8 Most Popular Types of Cryptocurrency
Knowing which the most popular cryptocurrencies are worldwide will help you make better decisions. Cryptos like the Ethereum and Bitcoin have already established themselves in the crypto space; their values keen growing over time. In spite of recent crashes and surges, they have continued to dominate the crypto world. Trading is one of the best ways to earn these cryptocurrencies. However, traders must use reliable trading platforms like teslacoin to make trading more effective. They allow traders to trade new and old cryptocurrencies in the market. The lesser-known coins are far more unpredictable and speculative. Here are some of the cryptos that you can consider investing in 2022:
- Bitcoin: It goes without saying that Bitcoins remain by far the most popular crypto globally with the highest market cap. And it has become practically normal for people to earn a lucrative income through bitcoin investing. Bitcoin was created in 2009 by Satoshi Nakamoto to provide an alternative payment system to traditional currency. Despite its major crashes, Bitcoin has managed to hold its own and has been currently hovering around an all-time high of $68,000.
- Ethereum: It ranks only second to Bitcoin in terms of market cap and is open-source blockchain facilitating development of smart contracts and dApps or decentralized applications. These can be run on the Ethereum network without control by third parties and facing any downtime. Ethereum appears to be more popular amongst populations that lack infrastructure and necessary identification to access banking services.
- Litecoin (LTC): Founded in 2011, this crypto followed the Bitcoin closely and was started by Charlie Lee. It is open-source payment network not regulated by central authorities. It uses Scrypt as proof-of-work and this can be decrypted using consumer-grade CPUs. Compared to its predecessor Bitcoin, LTC guarantees faster block generation and therefore, faster transaction confirmations.
- XRP: This crypto belongs to the Ripple payment network and meant for facilitating digital transactions. XRP is far more efficient and quicker way to process global payments allowing third party development for developing its other uses.
- Tether: This stable coin is one of the first cryptos whose value is pegged with the USD. It ranks first amongst stable coins in terms of market capitalization. Stable coins like Tether seek to smooth out fluctuations in price to appeal to cautious crypto users.
- Cardano (ADA): This coin runs on Ouroboros, which is a peer-reviewed blockchain algorithm. It is a stable and secure way to maintain decentralization. It is the team behind Cardano that has created this blockchain after in-depth research and experimentation.
- Polkadot: This crypto aims to allow various blockchains to work together, exchanging data and transactions with each other. It is therefore unique, aiming at offering interoperability amongst blockchains. Instead of simply creating dApps like the Ethereum, it creates blockchains using the security which the Polkadot’s blockchain has.
- Bitcoin Cash (BCH): This is by far the most successful Bitcoin fork in history and emerged in 2017 because of discrepancies between miners and Bitcoin developers. Any change to Bitcoin’s code must be made only after a unanimous agreement. So, when there is no general consensus, a fork happens. Bitcoin was split in 2017 to product BCH which guarantees better scalability. Bitcoin Cash increases the block size from 1 MB-8 MB, thereby increasing transaction speeds.
These are the 8 top cryptos in terms of popularity. Before investing in any, make sure to read the coin’s whitepaper and invest only what you can afford to lose.