Top 10 Most Important Cryptocurrencies Other Than Bitcoin

Top 10 Most Important Cryptocurrencies Other Than Bitcoin

10 Bitcoin Alternatives With the Best Profit Potential on the Market Right Now

Interested in cryptocurrency investing but have had enough of the buzz around Bitcoin? Then this is the right place for you! In this article, we are going to identify and discuss the top leading cryptocurrencies other than Bitcoin.

Bitcoin might be the most popular cryptocurrency in the market, but it’s by no means your only investment option. In fact, depending on your trading style and bankroll, Bitcoin investing might not be the best choice for you.

In this guide, we will introduce you to what our analysts – and the larger crypto community – consider the best alternatives to Bitcoin with the best potential return on the market today.

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Virtual currencies are highly volatile. Your capital is at risk

Top 10 Bitcoin Alternatives in The Market

Here is an outline of what most consider the best alternatives to Bitcoin today and their unique features.

  1. Ethereum
  2. Cardano
  3. XRP
  4. Solana
  5. Dogecoin
  6. IOTA
  7. Algorand
  8. Shiba Inu
  9. Uniswap
  10. Binance Coin 

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Virtual currencies are highly volatile. Your capital is at risk

Best Bitcoin Alternatives Reviewed

1. Ethereum (ETH) – Overall Best Bitcoin Alternative with the best profit potential

Ethereum is the number one alternative to Bitcoin, ranking second after Bitcoin in terms of market cap.

Thanks to the increasing popularity of DeFi and NFT sectors, Ethereum has seen record heights over the past couple of years.

Ethereum is an open-source operating system and computing platform that aims to implement a globally decentralized, digital computer for executing peer-to-peer contracts. Ether (ETH) is the fuel of the Ethereum network. It is a utility token that is necessary for running apps or processing transactions on the blockchain. This way, ETH has positioned itself in the top 3 cryptocurrencies with a killer advantage.

Ethereum’s high-end technology and programmability allow users access to various DeFi apps and NFT along with other dApps. Also, when it comes to developers, Ethereum has a rich talent pool.

Experts and crypto enthusiasts say that it is best to buy Ethereum to double your money in the future. Daniel Polotsky, the CEO and founder of CoinFlip, says, “Proof of stake removes the costs associated with mining such as electricity and hardware costs, meaning that fewer ETH will be sold by miners. Instead, these ETH will be staked, driving up the value even further.”

The increasing popularity and growth of DeFi is yet another bullish catalyst for Ethereum. The asset shows a renewed strength and is only expected to grow further with ETH 2.0, making now an ideal time to invest in Ethereum.

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Virtual currencies are highly volatile. Your capital is at risk

2. Cardano (ADA)

Cardano is one of the top trending and fastest-growing crypto platforms in the market and is definitely one of the most important cryptocurrencies to consider other than Bitcoin.

Cardano stands out from its competitors because of its unique Ouroboros Proof-of-Stake protocol that makes it an eco-friendly asset.

Cardano is a third-generation blockchain that aims to solve the scalability issues faced by Ethereum and Bitcoin. Instead of layer solutions on top of the existing technology, it started from scratch and created an entirely new and advanced blockchain.

Cardano is one of the top 10 best cryptocurrencies that have a killer advantage over others. A significant part of the credit goes to its unique Ouroborus Proof-of-Stake mechanism. Both Bitcoin and Ethereum engage a highly energy-intensive Proof-of-Work mechanism. It requires miners to utilize powerful computers to solve complex math equations. This massive energy consumption has raised heavy criticism lately in the crypto space.

Meanwhile, Cardano founder Hoskinson said the network is “1.6 million times more energy efficient” than Bitcoin. This sustainable nature of the token has moved numerous investors to buy Cardano recently, boosting its value and price. So buying Cardano now could help you generate huge returns in the future.

Moving forward, experts predict that Cardano price forecast has the potential to overtake Ethereum. Hoskinson has high expectations for the token. In a statement, he stated that it has the potential to beat out ETH 2.0, and if it does so, Cardano would see a high increase in its value in the coming decades.

