Most of the cryptocurrencies work in a similar way. They are all based on blockchain technology and provide advantages of speed, security, and transparency when compared to fiat. One thing is certain though – the cryptocurrency market is in unstoppable progress and tends to change the world as we know it.
However, some cryptos are more popular than others. In fact, there are several factors as to why there is a brighter future for only a couple of them. Currently, among the most popular cryptos in the world are Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin.
Of course, this list may change in the future, as the crypto market is still highly unstable. But for now, it seems that these five are doing a really great job. Let’s see what makes them so influential.
Bitcoin is the parent of all cryptocurrencies. Blockchain technology came with it, and it invoked a revolution of a sort. Bitcoin immediately captured the attention of the tech-savvy people and its popularity slowly grew, attracting big investors from all around the world.
What’s Bitcoin’s secret? Well, the hype is definitely what makes it currently stand out and drives the Bitcoin price up. The media is paying the most attention to it, and an average Internet user usually knows only about Bitcoin when cryptocurrencies are mentioned. It is the first choice of investment for many newbies, and it still holds the biggest chunk of the market.
At the moment, one piece of Bitcoin is worth approximately $6,400 with the total market cap of $111 billion. You can see all the interesting stats about Bitcoin here.
Founded in 2015, Ethereum is often regarded as the second most popular cryptocurrency that poses a serious threat to Bitcoin. Unlike Bitcoin, whose creator is a mysterious person called Satoshi Nakamoto, Ethereum was created by a young prodigy Vitalik Buterin who is present all over the social media.
Buterin had a much broader vision for the use of blockchain. He wanted to change the world with it and therefore introduced smart contracts. In short, smart contracts self-execute, once both sides reach an agreement. In other words, it is a contract in code, and the machine governs it.
The Ethereum network has its own cryptocurrency called Ether which currently has a market cap of $22 billion.
The thing that makes XRP stand out is that the company which made it had a groundbreaking goal in mind – to make cross-border payments faster and more convenient. XRP is posing a serious threat to old systems of transactions that people conduct from one country to another.
It comes with certain downsides, as many consider it not really decentralized for the reason that coins are managed by a private company. If you are in the crypto industry because of the decentralization that blockchain technology brings, you might have second thoughts about this currency.
Nevertheless, it still has a huge market cap of $21 billion and is considered by many professionals a serious crypto that will stay in the race.
Bitcoin Cash is fairly new as it was created in 2017. It was launched when the hard fork happened in Bitcoin because the team could not agree on the purpose of this cryptocurrency. The users who already had Bitcoins in their wallets automatically received the same amount of BCH. It eventually grew stronger, as many people opted to accept it as a totally legitimate crypto that is completely separate from Bitcoin.
However, there were some questionable techniques to attract investors. The most infamous one is when BCH was presented as the “real Bitcoin”.
So, what makes BCH a success? The main trick is that it offers much faster transactions than the original Bitcoin. It has a market cap of $10 billion and is doing pretty well.
Although Litecoin is technically the seventh cryptocurrency when measured in terms of market cap, it is the first crypto to be created as a response to the flaws that Bitcoin had back in the day. It was launched in 2011 by Charlie Lee who first intended only to use it as a part of Bitcoin in order to fix its issues. It grew up to be a separate cryptocurrency which many opted to use due to the faster transaction speed.
That was not the only advantage. Litecoin was also made for people who wanted to try mining but did not want to spend a lot of cash on the equipment. Ordinary computers can mine Litecoin, but the fact remains that it is worth far less at the moment.
The current market cap for Litecoin is $3 billion, and a single unit of LTC costs $58. Although it seems that this cryptocurrency is far behind the other four mentioned in this article, it is still highly competitive.
As you can see, every crypto from this list has features that make it stand out from the crowd. Bitcoin is still the king, and it does not look like it is going to leave the throne any time soon. On the other hand, the remaining four cryptos are all pretty much close to each other and currently fighting for taking over the rest of the market. But they are indeed not the only ones, as many other popular cryptocurrencies are in the game: Stellar Lumens, EOS, NEO, Cardano, Monero, etc. The future of the crypto industry is still very uncertain, and each of the above-mentioned coins could become the next leader.