Popularised by the creation of Bitcoin, Cryptocurrency has gained tremendous momentum in the digital market. According to an article written by David Yaffe-Bellany in The New York Times, “A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities.”
Developed by the pseudonymous Satoshi Nakamoto in 2009, Bitcoin is the biggest, most popular, and most influential cryptocurrency.
The market of cryptocurrency is thriving and with its unstoppable popularity and growth, many other kinds of cryptocurrencies have entered the market. While most people only know of Bitcoin, the world of cryptocurrency goes way beyond it.
5 Most Popular Cryptocurrencies Other Than Bitcoin
Ethereum, second only to Bitcoin in terms of popularity, is a blockchain network. It is a decentralized platform whose primary function is to enable its users to create, publish, monetize and employ decentralized applications (dApps).
Ethereum has its currency known as Ether. The smart contract aspects of Ethereum make it a great platform to invest in cryptocurrency.
A Smart contract is a kind of app that will automatically execute itself when the terms and conditions of the contract have been fulfilled, without asking for any permission.
As of September 18, 2022, Ethereum’s live market value on this particular day is $1,434.91.
2. Tether (USDT)
Marketed as the first stablecoin, Tether is the world’s biggest stablecoin. Tether was created to help its users avoid volatile fluctuations in the market of cryptocurrency.
Being a stablecoin, its function is to offer stability, transparency, and lower transaction fees to its users.
Its value is tied directly to the price of the US Dollar which makes it more stable than other cryptocurrencies such as Bitcoin and others.
It allows its users to make transactions on the blockchain network through traditional currencies. Tether’s market value as of September 18, 2022, stands at $67,924,544,815.
3. USD Coin (USDC)
Another stablecoin tethering its value to the market price of the US dollar, USD Coin operates on the platforms of Ethereum, Solana, Avalanche, TRON, Stellar and Algorand blockchains.
Developed in 2018, USD Coin is maintained by a consortium known as Centre which also consists of Coinbase and Circle. The current market value of the USD Coin as of September 18, 2022, is $50.21B.
4. Binance Coin (BNB)
The third-largest cryptocurrency according to market capitalization, Binance Coin is a utility cryptocurrency that operates as a payment method on Binance.
To pay for the fees associated with trading on the platform Binance, its users will have to use the utility token of Binance Coin.
It can also be used for other payments such as travel, entertainment, online and financial services. As of September 18, 2022, the market value of the Binance Coin is $19.92B.
6. XRP (XRP)
Developed by Ripple Labs, Inc. in 2012, XRP is the native token of the Ripple Ledger Network. As defined by sofi.com, “It is designed to be a medium of exchange and value transfer, and is intended to be used as a low-cost bridge between fiat currencies for a broad range of global transactions.” The live market cap of XRP as of September 28, 2022, stands at $18,957,924,466.
This article gives you brief information on the 5 most popular cryptocurrencies after Bitcoin. The world of cryptocurrency is as volatile as an active volcano waiting to burst. When the market crashes, it burns the hopes and hard-earned money of its users.
To invest in cryptocurrency, one should study the market and understand its workings and different aspects thoroughly before making any decision. Do not fall for temptations and invest only as much as you can afford to lose.