Top 10 Most Important Cryptocurrencies Other Than Bitcoin
Most Important Cryptocurrencies Besides Bitcoin
In this guide, We are going to discuss and identify the top leading cryptocurrencies other than Bitcoin.
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.
If you're investing in cryptocurrency for the first time or looking to expand your portfolio, then you should understand the complexities of altcoin trading and learn more about some important cryptocurrencies that could potentially lead to huge returns.
So what are the best cryptocurrencies to invest in other than Bitcoin? What are the other most important cryptocurrencies that can generate big returns other than bitcoin?
And what's the best alternative to Bitcoin? And will any cryptocurrencies rise as Bitcoin did? In this article, We are going to discuss and identify the top leading cryptocurrencies.
Top 10 Most Important Cryptocurrencies Other Than Bitcoin
Here you’ll find the most popular and important Bitcoin alternatives, which are also profitable cryptocurrencies. Here are 10 alternatives to Bitcoin:
1. Ethereum (ETH)
Ethereum is the number one alternative to Bitcoin, ranking second after Bitcoin in terms of market cap.
With a market cap of $69,604,579,809 and a 24-hour trading volume of $26,493,964,879, it’s no wonder that many investors see Ethereum as one of the most important cryptocurrencies besides Bitcoin and a great long-term investment.
It’s clear that Ethereum has got the edge in terms of technology, as well as some impressive support from industry-leading companies.
Here we should note that Ethereum was created in 2015 not only to serve as digital cash but as a decentralised platform that can support decentralised apps (dApps) and smart contracts. The Ethereum blockchain can be used to create new tokens and launch decentralised finance (DeFi) projects as well.
No surprise that, as stated above, Ethereum has gained the support of major financial organisations. That’s right! Ethereum supports Amazon Web Services, Microsoft Azure, and even helped launch JP Morgan's digital coin.
Not only that, but Ethereum’s biggest fans believe that the network will form the basis of a new, decentralised Internet that will revolutionise social media, the finance industry, and data protection. In fact, Ethereum has already transformed the gaming industry. We all remember one of the first blockchain-based games Crypto Kitties, right?!
Whether you decide to trade ETH or invest in Ethereum in the long-term, you’ll be happy to know that according to some price predictions Ethereum might enjoy steady growth in the next few years.
Actually, many believe that the launch of Ethereum 2.0, which will focus on staking, might become a huge bullish factor in the future of this important cryptocurrency. Ethereum is an excellent option for first-time investors.
Ready to invest in ETH?
2. Litecoin (LTC)
Often referred to as the silver to Bitcoin's gold, Litecoin is definitely one of the most important cryptocurrencies to consider other than Bitcoin.
As a matter of fact, Litecoin is one of the more established players within the crypto space. Created in 2011 by an MIT graduate and former Google engineer called Charlie Lee, Litecoin is a decentralised рееr-tо-рееr сrурtосurrеnсу аnd open-ѕоurсе software.
It's technically very similar to Bitcoin as it enables cross-border payments and serves as digital cash.
That said, Litecoin has four times faster processing times than Bitcoin and is not that resource-intensive, which makes transaction fees lower.
On top of that, Litecoin’s algorithm Scrypt is more appealing to miners than Bitcoin’s SHA-256 algorithm, which is also a factor that can impact investments.
Though the buzz around Litecoin has decreased significantly over the years, the truth is that Litecoin is one of the most widely accepted cryptocurrencies in the financial sector and is here to stay.
As of November 2020, Litecoin has a market cap of $5,986,934,241 and a per-token value of $90.52 (as reported by CoinMarketCap).
So, do you think that Litecoin is a good investment?
3. Tether (USDT)
Being one of the first stablecoins in the crypto sector, there’s no doubt that Tether is one of the most important coins.
Originally launched in 2014 as Realcoin, Tether is technically a blockchain network for storing value and executing currency transactions. It can be used to transfer money between countries without having to rely on an expensive intermediary.
Here we should note that stablecoins are cryptos backed by a fiat currency designed to minimise volatility and attract more cautious investors into the crypto market. Let’s not forget that due to the high volatility of the crypto sector, prices can increase or decrease by 10-20% in a single trading day.
In this case, Tether is pegged to the USD, which is supposedly achieved by maintaining dollars in reserves equal to the USDT coins in circulation. Currently, there are 18,654,483,312 in circulation.
As Tether aims to join the decentralised nature of cryptocurrencies with the stable value of the US dollar, many see Tether as a safe haven. Interestingly, according to data, Tether accounted for 80% of Bitcoin volume, making Tether a major source of liquidity in the cryptocurrency market.
4. Ripple (XRP)
Ranking #3 by market cap, there’s no doubt that Ripple is one of the leading cryptocurrencies other than Bitcoin.
