Bitcoin has grown quite a bit since its launch in 2008. This growth in price inspired the explosion of other cryptocurrencies. The number of these altcoins, defined as “alternative money”, is currently over 5,000. You want to invest in cryptocurrencies. In this case, you can focus on a number of altcoins beyond Bitcoin considering the functionality they offer. Altcoin assets such as Cardano and Ethereum attract attention with their real benefits.
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Watch out for Cardano and these 9 altcoins in July
Analyst of the leading economics magazine Forbes has studied the cryptocurrency market. Accordingly, the analyst identified 9 altcoins, including Cardano. These altcoins have the potential to make a big rise in July. AmkNews.com we have prepared for you.
1. Ethereum (ETH)
Ethereum runs a variety of products and applications such as smart contracts, games, and financial transactions. It does this through Blockchain technology. Users have access to Ethereum, the global software platform that prints and stores NFTs via ETH. So ETH acts as the native cryptocurrency of the Blockchain network. The altcoin was launched in 2015. It also had a market capitalization of over $188.6 billion as of July 2022. The unit price of Ether was around $1,549. The coin hit an all-time high of $4,878 in November 2021.
2. Litecoin (LTC)
Launched in 2011, Litecoin was one of Bitcoin’s earliest competitors. It was developed by entrepreneur and computer scientist Charlie Lee. Like Bitcoin, Litecoin is a Proof-of-Work cryptocurrency. That is, miners are rewarded for verifying and processing transactions. For this, it prints new cryptocurrencies. However, Litecoin transactions use a newer algorithm known as Scrypt. Therefore, it works faster than transactions made via Bitcoin. As of July 2022, one Litecoin was worth $57.82. The crypto hit an all-time high in May 2021. At that time, each Litecoin was worth $410.
3. Dogecoin (DOGE)
What started as a popular currency quickly became a crypto asset. Dogecoin was created in late 2013 using Blockchain technology derived from Litecoin and accompanied by a Shiba Inu dog logo. The altcoin is known for its humorous origins and unlimited supply. This makes it an attractive entry point for new investors. Dogecoin recently saw its value rocket to an all-time high of $0.74. Tesla CEO Elon Musk was partly behind this rise. As of July 2022, the value of Dogecoin has dropped to about $0.074.
4. Bitcoin Cash (BCH)
In 2017, Bitcoin Cash wanted a group of users to increase the size of blocks on the Blockchain and allow them to contain more transactions. As a result, it was forked from the original Bitcoin. Apart from this change, Bitcoin Cash uses the same PoW mechanism to process transactions. It also limits the number of coins that can be in circulation to 21 million. Thus, Bitcoin Cash, despite being separated from BTC, works similarly to Bitcoin. As of July 2022, one Bitcoin Cash token is worth $128.48.
5. Tether (USDT)
Launched in 2017, Tether is one of nearly 200 stablecoins. A stablecoin is tied to fiat currency, i.e. assets such as dollars and lira. For each Tether token issued, its creators keep a reserve of $1. Thus, one Tether token is destroyed for every dollar converted into cash. In theory, Tether is always worth around $1. This stability makes Tether a good option for transferring value between exchanges. This is because Tether assets are more stable than more volatile assets. However, stablecoins are not infallible. In early May 2022, another stablecoin, Terra USD, lost its stability. It saw a low price of just $0.30 at $1 per token. Investors, on the other hand, got scared. Thus, they cashed out the millions of dollars they had put in other stablecoins, including Tether. In the weeks that followed, Tether’s market cap fell from $83 million to $73 million.
6. Cardano (ADA)
Cardano was created in 2017 by Ethereum co-founder Charles Hoskinson. The network uses the Proof-of-Stake model instead of Proof-of-Work to validate and process transactions. Proof-of-stake networks require much less energy than their PoW counterparts. PoS uses an algorithm to select only one device in the decentralized network to validate each block of transactions. ADA is the native cryptocurrency of the Blockchain platform. Today, a Cardano was worth $0.53. When it reached its all-time high in 2021, it was worth $3.10.
7. Ripple (XRP)
XRP is a cryptocurrency known for its use on the global money transfer network Ripple. The cryptocurrency first appeared on its own ledger in 2012. Unlike Bitcoin, XRP does not verify transactions via PoW. Instead, transmissions are handled by network participants known as verifiers. However, trading through Ripple incurs a small fee. In May 2022, XRP had the sixth highest market cap among all cryptocurrencies. In addition, each XRP is worth approximately $0.37 as of July 2022. The maximum supply of Alcoin is limited to 100 billion units.
8. Monero (XMR)
Monero is a cryptocurrency known for its privacy features. Launched in 2014, the altcoin runs on what is known as an opaque Blockchain. Accordingly, it keeps users’ recorded transactions anonymous, with measures such as hiding their addresses and even the amount transferred. Cryptocurrency has been criticized for focusing too much on privacy to fail to comply with anti-money laundering procedures. Monero was worth around $145.18 as of July 2022. However, the altcoin’s all-time high reached $542 in May 2021.
9. Avalanche (AVAX)
Launched in 2020, AVAX is the Avalanche blockchain-specific cryptocurrency. Like Ethereum, Avalanche is best known as a Blockchain platform using smart contracts. However, AVAX also supports a wide variety of other applications. Accordingly, its major advantage over Ethereum is its emphasis on transaction processing speed and efficiency. So the network claims it can handle 4,500 transactions every second. AVAX users can also stake their coins. For doing so, they may receive a small reward. Additionally, at the time of writing, each AVAX was around $25.39. The coin peaked at $144.96 in late 2021.
10. Solana (SOL)
Much like Ethereum and Avalanche, the Solana platform was created with the goal of hosting decentralized applications. Both the platform and the cryptocurrency were launched in 2020. A key advantage of Solana is that the platform works much cheaper than its competitors. Accordingly, the platform can process up to 65,000 transactions per second. It can do so largely because it has been validated through a new ‘proof of background’ process. Also, this processing method adds a ‘time stamp’ to each block. Thus, it creates a permanent record of which transactions occur in what order. At the time of writing, Solana was valued at around $45.01. Additionally, the altcoin made ATH in 2021 like Cardano. Accordingly, it was trading at an all-time high at $260.
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