Tue. Apr 16th, 2024

Five popular cryptocurrencies, not counting bitcoin

The first thing people associate “cryptocurrency” with is bitcoin – the most famous virtual entity and financial asset. And is there anything else? People who are advanced in trading know that yes. And if you’re someone from a different group, read on!

Who this article is for?

This text will be beneficial for newcomers in the crypto zone or for people who want to explore this unknown world. To be honest, it can be difficult for novice traders to grasp all the nuances of cryptocurrency at first. In this case, the best step is to use complex applications for trading. A great technical solution is bitcoin Era. Click here to learn more.

Bitcoin’s competitors

And now let’s consider five popular cryptocurrencies, not taking bitcoin, and think about this topic.

1. Ethereum: The currency has been around since 2015. Interestingly, its quantity is unlimited. Ethereum is characterized by the use of a system of “smart contracts”, which greatly simplifies trading operations. This virtual currency covers 20% of the entire market. At the time of writing this text, its value was $ 2886 per unit.

2. Ripple: Is the fastest virtual currency. Its code was written uniquely without reference to another similar cipher. It helps increase the speed of a banking transaction. Ripple cryptocurrency can’t be created, it’s just impossible. Traders are already trading the current 38 trillion units. Price when creating the content – $0.65 per coin.

3. Dash: Is representative of a variant of bitcoin. Its creators in 2014 took the code of the last virtual currency and simply changed a part, resulting in Altcoin. It was due to operational issues while trading bitcoin. The main feature of the Dash currency is anonymity, which is secured by the “Darksend” mechanism. No human can track down a foreign transaction. It means that privacy while trading is at a high level. Unit price – 95.1 dollars.

4. Nem: It is a cryptocurrency written on Java and JavaScript and launched in 2015. It is based on the use of unique validation algorithms, which is a qualitative leap in the cryptocurrency zone. The price per unit equals $0.09. The share of the Nem currency market is 1.5% of its total value.

5. Litecoin is an interpretation of bitcoin and was created in 2011. It is characterized by the speed of business transactions. Litecoin can process more business than bitcoin, which conveniently distinguishes the former. It is interesting that the measure of the analyzed cryptocurrency is limited and cannot exceed the index of 84 trillion units. The price of the coin was about 100 dollars.

These are the main alternatives of bitcoin and its main competitors in the blockchain market. An experienced trader cannot ignore them and must quickly adapt to each of them, even changing his strategy. The aforementioned Bitcoin Era application easily accompanies this – modern trading algorithms and an automated bot will help you reach for success.

Important details at the end

It is worth noting that the situation with cryptocurrencies is very dynamic and changeable. After a few years the list presented here will most likely be outdated. Therefore, a trader should be able to analyze the market and avoid critical situations with the help of forecasting.