Ripple is a crypto and a network at the same time, which is used to move money around the globe without the need for third parties. In fact, Ripple is one of the most widely utilised cryptocurrencies for the execution of cross-border payments.
With fast processing times of about 3-5 seconds and low transaction fees, Ripple is one of the main competitors of the current SWIFT system used by central banks and major financial institutions.
The great news is that Ripple is employed by more than 100 financial institutions across 40 countries; and according to some sources, giants such as VISA and Western Union could soon also accept Ripple.
Ripple’s native currency XRP (with a currency finite number of 100 billion), is trading at $0.617. Note that unlike most other cryptocurrencies, Ripple doesn’t need to be mined.
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 minimise exposure to risk while maximising the potential for rewards. Ripple fits the bill perfectly. Now you can invest in this real-time global payment network for less than $0.70 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.
Well worth a punt!
5. Libra (LIBRA)
Though Facebook’s Libra coin is still not available, we should talk about this crypto project that shook the entire crypto community.
In 2018 rumours began circulating that Facebook was thinking about launching its own cryptocurrency. The stories were then confirmed in 2019 when Facebook released a white paper on Libra, a new kind of digital coin that is scheduled for release soon (not until it receives support from lawmakers).
According to its white paper, Libra aims to help people with no access to traditional banking to use financial services, move money securely, and enjoy their hard-earned income.
Users will be able to use Facebook’s crypto wallet Calibra that will be integrated into Messenger and WhatsApp.
And given Facebook's incredible global reach and the potential for massive volumes of exchange, there’s no doubt that Libra is drawing a huge amount of attention from both inside and outside the crypto sphere. A coin to look out for!
At the same time, we should mention that Libra has lost some support from major investors due to the numerous scandals and privacy and security issues surrounding Facebook.
Though Facebook is not in full control of Libra but just a member of the Libra Association, many also worry that their financial information will be a target of Facebook Ads.
Internationally, Libra also caused controversy by transferring too much control over crypto to the USA. In fact, China launched its own controversial crypto DCEP as a response to Libra’s project, as well as a way to bypass SWIFT and diminish the role of Bitcoin and other cryptos in the financial sector.
Do you think Libra is worth considering?
6. Monero (XMR)
Monero is one of the most popular coins that are suitable for crypto purists. Launched in 2014, Monero’s origins can be traced back to Bytecoin when an anonymous member forked Bytecoin’s codebase and created Monero.
Monero has a simple goal: to make transactions private and anonymous. It has a strong focus on decentralisation and scalability. Monero uses a unique ring signature verification to protect users and their identities at all times, making this cryptocurrency 100% secure, private, and completely untraceable via the use of advanced cryptography.
Here we should note that though Bitcoin can also conceal a person’s identity, payments can be traced to their source as blockchains are visible.
Unlike other private coins like Zcash and its selectively transparent coins, Monero is completely fungible. However, this guarantee of anonymity has given Monero a bit of an unsavoury reputation. In fact, Monero has been linked to large scale criminal operations around the world.
But Monero's revolutionary technology can also be a force for good. It helps prevent identity theft, fraud, and could give people full control over their data.
In the end, Monero and its native coin XMR aim to allow fast payments without fear of censorship.
Would you buy Monero?
7. Binance Coin (BNB)
If you are looking for other important cryptocurrencies besides Bitcoin, then consider Binance Coin. Binance Coin is the token of the Binance exchange - one of the biggest cryptocurrency exchanges in the world.
Binance Coin lets users trade all types of crypto quickly and securely. Also, it can be used to pay for Binance exchange transaction fees. Interestingly, users who pay for transaction fees in Binance coin are then eligible for a rebate after 5 years on the platform.
It’s worth mentioning that Binance Coin was launched in 2017. Coins were originally issued as ERC-20 tokens on the Ethereum network, but in 2019 they were moved to the Binance Chain mainnet.
Note that the Binance Blockchain uses the Byzantine Fault Tolerance (BFT) consensus mechanism, which means BNB can’t be mined. Binance Coin has a circulating supply of 144,406,561 BNB coins and a max supply of 176,406,561 BNB.
Binance Coin has a market cap of $4,644,364,612 and a 24-hour trading volume of $711,002,309.
8. NEO (NEO)
NEO was founded by computer programmers Da Hongfei and Erik Zhan in 2014. Often referred to as the Chinese Ethereum, NEO automates the management of digital assets through smart contracts. It also aims to create a distributed smart economy system in which users can buy, sell, and trade without the need for intermediaries. And NEO has a major competitive advantage in the Chinese crypto market. It was specially designed to pass China's strict financial regulations, which have already banned Bitcoin, initial coin offerings (ICO) offerings, and cryptocurrency exchanges.
