For investors who are looking for the best cryptocurrency to invest in now, here are nine of the most promising cryptocurrencies that can serve as an alternative to Bitcoin.
In this article:
- Ethereum (ETH)
- Litecoin (LTC)
- Monero (XMR)
- Ripple (XRP)
- Dash (DASH)
- NEO (NEO)
- EOS (EOS)
- Zcash (ZEC)
- Cardano (ADA)
9 Most Promising Cryptocurrencies Investors Need to Look At
1. Ethereum (ETH)
Launched as a decentralized software platform in 2015, Ethereum is one of the most efficient blockchain technology platforms around. It allows distributed applications and smart contracts to run with no third-party interference, control, fraud, or downtime.
Because of this, many altcoins and other blockchain-based applications run on the Ethereum platform.
Altcoin Definition: A cryptocurrency that has been patterned after Bitcoin, but has been modified to introduce new features not available in Bitcoins.
The brains behind Ethereum launched it via a pre-sale in 2014, which garnered a massive response from the investing public. This massively successful pre-launch became the precursor to what is now called the “initial coin offerings” or ICOs.
Because of the massive hack that involved around $70 million worth of Ethereum tokens in 2016, Ethereum split into two tokens:
- Ethereum (ETH)
- Ethereum Classic (ETC)
ETH’s market cap is one of the biggest in the market at $24.57 billion as of July 15, 2019, according to cryptocurrency website CoinMarketCap.
2. Litecoin (LTC)
Created by a former Google engineer and MIT graduate, Litecoin is one of the pioneering cryptocurrencies that followed Bitcoin. Launched in 2011, Litecoin is often called the “silver altcoin,” with Bitcoin being the “gold token.”
Litecoin runs on an open-sourced, decentralized international payment network. And while it’s similar to Bitcoin in many aspects, it confirms transactions at a much faster rate than Bitcoin.
More merchants are accepting Litecoin as a valid payment method. As of July 15, 2019, Litecoin has a market capitalization of around $5.70 billion according to CoinMarketCap.
3. Monero (XMR)
Many cryptocurrency experts consider Monero as an altcoin for those who are very particular with anonymity and safety. It’s an untraceable, private, and secure token.
One very interesting thing about Monero is that it’s purely community-driven and entirely funded by donations. As an altcoin, Monero is highly focused on three important things:
- Complete privacy using a proprietary technology called ring signatures
According to cryptocurrency website CoinMarketCap, Monero has a market capitalization of $1.53 billion as of July 15, 2019.
4. Ripple (XRP)
Ripple uses an international settlement network that gives banks the capability to settle international transactions instantaneously, and with great transparency at low costs.
Unlike most other cryptocurrencies, including Bitcoin, Ripple’s blockchain technology doesn’t require miners or mining to confirm transactions. As a result, its network backlogs and computing power requirements are minimized, which distinguishes it from the other cryptocurrencies.
Ripple remains as one of the most interesting altcoins among traditional institutions like banks who continue to look for ways to further improve their international transactions. According to CoinMarketCap, Ripple’s market capitalization as of July 15, 2019, stands at $13.42 billion.
5. Dash (DASH)
Formerly called Darkcoin, Dash is considered the stealthier reincarnation of Bitcoin. Using a decentralized network that provides almost untraceable transactions, Dash is able to give a higher degree of anonymity to its users than Bitcoin and most other altcoins.
According to CoinMarketCap, Dash has a market capitalization of $1.10 billion as of July 15, 2019.
6. NEO (NEO)
Created originally as AntShares in 2014, this Chinese version of Ethereum is the largest market capitalized Chinese cryptocurrency. The comparison to Ethereum is because of the way it also uses smart contracts in its transactions.
NEO’s price skyrocketed by 111,000% in 2017, when its price jumped from only $0.16 to $162 per token. A huge reason for this jump is its support of various programming languages like C++, Java, and Go, among others.
And because of its close ties to the Chinese government, NEO has benefited much by way of favorable “tolerance” from that strict government. According to CoinMarketCap, NEO’s market capitalization stood at $872.3 million as of July 15, 2019.
7. EOS (EOS)
One of the youngest altcoins in the market, cryptocurrency forerunner Dan Larimer EOS created and launched EOS in June 2018. Similarly, EOS runs on the highly decentralized Ethereum blockchain platform like most other altcoins.
Aside from using the Ethereum platform, EOS is known for other reasons, one of which is its very successful ICO or initial coin offering in 2018.
Raising $4 billion dollars during its 2018 ICO, EOS set the record for the largest ICO in cryptocurrency history. It was able to do so through a year-long crowdsourcing campaign, setting the record for the longest ICO in history.
Another reason for EOS’s current popularity is its ability to produce new tokens without the use of mining. In lieu of mining, EOS’ block producers create blocks. Then, based on their production, they get EOS tokens as payments.
According to cryptocurrency website CoinMarketCap, EOS’ market capitalization as of July 15, 2019 stood at $3.99 billion.
8. Zcash (ZEC)
Another one of the younger altcoins in the market, Zcash entered the cryptocurrency arena in the second half of 2016. Its claim to fame — extra levels of security and privacy when it comes to transactions compared to more established cryptocurrencies, even more than Bitcoin.
Zcash’s favorite analogy for illustrating how much more secure it is compared to other cryptocurrencies is “http” and “https,” which are the prefixes to any website URL. It considers Bitcoin as “http” only and itself as “https,” which is much more secure against hackers.
In particular, Zcash publishes and records its users’ transactions on a blockchain without divulging information such as recipients, senders, and amounts.
Unlike other cryptocurrencies, Zcash gives users the option of shielding transactions. Under this option, Zcash’s system encrypts transaction contents through its proprietary technology called zk-SNARK.
According to CoinMarketCap, Zcash has a market cap of $563.37 million as of July 15, 2019.
9. Cardano (ADA)
Ethereum co-founder Charles Hoskinson launched this altcoin during the 3rd quarter of 2017. Having the same founder as Ethereum, it’s not surprising to find that Cardano gives its supporters the same benefits as those of Ethereum, along with a few extras.
Similarly, Cardano provides smart contracts and Dapps a platform to stand on. And based on Cardano’s claims, it’s also trying to find solutions to two of the most common cryptocurrency issues: scalability and interoperability.
According to CoinMarketCap, Cardano’s market cap stood at $1.54 billion as of July 15, 2019.
Bitcoin isn’t the only ticket in the cryptocurrency town, in contrast to what many people think. There are many great alternatives to Bitcoin and the nine in this list are some of the best altcoins to invest in.
Which of these nine altcoins do you want to start investing in? Let us know in the comments section below.