Bored of Hearing about Bitcoin? Let’s Take a Look at Altcoins

Bitcoin is widely recognized as the pioneer of the cryptocurrency world. It was first offered on the market back in 2009 at a price of $0.0008, reaching an all-time high in 2021 of over $63,000. Bitcoin has carried the industry on its back from the start, providing a platform for thousands of new coins (altcoins) to flourish and occupy an ever-growing marketplace. But, it’s not only the generation of altcoins that has driven the industry forward, it’s also the development of many other sectors.

Concerted efforts from fintech developers and mainstream financial institutions have given birth to crypto debit cards and a whole host of apps to manage digital assets. The ease of access to cryptocurrency exchanges is staggering. From newcomers to experienced crypto traders, anyone can access the markets; buy, sell and trade any of the thousands of coins available. With so many people holding Bitcoin, the price is very high. So, maybe it’s time to try something new.

But, which coins are worth trading? We’ll explore some of the most popular altcoins available to bettors right now.

1. Dogecoin (DOGE)

First launched in 2013, Dogecoin is a peer-to-peer, open-source cryptocurrency. This isn’t something new to the marketplace, but what it has is an incredible number of followers within the crypto sphere.

From celebrity faces like Elon Musk and Mark Cuban Tweeting regularly about DOGE, the wallstreetbets Reddit thread encourages subscribers to back this “meme” coin. It is considered an altcoin, of course, but with a picture of a Shiba Inu dog as its logo, it’s difficult to take it seriously. Dogecoin’s blockchain, however, still has its merit.

The underlying technology is derived from another market leader, Litecoin, which uses a unique algorithm and is in unlimited supply—unlike the market leader Bitcoin.

2. Solana (SOL)

Solana is a very interesting coin, admittedly quite expensive, but certainly one that is turning heads in the crypto space. It’s run on a Proof-of-Stake (PoS) network, which is what many consider to be the answer to cryptocurrencies’ looming environmental problem.

Validators process transactions and run the network. These validators hold the biggest stake within the network, meaning those users who believe most in Solana’s potential will contribute to it.

They are tasked with inputting transactions and managing any trades made using SOL.

3. Cardano (ADA)

The price of Cardano has rocketed in 2021, with a huge community of followers believing in a cryptocurrency backed with solid technology. While it’s very popular, the Ethereum blockchain has developed scalability issues, making it expensive to use.

Cardano has learned from these mistakes and created an alternative while maintaining the core principles of Ether blockchain. Not only that, but it also brings with it a number of great new features to boost the blockchain and decentralized finance.

Cardano has potential use cases in product traceability and as an identity management system. The blockchain features a high number of real-world cases, meaning its underpinning systems that are operating in the world today. The recent surge in price means it’s a top 10 coin in the marketplace.

4. Monero (XRM)

Monero is a blockchain-focused on privacy and other features, not just another altcoin for trading on crypto markets. Most cryptocurrencies provide privacy, which many users would consider high-level.

However, the reality is that the level of privacy still isn’t anywhere near strong enough considering the amount of money that many users are investing and trading daily.

The project features implemented ring signatures for extra scalability and decentralization. XRM is built on an open-source platform, making transactions untraceable and offering improved security. It may not be the most popular cryptocurrency in the community, but it certainly offers something different.