When cryptocurrency first landed in the market, just one coin was available due to a lack of trust in the new trading market. And now, 10 years later, the crypto market is booming, with new currencies popping up now and then.
Cryptocurrency has become so popular that several major and minor retail stores now accept crypto as payment. Their popularity is such that you can even buy target gift card with cryptocurrency! But you must be wondering out of these numerous cryptocurrencies which ones are popular and trustworthy.
Well, while there are numerous ones to choose from, here are the top 8 cryptocurrencies that are popular and profitable. Let’s take a look at them.
1. Bitcoin
Starting with the most well-known coin, Bitcoin was the first cryptocurrency to show up in 2009, created by Satoshi Nakamoto, an individual or a group of individuals. Bitcoin started as low as $0.08 per coin and now has a value of $48,489.80 per coin. It has grown almost 66% just from February 2021 and continues to show steady growth.
Bitcoin is now the most widely accepted cryptocurrency in the world. Today, you can use the decentralized currency to buy anything, ranging from a pizza to a car! However, it should be noticed that Bitcoin doesn’t depend on any central bank or government, and every transaction just exists over a network of computers.
2. Ethereum
Ethereum or Ether was a currency created explicitly as a payment method on the Ethereum platform. Like Bitcoin, this currency is dependent on the Blockchain network but is programmable, unlike Bitcoin. It was created to help users use, monetize, publish, and even create apps. Dubbed as the second-largest crypto coin of the world, Ethereum recently hit an all-time high at $4,700, showing a 4% rise in just 24 hours.
3. Tether
Another cryptocurrency that is slowly rising to the ranks is Tether. Since February 2021, it has been labeled as one of the biggest cryptocurrencies for its astounding $109 billion 24-hour volume. Tether was named the first “stable coin” in the crypto market and is pegged to the US dollar, a fiat currency. It is also a favorite choice for most beginner traders since it is not as volatile as the other currencies and offers lower transaction charges, transparency, and better stability.
4. Litecoin
Often known as the “silver to Bitcoin’s gold”, Litecoin was launched in 2011 and was created by a former Google engineer, Charlie Lee. Like Bitcoin, this cryptocurrency is not dependent on any bank or government and is a purely open-source global network. However, it slightly differs from Bitcoin because it offers a faster block generation rate leading to faster transaction confirmation during trading. It is a fast-growing cryptocurrency and profitable too, and recently made the news for climbing 10.31% in just one day!
5. Cardano (ADA)
Cardano was co-founded by one of the 5 founding members of Ethereum, Charles Hoskinson. This cryptocurrency was developed on a research-based method by cryptography experts, mathematicians, and engineers. This cryptocurrency is still in its initial stages but due to its impressive identity management and traceability it is rumored to outshine other currencies soon. It has already shot up by 55% in the last month and is steadily climbing higher.
6. Binance Coin (BNB)
The Binance Coin was launched to act as a safe payment method for transactions related to the Binance Exchange. Initially an ERC-20 token on the Ethereum platform, it now has its main net launch and uses a proof-of-stake consensus model for safe trading. In terms of market capitalization, Binance coin is now the third-largest cryptocurrency, going up 0.28% in just 24 hours, and those using this coin even get some discounts during trading.
7. USDC
USDC or USD coin refers to a stable coin used on the Ethereum blockchain and is pegged to the US dollar. It is ranked 11 concerning the market cap and has a circulating supply of 34,337,576,218. According to most crypto experts, this stable coin is more transparent than others as they are monitored by Grant Thornton and might even be backed by US dollar reserves.
8. Solana
Solana or Sol of the Solana Blockchain platform is one of the most volatile cryptocurrencies in the crypto market but steadily grows due to certain exciting factors. This platform founded the NFT “Degenerate Ape Academy” in August 2021 and made considerable improvements in decentralized finance. Their experts have made significant strides in their innovative contract technology, helping the Solana program run under preset conditions of paper contracts minus intermediaries.
Conclusion
As you can see, several cryptocurrencies are flooding the market now, thanks to people’s rising interest in trading them and adopting them as acceptable transactions. So if you too want to trade in the cryptocurrency market, do your research about your desired coin, choose a trustworthy platform, and invest today! All the best!