Currently, we have nothing less than 1619 registered cryptocurrencies in the market. Even though certain crypto enthusiasts claim that almost 10 new crypto-coins spring forth daily, it is difficult to ascertain this assertion. One thing we can be sure of, however, is that choosing 5 out of the myriad of crypto-coins we have already is no easy feat. Yet, it isn’t impossible.
This post will list 5 major cryptos in circulation and details about each cryptocurrency will be provided. Without any further ado, let’s get to it.
“The first is always the best” is one saying that holds true for Bitcoin. Ever since it was established in 2009, it has remained relevant and its success has ushered in several other crypto-coins into the market. As at July 9, 2018, Bitcoin’s market cap is estimated to be $116 billion. Bitcoin is accepted in several markets, including popular ones like Microsoft and Bloomberg. Currently, one Bitcoin is worth over $6,800.
Pros of Bitcoin
- It is the oldest cryptocurrency available, making it more reliable.
- It is currently the most valuable crypto-coin.
- The security of the blockchain network is advanced.
- The exorbitant price precludes new entrants to the cryptocurrency market from buying.
- It currently serves a teeming population and this has caused transaction speed to reduce.
Even though Ethereum was launched three years ago, it has become ensconced in the mind of cryptocurrency analysts and traders in such a short while. This can be attributed to the decentralized software platform which allows users to build distributed applications (also known as DApps). It ranks second just behind Bitcoin in terms of market cap, with a value of $47 billion. At the moment, eth is trading at eth Price = $525.77
Pros of Ethereum
- It is used by financial institutions to process transactions.
- It has significant support from giants in the industry.
- Serves other purposes apart from being a digital asset.
Cons of Ethereum
- There are doubts concerning its maturity and reliability.
- Its transaction completion time is below par compared to other crypto-coins.
If there’s ever any coin that threatens to usurp Bitcoin and become the most valuable cryptocurrency, it would be Litecoin. This 2011-launched cryptocurrency is the brainchild of Charlie Lee, a graduate of MIT who worked as an engineer with Google.
It shares close similarities with Bitcoin, however, in many regards, it outperforms the maiden cryptocurrency. For example, it has a faster block generation rate and also confirms transactions faster. While Bitcoin has a rule which stipulates that only 21 million Bitcoins will be mined, Litecoin took it up a notch- 84 million Litecoins will be in circulation. The market cap currently stands at almost $5 billion.
Pros of Litecoin
- Faster transaction confirmation time,
- More coins will be in circulation compared to Bitcoin.
Cons of Litecoin
- The speed of the network is rumored to be as a result of lack of significant activity.
- Trading at ltc price $96.7, its value, compared to Bitcoin is extremely low.
Ripple is officially defined as a real-time global settlement network which provides instantaneous and affordable international payments. With Ripple, banks are able to settle cross-border transactions as soon as possible. It has been in existence since 2012 and, unlike other crypto-coins, it doesn’t require mining. The value of 1 XRP is currently $0.534, however, the market cap is $18.9 billion.
Pros of Ripple
- Can be used by financial institutions.
- Eliminates the issues of mining and reduces the required computing power.
- Minimizes the latency of the network.
Cons of Ripple
- The value is extremely low and investor fear that there’s no clear path for improvement.
- It is not truly decentralized.
Monero is the epitome of cryptocurrency- it is secure, private, and untraceable. It was launched in 2014 and its peculiar features made it an instant hit among crypto enthusiasts. It uses a special technique known as ring signatures which further increases the security of the blockchain network. The market capitalization is currently $1.812 billion and 1 XMR goes for about $123.32.
Pros of Monero
- It offers an increased level of anonymity
- The security of transactions is unparalleled.
Cons of Monero
- It might aid certain shady deals since transactions are untraceable.
Currently, the trend in the crypto-coin market favors coins with a lower value. Investors are becoming more accepting of the HODL strategy– where individuals buy a tidy sum of coins at a low value and then wait for years before it becomes valuable before selling it.
Also, cryptocoins serve as the means of payment on certain platforms, signaling that it has real-life applications. In addition, the number of successful ICOs launched is a testament to how cryptocurrency is now an integral part of our lives.