The cryptocurrency industry witnessed again an exceptional moment as the dominant crypto (Bitcoin) recorded a historic level of over $60,000 on 12 march. Several cryptocurrencies surged, including Ethereum that hit the $1900 mark but corrected afterward.
Market analysts say that the correction pushed the prices a little down, and a surge is likely, while Bitcoin value increased by a large percent.
So far, many Altcoins such as Ethereum, Cardano, and Litecoin have indicated a great potential within the industry.
The most promising Altcoin projects are the following.
Cardano (ADA)
Cardano emerges as one of the top cryptocurrencies for many reasons. One is due to the fact that Cardano has recorded a price momentum during the first three months of 2021. The digital coin value increased from $0.182 in early January to around $1.45 in late February and later corrected to $1.
Another factor why the digital asset has recorded a rise in adoption within the general populace is the recent events that have created the opportunity to build smart contracts within Cardano networks.
Although Cardano is considered the kind of project that addresses issues at a gradual pace and without haste, the coin has witnessed a steady growth over the years. The efforts eventually proved worthwhile, making Cardano renowned among the top cryptocurrencies after ranking below the previous years’ list.
These smart contracts will enable developers to build decentralised applications, novel tokens or improve the DeFi space.
Therefore, Cardano is expected to remain among the thriving cryptocurrencies because of its scalable network and speedy transactions.
With many Altcoins to choose from, you will need regulated platforms such as Bitcoin-up.io to help you find different crypto pairs such as BTC/ADA.
Ethereum (ETH)
Ethereum is considered fresh in the industry and has come up the list because of its advanced tech and smart contracts.
Ethereum blockchain has given rise to Ether, a high-tech version that comes second to Bitcoin based on the latest market cap. Besides being termed as digital gold, Ethereum offers various contracts that appear as the Google wallet where the system withholds or executes the transactions depending on actual global events. For example, buyers and sellers online establish trades that can only push through if the postal services autonomously confirm the distribution of commodities.
Ethereum is proliferating more than the dominant crypto (Bitcoin). This is possible through its speedy transactions that will take less than 5 minutes compared to Bitcoin, which takes longer depending on the daily user traffic.
Another aspect, in particular, that ranks Ethereum higher is its large-scale acceptance from all corners of the world, with estimates placing its active wallet addresses at around 600k. While many developers strive to provide better services that are instrumental for the global adoption of various digital currencies, the Ethereum network has emerged more assertive in this field.
Dogecoin (DOGE)
Dogecoin is another cryptocurrency to trade in 2021. Earlier on, the digital coin drew international attention due to Elon Musk, who then was the richest man. Dogecoin has experienced a series of events since it was launched in 2013. Many skeptics did not expect the digital coin to thrive in the competitive crypto market over the years or rank among the top cryptocurrencies in 2021.
Nonetheless, Dogecoin recorded a price momentum increasing from $0.007635 on 27 January to a new level of $0,07439 on 8 February. More interesting is that the surge in price happened within two weeks.
Several factors have played a key role in its high prestige, for instance, tweets by Elon Musk and recent Gamestop events.
In the course of Gamestop buzz, WallStreetBets began to acquire Gamestop shares in droves to puzzle investors who brought the company to its knees. The trend has been seen continuously as the group tried to save companies experiencing a similar situation.
The other factor is based on Elon Musk, who has lauded Dogecoin in the previous years, and recently his tweet activities about the coin have been rampant.
Currently, Dogecoin is one of the cryptocurrencies that many analysts consider as an alternative investment tool.
Uniswap (UNI)
Another crypto that ranks on the list is Uniswap. Uniswap is an extensive decentralised exchange in the world that is behind the UNI coin. Uniswap hit the market within the DeFi framework while the UNI coin emerged in 2020. Although it’s fresh in the industry, the UNI coin has achieved significant milestones, and now it’s one of the DeFi coins to join the top race.
The digital coin fluctuated in value during the earlier months after joining the industry, trading at about $4.45. However, in the first few months of 2021, UNI has picked an uptrend to record a historic high of $33.54 on 8 March.
Market analysts believe this price is below its expected potential growth because Uniswap short while ago, was placed as the initial decentralised exchange to allow margin and leverage trading.
Since the DeFi space is ever-growing each passing day, UNI coin displays a considerable potential to surge yet more.
Litecoin (LTC)
Litecoin is considered one of the enormous alternatives to Bitcoin, which has created a great deal for investors as an investment tool.
Litecoin was developed by a former Google engineer Charlie Lee by tapping the potential of Bitcoin’s initial code and adjusting it to produce faster tokens. This made Litecoin affordable for the general populace and quicker in executing transactions compared to Bitcoin.
There are around 84 million Litecoin units, a number greater than 21 million units of Bitcoin. According to many analysts, Litecoin volume positions it as less prone to various threats than some cryptos.
Even though Litecoin has faced competition within the industry and mostly from setting a distinction mark from Bitcoin, the digital coin has remained an effective alternative investment tool to Bitcoin.
Conclusion
Although many people remain skeptical about the crypto industry, various Altcoins have indicated considerable potential as alternative investment tools. Still, Bitcoin has breached new historical records, which is a clear indication that the sector is transforming as a haven to caution against inflation and diversify resources.
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