Top 5 Cryptocurrencies to Keep on Your Radar
Bitcoin and many other digital currencies have had a rough time in 2018 and part of 2019. Yet, many survived and are bouncing back. Their continued ascent in the face of major skepticism has demonstrated many coins’ resilience and the widening acceptance by major established companies and financial institutions, as well as the growing mainstream interest in crypto and the blockchain technology behind it.
Despite an unrivaled upside potential, crypto markets remain volatile. If you are still considering taking a measured shot at cryptocurrencies, be prepared for the emotional roller coaster associated with another crypto cycle and do plenty of research before investing. To help you with that, we discuss the top 5 digital currencies among thousands that are traded in the space based on market capitalization and recommend that you keep them on your radar.
Bitcoin (BTC) Price: $9,571
Bitcoin needs no introduction. It is the first peer-to-peer decentralized blockchain network supporting a cryptocurrency released in 2009. Based on the white paper authored by Satoshi Nakamoto, the inventor of Bitcoin who nobody knows, Bitcoin is an open-source software that continues to be updated, improving Bitcoin’s capabilities. Since its inception, Bitcoin has fueled the growth of an entire industry of cryptocurrencies and a large community of enthusiasts and developers. With a decade of experience behind its belt and the leading market cap of $185 billion, Bitcoin has become quite prevalent as a currency, a popular investment, and a common topic of discussed in the media. At almost $10,000 it is still below its peak prices of around $20,000 in 2017, but its volume continues to grow implying further upside. Although many experts believe that the time to invest in Bitcoin has passed, since it has reached its full potential, Bitcoin seems to be well positioned to dominate the digital store of value market in the long run.
Ethereum (ETH) Price: $168
Another open-source decentralized blockchain networkEthereum, launched by Vitalik Buterin in 2015 is based on a new platform. Ethereum has played a key role in spurring the tokenization of the blockchain universe and it is currently the most used blockchain worldwide for developers to issue new tokens, despite scalability concerns. Ethereum has the second largest market cap at $20.2 billion and its trading volume seems consistent despite historically deflated prices – ETH is now trading below $200. There are chances of more downsides, unless Bitcoin rallies, which often brings ETH up as well. Although many traders report being bearish on Ethereum and its Ether token (ETH), some feel that it is a great longer term investment. If you prefer whole-unit ownership of cryptocurrencies and are turned off by the BTC’s price point, Ethereum may be your best bet. Either way, just like Bitcoin, Ethereum is the network and crypto to closely follow, because it hosts a variety of strong projects with lots of potential.
Ripple (XRP) Price: $0.25
Ripple is a US-based tech company and its payment platform is an open-source protocol which is designed to allow fast and cheap transactions. The platform has its own currency XRP with the third largest market capitalization in the space. It also allows others to use the platform to create their own currencies via RippleNet. Ripple may be a pretty good digital investment considering its low ticket price. After all, more than 20 financial institutions utilize xRapid, a liquidity-solutions platform based on the Ripple blockchain. That is something that also causes controversy, since many blockchain proponents believe that Ripple’s relationship with many major corporations negatively impacts its decentralization. Ripple is a non-minable digital token and so its control is centralized. Despite, XRP has a large mainstream backing and so while it is currently trading low, the trading volume continues to increase according to its latest quarterly report.
Bitcoin Cash (BCH) Price: $280
Bitcoin’s transaction speeds are very slow. To solve this issue, Bitcoin was split using a process called “Hard Fork” in 2017. This created a new version of Bitcoin called Bitcoin Cash. Bitcoin Cash uses the same codebase but with a blocksize of BMB. Increasing the limit makes it possible to process around two million transactions per day. Bitcoin and Bitcoin Cash are not interchangeable. They are able to operate independently of each other. While Bitcoin has many mining pools, so no single miner has a majority stake of 51%, Bitcoin Cash is quite centralized. The cryptocurrency has made various innovations and improvements in 2019 and now offers enhanced privacy features. Hence, although Bitcoin Cash may not be a media darling like Bitcoin, it is expected to do well in the long term due to its robust fundamentals.
Litecoin (LTC) Price: $64
Litecoin has the fifth largest market capitalization in the space – $4.7 billion – and is one of the oldest cryptocurrencies that has maintained public interest over the years. It has a large community with developers quickly implementing changes to ensure the network’s evolution. Although not comparable to Bitcoin, Litecoin has performed quite well until the block reward halvening that occurred earlier in August 2019. Although many people expected Litecoin’s prices to shoot up, they went down. Yet, while from a short-term perspective many see Litecoin price diving even further, expert analyses show that Litecoin price could surge against Bitcoin instead and are recommending buying this digital currency.