As of now, there are nearly 10,000 kinds of cryptocurrencies. These cryptocurrencies fight for the users’ attention and try to prove that their implementations are the most promising. However, not all cryptocurrencies have the potential to rise.
Some coins have already experienced their fame, and fresh projects with more advanced ideas have come for them. Aside from that, some coins are even created just as a joke or for hype, and they will be forgotten as fast as they were known. Meanwhile, others can simply copy an existing idea. As a result, there are over 2,000 coins considered to be “dead.”
However, there are still projects that survived the tough competition, showing their sustainability in the success of the platform, which is why many traders consider these cryptocurrencies to be a good option for investing in the long term. Even though not all of the listed coins could become winners when it comes to their price, their solutions have been showing strong demand for over a year.
Bitcoin (BTC)
When the term cryptocurrency is heard, the first thing that comes to mind is Bitcoin. Even those people who are not fully aware of the crypto market have heard a little about it. For some beginners, the introduction to cryptocurrencies should start with Bitcoin.
Bitcoin has been holding the title of being the top cryptocurrency. It is the first when it comes to capitalisation in the cryptocurrency market, it also has the highest liquidity, and it has the most adaptation level among businesses. It is easy to buy cryptocurrency with the use of a credit card. Moreover, a number of big companies preferred Bitcoin as a mode of payment.
Bitcoin was made for borderless transactions without having the need to acquire a centralised authority. The top cryptocurrency uses blockchain to store data, and this technology has become pervasive in crypto trading platforms. It also has a supply of 21 million coins, so it has a nature that won’t deflate rapidly. This is why bitcoin is known to be a store of value and asset to be protected against inflation. If interested in bitcoin, check out Bitcoin Evolution.
Furthermore, Bitcoin made an impact on the cryptocurrency market that the other cryptocurrencies’ prices followed after it. Even though Bitcoin is also considered volatile, it has established itself as an asset to trade in the long run. Even after falling by over 80% before, Bitcoin recovered quickly and set new price highs.
Ethereum (ETH)
Ethereum is commonly known as Bitcoin’s main competitor in the battle for crypto market dominance. It has already been holding second place by market capitalisation for a few years since its creation.
Ether is a platform made for running decentralised apps and smart contracts. Most tokens and projects in the cryptocurrency market could likely use Ethereum because of its smart contracts standardisation and extensive development base. Because of this, Ethereum has a hold of over 80% of the DeFi (decentralised finance) space.
Moreover, Ethereum is also leading in developer count to other smart contract platforms, which is over 200,000. This makes Ethereum one of the largest cryptocurrencies that could help the longevity of a project.
But Ethereum’s fame has its strengths and weaknesses. Some traders often suffer from scalability problems which leads to a network overload and larger fees.
Ripple (XRP)
Although many cryptocurrencies stay away from banks, Ripple is popular with banking institutions and cooperates with them.
Ripple’s goal is to make financial payments easier and faster. It uses a unique distributed mechanism for transaction validation. Payments made in RippleNet are instant and have minimum fees because of XRP.
As of now, RippleNet is used by over 300 providers in 40 countries. Aside from that, Ripple is consistently strengthening partnerships with banking institutions and has a very strong support from crypto enthusiasts. For analysts of the cryptocurrency market, Ripple has the probability of being the main network for reliable and secured international payments.
