Top Bitcoin Alternatives in 2021
By: Kristoffer Erick A. Romano
Tags: Cryptocurrency, Cryptocurrency News, Crypto, Cryptocurrency Investment, Bitcoin

Photo by David McBee from Pexels

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While not everyone knows how cryptocurrencies work, you may have probably heard of Bitcoin. However, according to Wikipedia, there are around 25 cryptocurrencies that are actively circulating, most of which have been released in a span of only a few years. According to experts, the rise of cryptocurrency has only just begun.

So what makes Bitcoin so familiar to most people? There are a lot of sources for this information nowadays. Many investors considered Bitcoin as the initiator of the cryptocurrency revolution. It was so popular that in order to make new cryptocurrencies appealing to the old-school financial industry, the new players had to make small changes to the Bitcoin platform to take advantage of its popularity.

But while Bitcoin started it all, the future belongs to the one who climbs to the top of the ladder. Bitcoin will definitely set the bar once it becomes the first cryptocurrency to be acknowledged and accepted by the banking industry, which is not far off since it just hit a $435-billion market cap in December 2020.

Yet, here are five other contestants running behind Bitcoin in the cryptocurrency race heading into 2021:

Ethereum

With Ethereum’s market capitalization sitting at 71 billion dollars, it’s currently the second-largest crypto in the race. Ethereum’s platform combines Bitcoin’s blockchain technology and a programming language, allowing it to develop applications. It may be more difficult to understand, even to hardened veterans, but maybe more rewarding as time passes.

Ripple

Previously running second, Ripple fell behind Bitcoin and Ethereum at $21.6 billion market cap. Released in 2013, while tackling challenges along the way, Ripple is still making steady progress going into the banking and payment networks.

Litecoin

Launched in 2011 by Charles Lee, Litecoin is almost similar to Bitcoin. If offered several upgrades including a higher maximum coin limit, better user interface, and faster approval of transactions.

Many exchanges permit Litecoin transactions with Bitcoin clients and with different world currencies such as USD and Euros.

Dash

Previously known as Xcoin, the 2014-launched crypto offers more private transactions than the cryptos mentioned above. In order to complete a transaction, several inputs from multiple users have to be made. In the process, multiple outputs are also created. This protects the identity and location of real users.

As of this writing, Dash’s market cap is at $1 billion.

Dogecoin

Initially began as a joke from a meme, this cryptocurrency immediately developed a loyal, cult following. There are currently 127 billion Dogecoins in circulation, compared to Dash’s 9.8 million. Dogecoin’s current market cap is at 573 million dollars.

Since Dogecoins are being produced very quickly, they only have very little value.

Dogecoin, however, had a strong community presence, being involved in fundraising ventures for a well in Kenya, the Jamaican Bobsled Team who went to the Winter Olympics and even to send a car to the Talladega NASCAR Race.

Other than these cryptocurrencies, there are many others who hold an interesting future in the crypto arena. While Bitcoin is the strongest and the oldest, we can always expect new ones to appear and perhaps, gain a strong grip in the crypto, and eventually, the future financial industry.

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