The asset is focused on implementing ways that blockchains can solve real-world problems, especially in developing countries. For example, it had announced a significant partnership with the Ethiopian Ministry of Education earlier this year.

If you are looking for a unique cryptocurrency to invest in this year, then put Cardano on your watchlist.

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Virtual currencies are highly volatile. Your capital is at risk

3. Ripple (XRP)

There’s no doubt that Ripple is one of the leading cryptocurrencies other than Bitcoin. Experts believe that investing in Ripple now could pay off in the future.

XRP is the native cryptocurrency for Ripple, a payment platform that makes international money transfers faster, cheaper, and easier. Ripple blockchain network is enticing to many investors because the platform facilitates seamless international transfers. With a traditional bank, international money transfers generally take up to 10 business days. Ripple enables the transactions within mere seconds.

XRP serves a fundamental purpose within the Ripple Ecosystem. This token is the digital asset that facilitates the use of the network utilities. In this way, XRP functions as a utility token. This token represents the transfer of value across the Ripple Network.

Ripple also has partnership contracts with big banks across the globe. The more contracts it signs, the more accessible XRP is to investors. Despite the ongoing lawsuit with the US Securities and Exchanges Commission (SEC), Ripple currently holds the upper hand. It has drawn attention to the company’s outstanding team of developers, and this popularity is boosting the growth of Ripple.

Some speculators think Ripple could hit $25 a coin by 2023. Thus, Ripple is a great opportunity for traders to buy low and sell high in the future.

In the end, good investing is all about evaluating risks. Ideally, you want to minimize exposure to risk while maximizing the potential for rewards. Ripple fits the bill perfectly. Now you can invest in this real-time global payment network for less than $1 a coin. So for a few hundred dollars you could add a significant amount of Ripple to your portfolio. And when you can buy big volumes at that kind of price, even a modest bull run would lead to some nice returns.

Buying XRP now could help double (or more) your investment soon if Ripple wins the lawsuit.

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Virtual currencies are highly volatile. Your capital is at risk

4. Solana (SOL)

Solana is fast making a buzz in the crypto world for all the right reasons.

Solano is a unique cryptocurrency described as “a fast, secure, and censorship-resistant blockchain providing the open infrastructure required for global adoption.”

With its increasing popularity among traders and investors, crypto analysts predict that Solana is going to explode by the end of 2023. There are several reasons and technical updates that back up this prediction. First, Solana has rapidly positioned itself among one of the top-performing cryptocurrencies in the market. Though the idea behind the project began in 2017, it was officially launched in the market in March 2020.

Second, Solana is an open-source project that leverages blockchain technology to provide decentralized finance solutions. And finally, with its low cost and faster transactions, SOL could replace the Ethereum blockchain in developing dApps. Adding to its popularity, Solana is currently the quickest blockchain network in the crypto industry.

The primary reason for Solana’s popularity in the crypto space is its rapid processing times. Though Ethereum is an advanced platform for creating decentralized applications, users needed an alternative option that is cheaper and faster. This is what the Solana blockchain brought in. Its hybrid protocol facilitates decreased validation times for the execution of both smart contracts and transactions.

Solana has a unique distributed ledger network that scales up to 65000 transactions per second (TPS). As a result, it processes faster transactions without compromising network security. If you want to become a part of this growing ecosystem, consider investing in Solana.

Solana is definitely one of the most important cryptocurrencies to consider beside Bitcoin.

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Virtual currencies are highly volatile. Your capital is at risk 

5. Dogecoin (DOGE)

Another of the first cryptocurrencies to follow behind Bitcoin. Dogecoin is a first-generation cryptocurrency that can be used to transfer value globally in a secure manner. Famously, Dogecoin features the Shiba Inu from popular internet memes. The developers used this character to keep the project light-hearted. Like Bitcoin and Litecoin, the purpose of this coin is to allow for peer-to-peer transactions to occur in a censorship-resistant manner. As of late, Dogecoin has seen considerable coverage in the media due to notable price hikes.

