The adoption and popularity of cryptocurrencies have been on the rise since 2017. What started with the concept of network decentralization has evolved into a trillion-dollar industry. Institutions, investors, traders, and millennials are all investing in crypto assets alike, with an ambition of diversifying their portfolios for maximum returns.
The first-ever cryptocurrency, Bitcoin, is the most popular and the most prominent digital asset by market cap. However, BTC is not the only cryptocurrency poised to perform well and generate profits. Various other coins in the market have experienced immense growth and adoption over the past few years, giving rise to offerings such as decentralized finance (DeFi), non-fungible tokens (NFTs), etc.
Before taking a closer look at some of these alternatives to Bitcoin, let us step back and examine what altcoins are. An altcoin broadly refers to any cryptocurrency other than Bitcoin. Most of these altcoins generally share some characteristics with the leading crypto.
So move over Bitcoin. Here are some other viable cryptocurrencies that will make you rich in the long haul.
Ignore Bitcoin: These Cryptocurrencies Will Make You Rich
Ditch Bitcoin For These Superior Cryptocurrencies
Cardano (ADA)
Cardano was rolled out relatively recently, in 2017, and since then, it has been rising in the world of cryptocurrencies. ADA, the native currency of Cardano, has exploded in the classification of digital assets and is one of the top ten cryptocurrencies by market capitalization.
Cardano is more than just a blockchain network. It has endured rigorous testing to guarantee safety and effectiveness. Cardano is a third-generation platform that has advanced scalability compared to Bitcoin, a first-gen coin. One of the factors that make Cardano unique is its two-layered architecture. Cardano Settlement Layer, the first layer, is used to process transactions, while Computation Layer, the second layer, is used to execute smart contracts.
Thanks to Cardano's fast transactions and flexibility, the network is expected to remain one of the most advanced cryptocurrencies. Some of the core selling points of this growing platform include interoperability, scalability, and sustainability. ADA's price increase is widely attributed to the recent update that added support to build smart contracts, enabling developers to start building dApps, numerous new cryptocurrencies, and DeFi projects. Notably, ADA also has inexpensive transaction fees and a solid development team focused on fully decentralizing the project.
Check Out: Is Cardano a Good Investment?
Dogecoin (DOGE)
The "meme coin" Dogecoin was created back in 2013 as a joke to spread awareness about blockchain and cryptocurrencies. After a silent and shady past, this coin recently resurfaced thanks to the "Dogemaster" Elon Musk, who nudged the coin's bull rally. Doge gained worldwide popularity in a short time and is currently the sixth-largest cryptocurrency by market cap.
DOGE is one of the cheapest cryptocurrencies to purchase in 2022. Dogecoin is an open-sourced peer-to-peer (P2P) network that uses a Proof-of-Work (PoW) consensus mechanism like Bitcoin. But unlike BTC, DOGE uses the scrypt mining algorithm, has lower hash rates, and consumes very little energy.
Several experts and analysts consider Dogecoin to be a viable investment option. Just in the first five months of 2021 Dogecoin had returned over 8000%. The controversial cryptocurrency is trading at $0.15, bringing its market capitalization to $20,643,807,979 at the time of writing.
Check Out: Will Dogecoin Make Me Rich?
Litecoin (LTC)
Litecoin is a popular peer-to-peer (P2P) cryptocurrency network and open-source project that has expanded on the original technology driving Bitcoin. LTC was among the first altcoins to enter the market and is currently the 24th largest cryptocurrency by market cap. Litecoin offers a wide range of benefits for users compared to Bitcoin, including lower hack risks, faster processing speeds, and cheaper transaction costs.
As LTC transactions take only a fraction of the time as a BTC transaction, there is only a small window available for hackers to attempt to double-spend, making Litecoin transactions less exposed to fraud. The cryptocurrency's close relationship with Bitcoin and its digital scarcity make Litecoin uniquely valuable.
Litecoin is currently trading at $128, with a market capitalization of $8,950,213,498.
Read More: Could Litecoin Be A Millionaire-Maker Coin?
TRON (TRX)
TRON is a decentralized platform similar to Ethereum. It enables dApp developers to build and use complex protocols through smart contracts available on its native blockchain. Currently, TRON is best known for its active CEO and unmatched transaction speeds. Specifically, the platform can handle around 2000 transactions per second (TPS). This performance has put TRON on par with other major payment processors like PayPal. What's more, TRON has no transaction fees.
The TRON platform uses a Delegated-Proof-of-Stake (DPoS) consensus mechanism to secure the blockchain. A DPoS is similar to a proof-of-stake consensus mechanism because it allows users to earn passive income when they stake their holdings in a network wallet.
Many experts believe TRX is a good investment compared to other cryptocurrencies. Despite all the ups and downs in the coin's past, analysts believe that the TRX price could grow further in the long term. TRON has a total supply of over 100 billion tokens, and at the time of writing, about 101 billion of these are in circulation.
Don't Miss: Is it Worth Investing in Tron?
Ripple (XRP)
Ripple (XRP) is not just a cryptocurrency. It is primarily a payment processing platform that facilitates global transactions using its native coin, XRP. Ripple's payment network was started in 2012, and it has since grown significantly, as enterprises have adopted it and currency speculators have taken an interest in XRP.
Ripple has seen explosive price surges similar to other currencies recently, but it is still inexpensive. With a market cap of about $35 billion, Ripple is the world's seventh-largest cryptocurrency. A sizable market cap is an indicator of investor confidence and makes the crypto asset more immune to volatile market cycles or corrections.
Ripple, perhaps, has the best backing by financial institutions in the entire crypto market. XRP is more liked than Bitcoin in some circles too. Currently, some of Ripple's most notable partners include American Express and Santander.
So, given its low price, adoption rates, and increasingly mainstream appeal, investing in some XRP is a relatively low-risk option with the potential for massive returns. However, keep in mind that Ripple is currently in the midst of a legal battle with the US Securities and Exchange Commission (SEC). The regulator filed a lawsuit against Ripple in December 2020, accusing Ripple and its executives of selling XRP as unregistered securities.
Despite the lawsuit, Ripple has recorded significant growth, both in price surges and new partnerships.
Read More: 23 Reasons Why You Should Invest in Ripple XRP Today
Conclusion
Without a doubt, cryptocurrencies are revolutionizing the finance sector one step at a time. Investing in the above digital assets is highly likely to generate sizable profits.
However, similar to many investment assets, cryptocurrencies can be volatile. So investors are advised to perform due research before investing.