What to Expect from Altcoins in the Future?
When someone talks about cryptocurrencies, what springs to your mind?
Bitcoin, right? And why not, its popularity is massive, and there seems to be no end to its expansion. So much so that it has become the de facto standard for cryptocurrencies, and its followers are rapidly mushrooming. But there are a bunch of other cryptocurrencies making their mark over the last couple of years.
Yes, you guessed it, the Altcoins. As the name suggests, Altcoins are all other cryptocurrencies other than Bitcoin – alternatives to Bitcoins. To date, there are around 18,000 cryptocurrencies in the market.
Since the Altcoins are almost countless in numbers, we’ll only discuss some of the most popular ones, followed by shedding light on what the future hold for these Altcoins.
Let’s get right into them.
Ethereum (ETH)
Essentially, Ethereum is a platform powered by blockchain – long chains of blocks linked together to ensure security. Its native cryptocurrency is called Ether or, quite often, Ethereum. Ether is backed by the Ethereum platform along with a vast network of decentralized apps (dApps). When it comes to its market value as a cryptocurrency, it stands tall only second to Bitcoin.
You’d be amazed to learn that Carl Runefelt, a crypto influencer, recently secured a Bugatti worth $2 Million, paying through Ether alone.
Litecoin (LTC)
Often dubbed as “silver to Bitcoin’s gold,” Litecoin was amongst the few cryptocurrencies that followed the path of its dominant counterpart, Bitcoin. It is estimated that Litecoin has a market capitalization of a mammoth $7.4 billion!
Cardano (ADA)
Several mathematicians, engineers, and cryptographers collaborated to create a cryptocurrency with a research-based approach. Hence, the Cardano was born! Experts often claim that Cardano has a more powerful blockchain than Ethereum – this led it to its nickname “Ethereum killer.”
Carl Runefelt says, “the community around Cardano is building, and there will come a time when it will have smart contracts.”
Wondering what its market capitalization is? That’s over $26.9 billion as of March 2022!
Polkadot (DOT)
Polkadot cryptocurrency brags better security than Ethereum, even allowing various network interoperability. It also offers more flexibility in creating blockchains while maintaining the same level of robust security – an area where Ethereum struggles.
Interestingly, Polkadot was created by one of the founding members of Ethereum. Its market cap is roughly $17.4 billion!
Carl Runefelt predicts, “Polkadot will beat and replace Ethereum one day.”
Stellar (XLM)
Want to make large transactions? Stellar has it covered for you!
Since huge transactions between banks and firms take numerous days and involve multiple intermediaries, Stellar prides itself on enabling big transactions instantaneously with minimal cost. Stellar is viewed as an enterprise solution to institutional transactions.
Altcoins – Into the Future
A history lesson first: Back in the 19th century in the United States, several types of local currencies were circulating in the market – each had its own set of characteristics and was backed by unique reserves. This compelled the US government to issue a federally issued dollar.
The current market situation of altcoins is exactly the same. There are over 1800 altcoins; each one offers a different solution and purpose. Though these altcoins are not expected to merge into a single, uniform cryptocurrency, it is logical to assume that many of them will meet their inevitable end in the future.
Only the ones with powerful use cases and robust utilities will survive. Altcoins will then dominate the market like never before. And as we jot down these words, it is already in the making – we are inching closer to altcoins’ rosy future.
If you are an investor and want to build a fortune in a diverse crypto market, this is the watershed moment to put your money into altcoins. Let us ensure you as time passes on, the crypto market will see less volatility.
Want to stay updated on the crypto market trends? YouTube Channel “The Moon” is your go-to place!
