Bitcoin is the most celebrated cryptocurrency among all which gained a huge amount of attention and investment. This was a cryptocurrency that introduced many of us to the concept of blockchain! It took Microsoft, Apple, and other big giants more than 20 years to reach a $1 Trillion Market cap.
Whereas, Bitcoin took less than 12 years.
Bitcoin is currently worth $1.04 trillion and ether $289 billion. The combined cryptos in the market stand around 5000 and the total market cap of all cryptos has shot past the $2 trillion mark, which means bitcoin accounts for roughly half the value of the total crypto market. This is a good change from five years ago when bitcoin made up roughly 82% of the overall market’s value, which demonstrates that altcoins, which include all cryptocurrencies other than bitcoin, have increased in value at a significantly faster rate than bitcoin.
Let us have a look at some of the important AltCoins:
1. Ethereum (ETH)
Ethereum is the first alternative to bitcoin. It is a decentralized software platform that enables smart contracts and decentralized applications. It is built and run without any downtime, fraud, control, or interference from a third party. The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity, or faith.
2. Litecoin (LTC)
Litecoin was the first cryptocurrency to follow in the footsteps of Bitcoin. It is referred to as “silver to Bitcoin’s gold.” Charlie Lee created Litecoin, who is a former Google employee. This altcoin has a market capitalization of $4 billion and a per token value of around $190, making it the sixteenth-largest cryptocurrency in the world.
3. Cardano (ADA)
Cardano was created with a research-based approach by engineers, mathematicians, and cryptography experts. It has the third-largest market capitalization at $71 billion and one ADA trades for around $2.50.
4. Polkadot (DOT)
Polkadot is a unique proof-of-stake cryptocurrency that is aimed at delivering interoperability among other blockchains and was created by Gavin Wood, another member of the core founders of the Ethereum project. As of September 2021, Polkadot has a market capitalization of roughly $35 billion, and one DOT trades for $35.25.
5. Bitcoin Cash (BCH)
Bitcoin Cash (BCH) holds an important place in the history of altcoins as it is one of the earliest and most successful hard forks of the original Bitcoin. In the cryptocurrency world, a fork takes place as the result of debates and arguments between developers and miners. BCH has a market capitalization of around $12 billion and a value per token of $640.
6. Stellar (XLM)
Stellar is an open blockchain network designed to provide enterprise solutions by connecting financial institutions for large transactions. It was founded by Jed McCaleb, a founding member of Ripple Labs and developer of the Ripple protocol. He eventually left his role with Ripple and went on to co-found the Stellar Development Foundation. Stellar Lumens have a market capitalization of $565 million and at a single value of $0.33.
7. Chainlink (LINK)
Chainlink is a decentralized oracle network that bridges the gap between smart contracts, like the ones on Ethereum, and data outside of it. Blockchains themselves cannot connect to outside applications in a trusted manner. Sergey Nazarov along with Steve Ellis created Chainlink. Chainlink’s market capitalization is $13.5 billion.
8. Binance Coin (BNB)
Binance Coin is a utility cryptocurrency that operates as a payment method for the fees associated with trading on the Binance Exchange. Those who use the token as a means of payment for the exchange can trade at a discount. Binance Coin’s blockchain is also the platform that Binance’s decentralized exchange operates on. The Binance exchange was founded by Changpeng Zhao and is one of the most widely used exchanges in the world based on trading volumes. The network uses a proof-of-stake consensus model. As of September 2021, Binance Coin has a $71 billion market capitalization with one BNB having a value of $426.
9. Tether (USDT)
Tether was one of the first and most popular of a group of so-called stable coins which was launched in 2014. It describes itself as “a blockchain-enabled platform designed to facilitate the use of fiat currencies digitally.” Effectively, this cryptocurrency allows individuals to utilize a blockchain network and related technologies to transact in traditional currencies while minimizing the volatility and complexity often associated with digital currencies. As of September 2021, Tether is the fifth-largest cryptocurrency by market capitalization, with a total market cap of $68.3 billion and a per token value of $1.
10. Monero (XMR)
Monero is a secure, private, and untraceable currency. This open-source cryptocurrency was launched in April 2014, which soon garnered great interest among the cryptography community and enthusiasts.
While this is a prime candidate for making criminal transactions anonymously, the privacy inherent in Monero is also helpful to dissidents of oppressive regimes around the world. As of September 2021, Monero has a market capitalization of $245 million and a per-token value of $265.
Aside from the ten listed above, several other cryptocurrencies have gained importance or hold the promise to do so. Dogecoin, for instance, a meme-based joke coin reached fame when Tesla CEO Elon Musk promoted the token on social media. Other bitcoin forks also exist such as Bitcoin Gold and Bitcoin SV. Other important coins include Ripple (XRP), Solana, USD Coin, and Tezos.