Cryptocurrencies are one of the most trendy topics both on and offline. A lot of people agree that investing in cryptocurrencies can be a huge money-maker, but not everyone agrees on which ones. There are tons of different coins out there, some new and others old and established. Even more new cryptocurrencies are coming out that can be considered competitors for the top coins. Many people think the best approach is to invest in the most established ones, such as Bitcoin, Ethereum, or Ripple. With this type of strategy, most people will not be able to take advantage of rising prices, so it might be a good idea to find other alternatives.
There is one thing that can always be taken into consideration, the overall Cryptocurrency Market’s performance. Global economic events and country-specific currency situations have an important influence on the strength of the crypto market. In times of political and economic turmoil, the value of digital coins is most likely to increase. Following several political, social and financial events, the crypto market was able to see huge growth in its prices and a big surge in its capitalization.
- Top Cryptocurrency Replacement for Bitcoin:
As the crypto market is getting bigger, there are a lot of coins that people should consider. One of the most important factors for most cryptocurrency investors is to compare their performance with Bitcoin’s performance. It is crucial to know if the coin you are investing in will keep up with Bitcoin’s growth and become a major contender or if it will be just another altcoin that gets replaced by another coin at some point.
One of the most important altcoins that managed to survive and keep up with Bitcoin’s growth is Litecoin. The price of this coin has increased significantly since its beginning, and it managed to reach $4 billion in capitalization. Ripple is another example; with some recent changes in the market, it managed to increase by 700% and reached a capitalization of $9 billion. Lots of people are looking into bitcoin and how it can be used as an investment. If you want to know more, click here!
- Ethereum Is Becoming an Asymmetric Bet:
Ethereum is a platform that offers the ability to write smart contracts and develop DApps. This platform is being used by many people as it allows for decentralized applications to come about. Ether is the coin that powers the Ethereum network, and it can be mined as well with a Proof of Work algorithm. Nowadays, more people are considering Ether (ETH) an asymmetric bet since it has already had a huge increase in price.
It is still possible to mine Ether, even though the most convenient way is to purchase it on an exchange. Ether is not just a crypto coin to invest in, as it brings many interesting features that are on their way to becoming the standard for cryptocurrency. For example, it is possible to develop decentralized applications that can be used worldwide and allows people to pay for the services using Ether instead of having to accept payment in a fiat currency.
- NFTs and Gamefi Increase in Importance:
There are a lot of crypto coins that have their own unique features, but the most interesting ones are those that are based on alternative applications. The world of crypto does not lack in this area, and this is something that is bringing many benefits to the currencies. Gamefi is a token that helps in the development of online games, and it has managed to increase capitalization by over 10 times since its beginning. As it is a currency that is designed to conduct transactions within games, it has managed to become a highly important payment option for both gamers and developers.
There are other coins that are trying to find their place in the market, and they also improved their performance by implementing NFTs or Non-Fungible Tokens. These tokens create unique sets of digital assets that can be used in different ways thanks to the way they are created. The fact that these coins are unique is what makes them so interesting, and their value increases as time goes on.
- More Exchanges Under Investigation by Authorities:
The regulatory environment for the crypto market keeps getting worse with time. While before, it was not that different, a lot of regulations and institutions were trying to adjust their approach to the market. Companies were trying to adapt their products to the new regulatory environment, and now it seems that more regulation is on the rise. A lot of countries are trying to create new laws and regulations for those using cryptocurrencies, and exchanges are under investigation by authorities. Most of these coins have managed to increase in price since the start of 2018, but there is one coin that has undergone an enormous change in performance, which was not expected by most people.
Conclusion:
Even though most people tend to focus just on the top cryptocurrencies when it comes to investing in coins, there are many other options that can be taken into consideration. There are a lot of cryptocurrencies that have seen their prices increase due to specific events within the market, and they managed to keep up with Bitcoin’s performance. NFTs and gamefi offer interesting opportunities to developers, while Ethereum has huge potential due to its smart contracts.