For years, Bitcoin has long been the favourite cryptocurrency. It was the original, and is the biggest in terms of market capital. But recently, it has experienced a bit of a price drop, and there are fears that this could be long term.
So, if you are looking to turn your attention elsewhere, we have found five other cryptocurrencies to watch out for this year.
Litecoin has a market capital of $13.95billion and has grown in value over the last 12 months by as much as 6,025%.
Litecoin has been described as an alternative to Bitcoin, but its creator has tried to tweak certain features, to make it better and more useful in the everyday world. Its creator, Charlie Lee said;
“My vision is people would use Litecoin everyday to buy things. It would just be the payment method of choice.”
There are currently 54million coins out of their 84million coin limit, which is also considerably more than Bitcoin.
Neo has gone up in value by a whopping 83,570% in just one year, and currently has a market capital of $5.6million. It has been named as the Ethereum of China, and is set to absolutely explode if China becomes more relaxed around the topic of cryptocurrencies.
Although Neo has a long way to go to catch up with Bitcoin, it really is becoming more popular and definitely is one to watch.
Ripple’s name has been mentioned more and more, particularly towards the end of the last year, and it is easy to see why. It has a market capital of $95.45billion, and has grown in value by a humungous 41,040%.
It has been designed by former Bitcoin developers, who launched the rival software in 2012. The reason that this is definitely one to watch in 2018, is because it has already licensed its blockchain technology to over 100 banks. Ripple CEO, said;
“We’re not anti-bank, we’re not anti government, we’re not anti-fiat currency. For a while that took conviction to stay the course in the face of the more libertarian elements of crypto.”
IOTA is a very different form of cryptocurrency, in the fact that all investors are miners. This is because it does not have any trading fees, or blocks, and it is your processing power that is used to validate two other transactions.
It focuses on becoming the backbone for secure machine to machine payments in the Internet of Things economy, which makes it very appealing, and definitely a reason as to why it is one to watch. It has grown 525% in the last year alone, and has a current market capital of $11.10billion.
Bitcoin Cash is a very new cryptocurrency, that was developed just a few months ago in August last year. It is essentially a new version of Bitcoin, that is incompatible with Bitcoin. Despite its high transaction fees, it has still grown 623% since in just 6 months, and has a current market capital of $45.61billion.
As more people begin to accept this new crypto currency, it will definitely be a huge contender for 2018.