Dogecoin shares many technical characteristics with the first crypto, Bitcoin. Consequently, the network is secure and provides real-time consensus. Like Bitcoin, hackers would need to control 51% of the network’s hashing power to alter the state of the blockchain. Considering the current Dogecoin hashrate is 203.97 TH/s, this is very unlikely.

Dogecoin uses a Proof-of-Work consensus algorithm to keep the network secure. However, this PoW system is not the same SHA-256 version used by Bitcoin. Instead, the network relies on a scrypt technology in its PoW mechanism. This prevents the use of high-powered Bitcoin mining rigs. Instead, you can only mine Dogecoin using dedicated FPGA and ASIC devices.

A prominent feature that separates Dogecoin from most other altcoins available today is inflation. Bitcoin and several other cryptocurrencies are deflationary in nature, formulated to have a supply cap of currencies. The problem here is that once the cap is reached, it might cease to be a profitable asset for miners. Eventually, the price of the Dogecoin token might rise enormously high. While Dogecoin, rather than trying to beat deflation, depends on it.

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Virtual currencies are highly volatile. Your capital is at risk

6. Binance Coin (BNB)

If you are looking for other important cryptocurrencies besides Bitcoin, then consider Binance Coin.

Binance Coin (BNB) is a cryptocurrency created by the popular Binance Exchange. Notably, Binance is by far the largest crypto exchange in the world.

Binance is currently the largest cryptocurrency exchange, supporting over 1.4 million transactions per second (TPS). In 2017, Binance created BNB as a utility token for discounted trading fees. However, its uses have extended to numerous applications, including travel bookings, payments for transaction fees (on the Binance Chain), online service payments, entertainment, and financial service payments. In addition, the numerous use cases offered by BNB make it an enticing investment option.

BNB has two main functions. First, it works as a discount token to pay for trading fees on the exchange. Secondly, it fuels the Binance Smart Chain (BSC). Back in 2017, Binance Coin was only a utility token that would give a trader a discount on trading fees. However, later in September 2020, Binance launched the Binance Smart Chain, a platform built for smart contracts, decentralized applications (dApps), and DeFi services.

As mentioned earlier, Binance is the most popular and largest crypto exchange in the world. It has a diverse selection of coins to buy/sell and the most crypto to fiat pairs. In 2022, crypto trading volume increased significantly, and Binance was at the heart of this action.

BNB benefited hugely from this as traders use BNB on the Binance exchange to get a discount on fees. Notably, the demand for BNB likely increased when Bitcoin began to surge to $60k. As a result, many crypto experts think that Binance Coin may continue to go up in value, possibly surpassing Bitcoin price. This does not seem far-fetched when you compare BNB’s market capitalization growth to Ethereum and Bitcoin.

Currently, the BSC is the second-largest DeFi platform, making BNB a valuable asset to hold.

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Virtual currencies are highly volatile. Your capital is at risk 

7. Algorand 

With solid fundamentals in place, Algorand makes for a stellar investment option.

Algorand is a Pure PoS blockchain platform that employs algorithmic randomness to solve the blockchain trilemma. Unlike most blockchain projects, Algorand requires minimal computation. Moreover, as it is a public blockchain platform, developers can utilize it to build decentralized applications (dApps) on top of it. The name Algorand derives from Algorithmic Randomness (Algo and Rand).

The protocol aims to tackle the inefficiencies of ledgers, which is the core of every blockchain project, including Bitcoin, Ethereum, etc. These include scalability, wastage of energy, and high cost of transactions.

Algorand uses the benefits of both centralized and decentralized blockchain projects. It is efficient as a centralized platform and has a governance model of decentralized projects to ensure accountability.

Algorand strives to solve the blockchain trilemma. For the uninitiated, there are three main features of a blockchain platform. They include security, scalability (speed), and decentralization. Many blockchain platforms have only two out of three of these features. For example, Bitcoin has decentralization and security while Ripple prioritizes security and speed.

Ethereum and Bitcoin have slow transactions, but they are decentralized and very secure. They struggle to reach mass adoption because of their slow transaction speeds. The Algorand developer team aims to incorporate all three features on the platform.

