In 2009, the first online-based cryptocurrency was invented. Created by the elusive Satoshi Nakamoto, Bitcoin became the very first cryptocurrency in the world. Its creation was in response to the global financial crisis that occurred in 2008. Fast forward 12 years later there are literally up to 5000 cryptocurrencies in existence today.
By far, Bitcoin sits above the lot. With a market capitalization of over $450 billion, its closest competition is far from it. Regardless, there are many cryptocurrencies out there in the world that have the potential to be just as big.
In picking a cryptocurrency to invest in, you have to look at how volatile the market capitalization of the currencies is, the technical know-how, and the risk tolerance. Some other cryptocurrencies that have shown promise are listed below:
Etherum ETH
Etherum is a decentralized, open-source blockchain network that is powered by the ether ETH token. Created in 2013 and launched on July 17th, 2015 by Vitalik Buterin. Its present market capitalization as of September 1st stood at about $413.2billion. Its volume resides almost at 30 billion in circulation with a price of just over $3,500.
Binance BNB
The Binance coin or the Binance BNB is the native cryptocurrency of the Binance platform. Created also in 2017, the Binance coin offers the opportunity to trade and make payments on utilities on the blockchain platform. The volume of Binance BNB is about 2.31 billion. The blockchain burns the cryptocurrency every quarter to keep the value up. Its present price is $467.18 with a market capitalization of $78.55 billion.
Cardano ADA
The Cardano blockchain network was created by the Cardano Foundation and launched on September 27th, 2017. The company is based in Zug, Switzerland. It is an open-source blockchain platform that uses proof of stake as a means of consensus instead of the traditional proof of stake. As of the beginning of September 2021, the market capitalization was 89.4 billion. Priced at $2.78 with a total of 4.85 billion Cardano coins in circulation.
Tether USDT
The Tether is a cryptocurrency that goes by the symbol USDT. The tether is a stablecoin which means that it was created to always remain at a specific price. It is meant to mirror the US dollar so the price is pegged at 1 dollar also. Its market capitalization is over 65 billion dollars and its volume stands at nearly 90 billion.
Ripple XRP
The Ripple blockchain created by Ripple Labs in the United States of America uses the Ripple XRP for transactions, remittances, and payments. Market capitalization is 55.7 billion dollars, the price is slightly just over a dollar and the volume of coins in circulation is 6.06 billion coins.
Conclusion
All these cryptocurrencies and their respective blockchains offer great alternative services to those of the BTC and the Bitcoin blockchain. Investors are always advised to invest in these cryptocurrencies with money they can part with easily due to the unpredictability of the cryptocurrency market. For more information about cryptocurrencies, visit OSOM Finance.
