Bitcoin has long reigned as the leading cryptocurrency. But with the crypto market surging in popularity, there has been a rise of emerging cryptocurrencies. This leads us to the question, who are the top crypto contenders?
As more cryptocurrencies enter the market, it gives the investor more options to choose from. Many of these cryptos have different purposes and different goals. It seems like every day there is a new type of cryptocurrency coming out of the woodwork. While some fly under the radar, there are a few that stand out as the future leaders of the industry, with very strong characteristics.
These three cryptocurrencies are strong contenders in the crypto space.
Ethereum (ETH) is currently the second largest crypto, making it the obvious choice as a strong contender. The biggest selling point of Ether versus other cryptos is its unique blockchain platform – Ethereum. The Ethereum blockchain is markedly different from others because it allows for the development and creation of new applications such as NFTs. Ether is used to pay for those applications, causing its utilization rate to rise significantly. Additionally, Ethereum isn’t run by a central authority, and instead allows Ethereum-based apps to run on its network. As the crypto market grows, it will need more infrastructure. Ethereum will fulfill that need.
One of the biggest concerns surrounding the crypto market is its carbon impact. For example, Bitcoin consumes roughly 1,700 kWh of electricity with each transaction. This is twice the amount the average US home uses. With the current concerns and attention towards environmental impact, many people are hesitant to jump on the energy-consuming crypto wagon. Enter Cardano. Cardano (ADA) is known as the green cryptocurrency because of its ‘Proof of Stake’ consensus mechanism. Many cryptos use ‘Proof of Work’ mining, which requires huge amounts of energy consumption. Proof of Stake, on the other hand, is based on a percentage of crypto units held by a miner. Essentially, since it does not require additional energy to prove trustworthiness, it is significantly more energy efficient. As one of the largest users of Proof of Stake, Cardano has made a name for itself as the green crypto.
In the past year, Solana (SOL) has seen an insane rise in popularity and price. Currently the fourth most valuable crypto, Solana’s biggest selling point is its speed. Solana is able to complete roughly 65,000 transactions per second – almost 10,000 times faster than Bitcoin. Given the way people expect to see results of their actions immediately, speed is one of the reasons Solana has catapulted towards the top in recent months. Additionally, Solana is one of the most prominent cryptos to embrace NFTs through its Degenerate Apes. Solana’s Degenerate Apes is a collection of NFTs showing costumed apes with varying degrees of rarity. Their collection of 10,000 NFTs sold within 10 minutes, causing Solana’s price and popularity to see an unprecedented rise. This move towards emerging forms of currency have led Solana’s price to increase, making it a frontrunner in the race to become a top crypto.
At first, Bitcoin was the only cryptocurrency. Now, new crypto contenders launch every month. As the whole industry grows, more and more cryptos will be created in attempts to become the most valuable, and most popular option. Right now, those cryptocurrencies are Bitcoin, Ethereum, Cardano, Solana and others. Who the next leaders will be, no one knows. But one thing is certain. Cryptocurrency is rapidly moving its way towards massive adoption in the United States and beyond.
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