Another goal of Algorand is to decrease computational transaction costs. Ordinarily, crypto transfers require a user to pay standard transaction fees. This fee compensates validators and miners involved in processing these crypto transactions. Algorand offers a secure, decentralized, and fast platform with low transaction fees.

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Virtual currencies are highly volatile. Your capital is at risk 

8. Shiba Inu (SHIB)

Learn about the Shiba Inu phenomenon and purchase SHIB while the tokens are affordable.

Shiba Inu (SHIB) is a recent breakout meme token that captured the interests of the blockchain investment community. Many see this token as a knock-off of Dogecoin since both borrow inspiration from the famed Shiba Inu breed of dog.

Despite being created with a light-hearted approach, the Shiba Inu token provides users with more earning potential. The main goal behind the project was to create an ERC-20 token and ecosystem that was priced low enough that anyone could own millions of them. Therefore, the creators deliberately launched SHIB coins priced well below a penny. The strategy is to make the platform profitable just by hitting $0.01.

SHIB is an Ethereum-based token. As an ERC-20 token, it enjoys the security and support of the Ethereum ecosystem. SHIB is also the chief utility token of the Shiba Inu ecosystem. This token serves multiple purposes, such as paying fees and rewards. You can also use it as a cryptocurrency. Users can send value globally in seconds using SHIB. It is secure and reliable because it leverages the Ethereum blockchain. SHIB was launched with 100 billion tokens.

While Dogecoin retains a significantly larger market capitalization and user base, Shiba Inu can expand its functionality. Although Shiba cannot do much more than Doge can, smart contracts on the Ethereum network provide more opportunities to the Shiba developers.

ShibaSwap will introduce new ways to use Shiba tokens, providing more value to its users. For example, it will incentivize new users to buy Shiba Inu tokens and stake them in liquidity pools, hopefully driving the price up. Considering these factors, investing in SHIB now could help you generate massive returns in the future.

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Virtual currencies are highly volatile. Your capital is at risk 

9. Uniswap

We’ve added Uniswap to our cryptocurrency list as an example of how far the cryptocurrency market has come in the 10 plus years since Bitcoin was created. For some, it may be very new.

Essentially, Uniswap is a decentralized exchange (DEX).

Why Is Uniswap A Good Alternative To Bitcoin?

Founded in only 2018, Uniswap’s price has improved in leaps and bounds. In March 2021, Uniswap finally stepped into the top 10 by market capitalization, taking the eighth spot according to CoinMarketCap, at the time of writing.

It’s a huge achievement for such a little-known coin. It shows us that new altcoins really can make a big impact. (It took Bitcoin years to reach the prices Uniswap reached in just three!)

The idea of Uniswap is very interesting. Working on the Ethereum blockchain, it is a decentralized exchange that allows anyone to list and trade any coin.

Decentralized exchanges have several advantages over traditional exchanges because firstly they do not charge fees and give traders much more control over the assets they are trading.

And functioning on top of Ethereum as an ERC-20, enables it to be compatible with all other tokens built on the Ethereum blockchain, enabling more people to trade crypto.

Uniswap is a big threat not only to crypto exchanges like Coinbase and Binance but brokerage firms too and could potentially move into other assets like stocks and currencies.

DEXs may end up being just as innovative as Bitcoin was when it first came around which could make it an excellent alternative to Bitcoin.

Why Could Uniswap Be A Bad Alternative To Bitcoin?

Uniswap is a super young crypto, so it may be wiser for traders to wait and see how it performs. More cautious crypto traders are more likely to take this approach with other DeFi projects too.

Meanwhile, Bitcoin has been around for more than a decade and people understand it a lot better.

Aside from this, another major concern about Uniswap is that in a sense it is not completely decentralized! This is because approximately 40% of all UNI tokens are held by investors and developers.

This is slightly concerning because it perhaps gives them far too much control over the price. If they were to all simultaneously sell off their coins, the price would plummet.

And finally, due to the complex nature of Uniswap, it might be more recommended for advanced crypto traders who are more knowledgeable of the state of the crypto market and can judge how feasible Uniswap’s goals are.