NEO is another coin you should be watching. NEO, formerly called Antshares, was founded by computer programmers Da Hongfei and Erik Zhan in 2014.
Often referred to as China's Ethereum, NEO automates the management of digital assets through smart contracts. It also aims to create a distributed smart economy system in which users can buy, sell, and trade without the need for intermediaries.
Perhaps the main factor that attracts investors from all over Asia is the fact that NEO has a major competitive advantage in the Chinese crypto market: NEO was particularly designed to pass China's strict financial regulations.
Let’s not forget that Chinese authorities have already banned Bitcoin, initial coin offerings (ICOs), and cryptocurrency exchanges.
Not only that but NEO is impressively agile and can process up to 10,000 transactions per second.
NEO enables two tokens: NEO and GAS, both capped at 100 million tokens. One NEO is trading at $19.29 at the time of writing.
Have you ever considered trading NEO?
9. Tezos (XTZ)
Tezos is decentralised blockchain technology. Like Ethereum, it was designed to facilitate smart contracts. However, Tezos takes the idea of smart contracts one step further by allowing users to control the rules of the network directly. This flexibility makes Tezos a continually evolving system, which means it's well-positioned to respond to any future demands. The Tezos price reached an all-time high this year, leading to renewed interest in its potential investment value.
Tezos is among the top 10 most important cryptos for a reason. Tezos is a decentralised blockchain technology that was proposed in 2014 by Arthur and Kathleen Breitman and launched in 2018 after a successful ICO, which sadly was followed by numerous legal feuds.
Like Ethereum, Tezos was designed to facilitate peer-to-peer transactions, smart contracts, and DeFi projects.
However, Tezos takes the idea of smart contracts one step further by allowing users to control the rules of the network directly without forking the protocol.
Users can be active participants in the network’s governance through a process known as baking. This flexibility makes Tezos a continually evolving system, which means it's well-positioned to respond to any future demands.
It was at the beginning of 2020 when Tezos reached an all-time high, leading to renewed interest in its potential investment value. According to some predictions, Tezos has a positive future and may reach $20 per coin in the next five years (as per Coinpedia)
Talking about innovative technology and important cryptocurrencies other than Bitcoin, we should explore Chainlink and its token LINK.
Chainlink (LINK) is a decentralized oracle network - or a DeFi tool - that aims to bridge the gap between smart contracts and real-world applications, or the gap between the blockchain world and outside resources.
Here we should note that oracles are an alternative to blockchain technology. As blockchains cannot access outside information, oracles are needed to incorporate external data into smart contracts and trigger executions upon the fulfillment of certain conditions.
And as blockchains and external data are becoming increasingly intertwined, Chainlink's stock is likely to start rising again. A savvy looking investment!
No surprise that Chainlink has had a busy year, which has been a good one for early investors. In September last year, Chainlink was hovering around the $1.60 mark. By August 2020, it had jumped to over $19. It's now levelled off to around $15 a coin, but the future still looks very bright.
Note that as of November 2020, Chainlink is ranking #6 among other coins by market cap, as per CoinMarketCap, which proves that this crypto is one of the most promising coins besides Bitcoin.
Top Cryptocurrency Alternatives to Bitcoin: Summary
There’s no doubt that Bitcoin is still the trendsetter in the crypto sector. Despite the vast number of new digital currencies, Bitcoin will continue to dominate the crypto sphere for a long time to come.
Yet, 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.
Instead, they were designed for different purposes to help crypto go more mainstream. And the ones that manage to achieve this goal are likely to be fruitful long-term investments.
Coins Alternatives to Bitcoin - Key Points
While Bitcoin is still king in the cryptocurrency world, there are a number of others on the rise that investors may want to look at.
When it comes to the top 10 most important cryptocurrencies other than Bitcoin, try and remember the following points:
- Most Bitcoin alternatives offer something very different from Bitcoin, including technology, privacy, and scalability.
- Ethereum is perhaps Bitcoin's biggest rival. It has advanced technology that focuses not only on transactions but on smart contracts and dApps. As such, Ethereum has high use-value and is backed by some of the biggest financial companies in the world.
- Since it’s accepted by major financial institutions, Ripple also has the potential to rise like Bitcoin. Though it's really cheap compared to Bitcoin, experts predict its growth in the next 5-10 years.
- Litecoin is perhaps the most similar cryptocurrency to Bitcoin. Yet, Litecoin is faster and a lot cheaper, which makes Litecoin an excellent starting point if you're looking for an alternative to Bitcoin to invest in.
- In the end, crypto investing is not a winner-take-all game. There are lots of cryptos with the potential to gain value, including Monero, NEO, and Chainlink, so you don't have to gamble on one single coin to win.
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Are you ready to start trading cryptocurrency? Which of the top ten alternative cryptocurrencies would you consider to invest in?