In recent months, there is a lot of hype around digital currencies. First of all, this applies to Bitcoin. But numerous altcoins have also attracted interest from investors. These altcoins are available to purchase on many exchanges. Is it worth investing in cryptocurrencies in 2020?
Today, we’re about to answer this question as well as to consider various promising cryptocurrencies in more detail. That is, you will be able to decide which cryptocurrency to invest in. Let’s get started!
Cryptocurrencies Overview: Which Cryptos Can Compete with Bitcoin?
There are numerous cryptocurrencies which compete for investors’ attention. In addition to Bitcoin, there are Litecoin, Ripple, IOTA, Dash, Bitcoin Cash, and many more.
Which cryptocurrency is currently one of the best in terms of market cap? We’re ready to present some cryptocurrencies that strive to become the main Bitcoin’s competitors.
Bitcoin Cash
Bitcoin Cash was created as a Bitcoin’s spin-off in August 2017. Meanwhile, the market cap has exceeded a $4.4 billion mark. This makes Bitcoin Cash one of the most popular cryptocurrencies on the market.
The competitive edge of Bitcoin Cash over Bitcoin is the larger block size and the higher capacity. This will significantly shorten the transaction process and reduce costs. That is one of the main reasons why Bitcoin Cash is desired by many investors.
Ripple
Ripple is another cryptocurrency that is rapidly gaining popularity. Market capitalization is over $20 billion. This makes Ripple one of the most popular cryptocurrencies. The maximum number of coins is particularly high — 100 billion.
Litecoin
Litecoin definitely should be mentioned in this overview. With a market cap of over $2.8 billion, it’s also one of the most popular digital currencies. Litecoin’s origins go back to a former Google employee who wanted a faster alternative to bitcoins. The maximum limit of Litecoins to be issued is 84 million. Today, there are more than 50 million litecoins in circulation.
An Overview of Other Promising Altcoins: IOTA
The IOTA payment system is one of the most promising altcoins. The current market cap is around $562 million. IOTA is one of the most innovative digital currencies on the current market. Compared to other cryptocurrencies, there is a decisive advantage — the cost-intensive transactions are eliminated.
IOTA is based on a distributed ledger called Tangle, which makes it possible to conduct transactions offline. In addition, the cryptocurrency is infinitely scalable. The maximum amount of 2.8 billion IOTA coins is already in circulation.
Cardano
Cardano is still unknown to most investors. Still, it boasts of a market cap of over $2 billion. The digital currency was created relatively recently but was able to record strong profits in November 2017. The maximum number of coins is limited to 45 billion. There are already 26 billion coins in circulation.
Monero
The Monero cryptocurrency has a market cap of over $1.1 billion. As with Bitcoin, the inventor of Monero is unknown. This anonymity still follows the cryptocurrency.
Details of the transactions aren’t in the public network but are only visible to recipients and senders. Above all, cybercriminals took advantage of this — Monero is a popular means of payment for hackers when it comes to paying a ransom (for example with the global malware ‘WannaCry’).
Which other promising cryptocurrencies do you know? Just share your opinion in the comments!
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