Should You Invest In Uniswap?

If you’re looking for something super innovative, Uniswap might be your best bet.

Digitalcoin Price seems to suggest that Uniswap is going to increase in value. They predict that it could reach $13.45 in 2023 and $33.30 in 2027.

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Virtual currencies are highly volatile. Your capital is at risk 

10. Binance Coin

The Binance Exchange’s handy little discount coin is much more than it looks. Rampaging upwards in price, BNB looks like a great investment right now.

Why Is Binance Coin A Good Alternative To Bitcoin?

Binance Coin has experienced a period of immense growth over the last year, slowly and steadily getting into the top five (and occasionally top three) in terms of market capitalization.

Fundamentally, BNB doesn’t have too much to do with Bitcoin, that said many use BNB to pay for fees on the Binance Exchange to buy Bitcoin.

So, what this generally means is that when Bitcoin is on the rise, you can expect a lot of Binance Coin trading as well.

But there is another thing the two have in common; Binance Coin has a simplicity like Bitcoin that is easy to grasp. Both are easy to grasp concepts.

And further to that, they both work the way they are intended to. We’re not waiting around speculating if BNB will work or not – we already know that it does.

Furthermore, Binance Coin also has stepped into DApps with its Smart Chain – a separate chain to the main chain – with this it can make a major dent in Ethereum’s hold over the market.

Why Could Binance Coin Be A Bad Alternative To Bitcoin?

Just like Ripple, Binance Coin is centralized! It is completely owned by Binance and they can do whatever they want with the coin. It’s 100% theirs and coin holders have absolutely no say.

To make things worse, Binance has reminded us why we don’t like centralized cryptos at all. Binance has made changes to the whitepaper and not told people and has been called out on transparency.

It may be the case of just not thinking they need to inform coin holders of changes, but to many of us, it comes across as untrustworthy, which is the last thing you want to be in the crypto market.

Could you imagine the whole world’s wealth being controlled by a corporation? And to make it worse, a corporation that you don’t trust?

Should You Invest In Binance Coin?

Centralized or not, it’s not likely people will stop trading BNB any time soon!

WalletInvestor gives Binance Coin a positive outlook, predicting that it could reach $716 in one year and $2,094 in 5 years.

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Virtual currencies are highly volatile. Your capital is at risk

Conclusion: What Is The Next Best Thing To Bitcoin?

Looking at the market, it would be very easy to simply assume that the nine coins that follow Bitcoin in terms of market capitalisation on CoinMarketCap are ‘the next best thing’.

And some make similar assumptions when looking at the price per coin. For example, Cardano is around $1 per coin and Binance Coin is around $390 per coin, but the two are not that far off in terms of market cap.

Neither price nor market cap are the right way to measure the success of a coin.

Further to that, coins come and go. They gain and lose momentum non-stop. The market’s interest changes. Dreams are unfulfilled or people just get bored. Some coins change and some just stay the same (you can even call these coins ‘zombie coins’).

So, all this makes it hard to exactly pinpoint what could be the closest thing to Bitcoin, both in terms of technological innovation and investment performance.

The best way to look at this question is to offer two types of alternatives – coins that are close to Bitcoin and coins that are very different.

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Virtual currencies are highly volatile. Your capital is at risk

Summary

Undoubtedly, Bitcoin changed the world of finance. However, BTC is not the only worthwhile crypto.

Crypto platforms like Ethereum and Cardano have taken the world of finance and investments by storm.

Based on the technological advancements that are underway, this appears only to be the beginning. The above digital assets are the top 10 cryptocurrencies other than Bitcoin, which are likely to rally soon. If you are a novice investor looking for cryptocurrency alternatives to Bitcoin, consider investing in the above digital assets.

That said, crypto is still a nascent sector and can be volatile at times. Therefore, it is important for investors to perform due research and analyze a coin’s past performance before investing large chunks of money in it.

Bitcoin is by no means the only game in town. As you can see, there are many important cryptocurrencies that are full of potential; more importantly, many of them are not even trying to replace Bitcoin.

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Virtual currencies are highly volatile. Your capital is at risk

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