investments. While an IOTA only costs $2.28, its market cap has grown to $4.7 million, making it one of the cryptocurrencies to watch out this year.
Monero is one of the most difficult cryptocurrencies to keep track of because of its volatility. However, its prices have slowly gained traction over the years, piquing the curiosity of investors who are trying to diversify their portfolio with cryptocurrencies. One Monero costs approximately $195, and it has a total market cap of $3.1 million. Its market cap is expected to increase more in the next few years.
OmiseGO may not have a mainstream status just yet but this cryptocurrency based on Ethereum technology is slowly gaining traction. The purpose of OmiseGO is to allow businesses to process payments faster and with less hassle. Its market cap is predicted to jump in the next few years due to McDonald’s, and other globally recognized companies, investing money into OmiseGO. Each OmiseGO now costs about $12.3, and its current market cap stands at $1.3 million.
Decred is one of the fastest-rising cryptocurrencies in the world, and it was built to be self-governing. It’s one of the few cryptocurrencies in the market that actually allows owners to contribute to its growing number of rules. Decred currently sells at $113 per coin, and its market cap is currently at $810,000. Despite its market cap not hitting millions yet, Decred may catch up to Bitcoin’s market cap because the cryptocurrency is constantly changing its rules in order to adapt to the ever-changing economy.
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