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Since the value of Bitcoins skyrocketed in 201-17, the investors are dropping their money into cryptocurrencies to own a piece of the profit. However, more than 80% of the cryptocurrencies are bound to fail and you need to be very careful to pick only the best cryptocurrencies to invest in.
You can attribute the fast paced maturity of the cryptocurrencies to make it possible for people to invest in these digital assets. Since its release in 2009, bitcoin has seen an unprecedented surge in its pricing in the last couple of years. Of all the cryptocurrencies the market of bitcoins is the largest at over $10billion. The popularity of the bitcoin can be imagined from the fact that for most people cryptocurrency means bitcoins. Even the market is grouping every other cryptocurrency as altcoins.
A similar cryptocurrency to Bitcoins, Litecoin was brainchild of Charles Lee, an ex-employee of Google. Just like a bitcoin you can mine, buy and sell Litecoin. As per the market stats the present market cap of LiteCoin is $180 million which is a lot less than what it was in 2013, but the investors and people behind the cryptocurrency are still optimistic about its success in the financial markets.
The decentralized and highly secured platform Ethereum gave way to Ether, which is the cryptocurrency based on the same platform. Now there are two versions of this platform available, namely the Ethereum Classic and Ethereum because of the attack the DAO faced in September 2016. Ether is fast catching up with the Bitcoins due to its rapid adaptation.
With a market cap of $138 million, Monero is the favorite cryptocurrency of investors who want to be incognito over the internet while using digital currencies. What most people think is that Bitcoin is anonymous, but it is not in the true sense. However, Monero is truly private, secure and untraceable as it uses something called the ring signature technology. The main selling point of this cryptocurrency is its privacy-centric technology.
Some payment banks and financial institutions are using Ripple to take on to Bitcoins. Ripple is a blockchain technology that is a currency exchange, real-time gross settlement system and above all a remittance networks. The cryptocurrency this platform enables is called the ripples. At present the market cap of Ripples is $243 million and is continuously growing.
Also known as Safecoin, this is a cryptocurrency which is made to work with the Secure Access For Everyone or SAFE network. The focus of this network is on offering security to online transactions and information. For this it makes use of distributed technology what it calls a ‘crowd-sourced internet’. Anyone can offer space on their systems to SAFE in exchange for coins. MaidSafeCoin has a market cap of about $39 million at present.
What initially started as a joke currency went mainstream in case of Dogecoin. Released in late 2013 by Billy Markus this cryptocurrency came into existence as a way to tip users in forums for their contribution. The serious following that Dogecoin has garnered let it to become one of the best cryptocurrencies.
- Storjcoin X
An open-source and decentralized cryptocurrency Storjcoin X is based on the Storj network which is an encrypted cloud data storage system. Slowly growing its depth in the market at present the market cap for Storjcoin X is $8 million.
An amalgamation of Digital and Cash, Dash is a cryptocurrency which focuses on anonymization technology for maximum frequency and adding speed to transactions. Initially the currency was named Darkcoin but due to its mistaken association with the Dark Web, forced creators to rename it as Dash. In an attempt to make it more user friendly, Dash has grown over the internet with present market cap of $77 million.
These 10 cryptocurrencies made to our list because at the moment as their technology is better than the rest. However, only the time will tell how the new cryptocurrencies that are finding their way into the financial markets perform and dethrone these top 10 digital currencies.