With all the hype surrounding bitcoin, it’s only natural for one to wonder what exactly crypto currency is and how it works. While there is no denying the fact that Bitcoin is the trend setter and the de facto standard for crypto currencies, it has gone beyond the reach of an ordinary investor which brings us to the question, are there any other reliable cryptocurrencies that you can invest in?
The answer is yes, but before we get down to the business and discuss some potential currencies other than the bitcoin along with their market cap, let’s take a quick look at what exactly cryptocurrency is and why is it gaining so much popularity among the masses?
What it is?
In case you are not sure, it is a form of currency that can be traded online against a service or product, the difference is, unlike your average dollar bill cryptocurrency is intangible. There are several companies that have developed their own currencies which can be traded against the products or services offered by that particular company. Though some of these currencies have made it to the physical world, the “crypto” part in these currencies refer to the complex process of cryptography. So creation and processing of these digital currencies is largely intangible and decentralized.
Why are more and more people developing an interest in it?
One of the biggest features making these currencies so popular among the masses is their decentralization. Just because they are in the form of a code developed by teams who also build in mechanisms for the issuance doesn’t make these currencies vulnerable to hackers. In fact their decentralization is their biggest strengths.
Moreover, these currencies are free from the government manipulation and control so far which makes them attractive for a lot of investors.
There are several other cryptocurrencies known as altcoins that have modeled themselves after the bitcoin and claim to offer better value but truth be told, Bitcoin is kind of like a benchmark in the industry. That said, it is not the only one that you can invest in if you are looking for the best cryptocurrencies to invest in other than Bitcoin then stick around as we share our top picks that you may want to consider studying about;
With a market cap of a whopping $222.3 billion Ethereum makes it to the top spot in the list of Bitcoin alternatives. It is a decentralized software platform that allows smart contacts and DApps (decentralized apps) to not just be built but also run without any downtime, fraud or third party interference.
What makes Tether stand out is not just its market cap of $33.1 billion but also its unique model of pegging its market value to external reference points such as a stable currency to avoid volatility. Tether’s price is subject directly to the price of the US dollar.
Binance is a utility currency that operates as a payment method. Any trading done through Binance exchange is paid in Binance coin. It has a market cap of $30.5 billion.