Bitcoin is not the end of the crypto world and here are some cryptocurrencies that have the potential to join the big leagues in the near future.
New Delhi: There are 6,500 cryptocurrencies in the world, but not all of them can make you rich. Bitcoin is the most desirable and is currently available for around $ 60,000 (almost Rs 45 lakh) per coin with a market cap of around $ 1,000 billion.
However, Bitcoin is not the end of the crypto world and here are some cryptocurrencies that have the potential to join the big leagues in the near future.
1. Bitcoin (BTC)
Market capitalization: 1000 billion dollars
Billed as the mother of all cryptocurrencies, Bitcoin which is a decentralized digital currency was created by someone called Satoshi Nakamoto (possibly a pseudonym) in 2009.
As with most cryptocurrencies, Bitcoin does not have a central bank or a single administrator who can be sent from user to user on the Bitcoin peer-to-peer network without the need for intermediaries.
Transactions are verified by network nodes via cryptography and recorded in a distributed public ledger called the Blockchain.
Bitcoin is created as a reward for a process known as mining. They can be exchanged for other currencies, products and services, but the real value of coins is extremely volatile.
Five years ago, you could buy Bitcoin for around $ 500. Today it is around $ 60,000.
2. Ethereum (ETH)
Market capitalization: Over $ 472 billion
Available for around $ 4,000 (Rs 3 lakh) per coin, Ethereum is a favorite among crypto developers due to its applications such as smart contracts that automatically execute when conditions are met and non-fungible tokens (NFT ). It is both a cryptocurrency and a Blockchain platform.
Among cryptocurrencies, Ethereum is just behind Bitcoin in terms of market capitalization.
Ethereum was designed in 2013 by programmer Vitalik Buterin. In 2014, development work began and was funded by crowdfunding, and the network was commissioned on July 30, 2015.
The platform allows anyone to deploy permanent and immutable decentralized applications on it, with which users can interact. Decentralized Finance (DeFi) applications provide a wide range of financial services without the need for typical financial intermediaries.
Ethereum also enables the creation and exchange of NFTs, which are non-interchangeable tokens connected to digital artwork or other real-world objects and sold as a single digital property.
In just five years, its price has gone from around $ 11 to almost $ 3,000, a rising 27,000 percent.
3. Binance Coin (BNB)
Market capitalization: About $ 80 billion
Binance Coin is the cryptocurrency issued by Binance crypto exchange which is the world’s largest cryptocurrency exchange, supporting over 1.4 million transactions per second.
Since its launch in 2017, Binance Coin has grown and can now be used for trading, digital payments, or even booking travel tickets.
In 2017, its price was only $ 0.10 per coin and now it is trading around $ 400.
BNB was initially based on the Ethereum network but is now the native currency of Binance’s own blockchain, the Binance Chain.
Binance was founded by Changpeng Zhao, a developer who previously created high-frequency trading software. Binance was initially based in China, but later moved its headquarters out of China following increasing regulation of the cryptocurrency by the Chinese government.
4. Cardano (ADA)
Market capitalization: Over $ 71 billion
Cardano is recognized for its early adoption of proof-of-stake validation, which means that a person can mine or validate transactions in bulk based on the number of coins they hold.
Cardano also works like Ethereum to enable smart contracts and decentralized applications.
In 2017, ADA’s price was $ 0.02 and now its price hovers around $ 2.
5. Tie (USDT)
Market capitalization: $ 70 billion
Available for just $ 1 (around Rs 75), Tether is a stablecoin, meaning it’s backed by fiat currencies like the US dollar and the euro.
“Tether represents to users that any holder of tethers can buy them back from Tether the company at the rate of one tether to the US dollar,” according to its 2021 settlement by the developers of Tether with New York Attorney General Letitia James .
In May 2021, Tether released a report showing that only 2.9% of Tether was backed by cash, with over 65% backed by commercial paper.
Tether is popular with investors who are wary of the extreme volatility of other coins.
Apart from these, there are more popular cryptocurrencies such as XRP, Solana (SOL), USD Coin (USDC), Polkadot (DOT), and Dogecoin (which was popularized by Elon Musk).
Who knows that one of these cryptocurrencies can become the Bitcoin of the future because in the crypto world nothing can ever be predicted.
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