Since we entered 2021, we have seen the crypto market growing like never before.
Bitcoin broke all the records touching $64,642 for the first time on April 14 and maintaining its position somewhere around $60,000.
The crypto market has been quite unstable for the past few weeks.
At the time of writing, Bitcoin’s price is $38,379.08, according to CoinMarketCap.
The price has constantly been dropping ever since Elon Musk announced Tesla’s decision to stop accepting payments in Bitcoin.
This has caused severe distress in the industry that people are now looking for other alternatives for their investments.
5 Best Alternatives to Bitcoin
If you, too, are looking for a better alternative to Bitcoin, you’ve landed at the perfect place. Let us help you!
1. Ethereum (ETH)
Launched in July 2015, Ethereum (ETH) is arguably the 2nd largest cryptocurrency in the world.
ETH, just like Bitcoin, can be used to buy and sell products and services across the world for a nominal fee.
Also, Ethereum allows smart contract payments and dApps to be designed and operated without any third-party intervention.
On the other hand, ETH’s popularity has forced it to compete well with other cryptocurrencies in the market.
2. Binance Coin (BNB)
Binance Coin is distributed by Binance Exchange and trades under the token ticker of BNB. The token adheres to ERC-20 standards and complies with 2FA verification.
The exchange has a lot of room for improvement, yet it offers hundreds of currency trading options and is one of the cheapest platforms to use at the moment.
The biggest advantages that it offers include low fees, comprehensive charting, supportive of hundreds of digital currencies.
3. Ripple (XRP)
XRP is believed to be settling the payments in just 4 seconds and processing up to 1,500 transactions every second.
Ripple is a real-time gross settlement system, a remittance network and currency exchange developed by Ripple Labs Inc.
As one of the strong contender of Bitcoin and owing to its increasing adaptability and diverse applications, XRP has gained 7th position in the list of top virtual currencies by market cap.
4. Cardano (ADA)
Cardano is the very first peer-reviewed blockchain in the cryptosphere. It’s a smart contract platform that claims to solve the scaling problems of first-gen coins, i.e. Bitcoin, and second-gen coins like Ethereum.
It solves the issues via its advanced decentralized framework as well as protocols.
Cardano is considered superior to Bitcoin and is distinct from other digital currencies for valid reasons.
It defines itself as a third-gen blockchain, meaning that it aims to rectify the issues that plagued its predecessor coins.
5. Polkadot (DOT)
Polkadot is a multi-chain technology that offers a common platform facilitating communication between public and private blockchains.
It enables users to send more than just tokens via its blockchain.
Bridges, Para Threads, Parachains and Relay Chain are a few of its components that enable users to join multiple chains together in a single network.
As per the market survey, DOT coin will be worth $113 in 2025 and around $160 by 2028.
Bitcoin, in spite of its popularity, is no longer the last word in the crypto world. Innovators and trendsetters do exist and thrive on bringing something better every time.
Currently, there are close to 10,000 cryptocurrencies accessible in the market.
As the industry progresses towards coming into the mainstream, the aforementioned cryptocurrencies have the potential to break new records in the coming years.