Undeniably, millions of profit-seekers enter the crypto market hoping that they come out as successful owners of tokens worth thousands of dollars. In fact, future investors build their strategy based on various factors. Thought processes differ, and people pick the following cryptocurrencies:
- The ones that media popularise;
- The ones with stable exchange rates;
- The ones that are the most promising, according to experts.
The arguments mentioned before are only several aspects that general publicity takes into account while favouring crypto money. In reality, the process of choosing where to invest is much more complex.
Either way, Bitcoin remains the superior contestant in the global race of cryptocurrencies. Even though it constantly receives harsh criticism, its name is too well-known to ignore. The thing is, the extreme pace of crypto market growth makes certain adjustments.
Indeed, at the beginning of the 2010s, Bitcoin was the only player with zero competitors. Nowadays, the tables turned, and everything is the other way around. New cryptocurrencies emerge now and then on the fertile soil of the profitable crypto field. They might be unable to affect Bitcoin price directly, but they can influence the tastes of potential buyers.
Of course, there are already significant opponents and cryptocurrencies that have a big future ahead of them. Their positions change all the time, so predicting what the crypto world looks like in a year or two is almost impossible. Yet, there are several promising currencies, and you can read about them down below.
Tether
Tether or USDT belongs to the group of cryptocurrencies, which may cause a significant rivalry for Bitcoin and change the arrangement of pieces on the chessboard. What is the peculiarity of Tether? First of all, think of all other cryptocurrencies. Their prominent characteristic is being independent of fiat money. Tether, conversely, pegs to a traditional currency like the US dollar.
For the first time, this specific cryptocurrency emerged in 2017 and saturated the market with dozens of million tokens at once. Supposedly, such actions led to a sharp surge in Bitcoin price.
Nobody knows it for sure, but the founders of Tether say that their cryptocurrency has a backup in the form of accounts with fiat money. Markedly, the company undergoes regular audit to check whether they really have that many reserves on their hands. In general, this whole process is called Proof of Reserves, instead of Proof of Solvency that other cryptocurrencies use.
Such a significant difference from the market rivals makes Tether alluring for many investors. Potential purchasers look for the cheapest way to purchase USDT without any issue.
Ethereum
Without a doubt, another cryptocurrency to consider purchasing is Ethereum. Here is a gentle reminder that ETH is the second currency by market capitalisation after the well-known Bitcoin. Although Ethereum appeared several years later than BTC, in 2015, it is stepping on the heels of the current leader.
What is so special about Ethereum? At first glance, it is similar to the other blue-chip coins-opponents. However, the peculiarity is that the platform of this cryptocurrency is constantly transforming. In detail, Ethereum slowly abandons the technology of mining, giving space to the innovative staking principle.
What does it mean for Ethereum investors? In other words, the less environmentally friendly activity of miners would stop being the source of Ethereum tokens. Instead, you can purchase this currency and get profits from your crypto wallet.
The main reason for retrieving as many ETH tokens as possible from the market is to decrease the risk of speculative operations. In general, such positive improvements are what makes Ethereum worth purchasing along with other cryptocurrencies.
Litecoin
Another superb option for investing is Litecoin. The first thing to remember is that LTC has been occupying the market for quite a long time since 2011 exactly. Its stable positions over a decade after the emergence for sure tell you something about its reliability. Currently, Litecoin is on the list of top-five cryptocurrencies by market capitalisation!
In general, Litecoin is way too similar to Bitcoin, with just a few differences. For instance, the first competitive advantage of Litecoin is the speed of transactions. To point out, one block requires only two minutes and a half to generate, while BTC needs ten full minutes for the same operation.
Furthermore, LTC commission is much lower than for Bitcoin, making it more attractive for users who need to do bulk operations quickly. This way, Litecoin remains a relatively strong competitor and an excellent alternative for future investors.
Dogecoin
The final cryptocurrency on this list is Dogecoin. Yes, you probably have heard of this meme currency, as many call it. Its existence lowers the degree of seriousness in the field where everyone stresses over the slightest shifts of exchange rates. Dogecoin emerged in 2013 when there was a peak of old-school memes that included confused Shiba-Inu.
With all the laughs and giggles, this cryptocurrency still exists and is barely seems to lose its positions. Even though the logo is funny, market capitalisation is quite massive, equalling over fifty billion dollars. Many speculate on the reasons for such a skyrocketing success. Nonetheless, the one to blame is undoubtedly Elon Musk. The billionaire favours Dogecoin so much that he dedicates every other tweet to it.
Supposedly, the future is relatively bright for Dogecoin, as general publicity starts to perceive it more seriously. Indeed, every joke has a bit of truth.
Conclusion
All things considered, the choice of cryptocurrencies worth buying is undeniably wide. Regardless of your preferences, there is always a perfect option that fits all the requirements. You may pick the one depending on your experience and personal beliefs about the crypto market.
Whilst some trust only in Bitcoin, the others are more open to newly emerging competitors that promise you mountains of gold with minimum losses. Purchasers also experience heavy influence from leading experts and celebrities who discuss cryptocurrencies. In the end, you make all the steps at your own risk by putting costs into crypto money that seems the most promising.