Bitcoin is still the number one cryptocurrency in the crypto market today despite the creation of several coins. These other coins which are collectively known as Altcoins are also competing with Bitcoin for investors to consider.
Investors need a clear idea of how each altcoin differs from Bitcoin and what it can offer in a portfolio. Most of these altcoins are created to be a solution to the shortcomings of Bitcoin but are they better for investment?
Ethereum, Dogecoin, Shiba Inu, Terra Luna, and several other altcoins have had a meteoric rise in recent times. Going by this, can they be considered a better option for investment than Bitcoin today?
In this post, we’ll look at both Bitcoin and some of the top altcoins today. We’ll look at their investment opportunities and which to consider.
What is Bitcoin?
Bitcoin is a decentralized digital currency, without a central bank or single administrator. It can be sent from user to user on the p2p bitcoin network without the need for intermediaries.
The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.
As of today, Bitcoin is the largest and most popular cryptocurrency. Several other coins have been created using its model and are known as altcoins i.e. alternative currency.
As of the time of this writing, Bitcoin trades at $31,592.56 USD with a 24-hour trading volume of $33,047,889,429 USD. It is ranked the number one cryptocurrency with a live market capitalization of $602,004,996,449 USD.
BTC has a circulating supply of 19,055,275 BTC coins and a max. supply of 21,000,000 BTC coins.
What are Altcoins?
Altcoins are cryptocurrencies other than the most popular Bitcoin. They are derived from Bitcoin, so they have things in common even though they have their differences.
While both altcoins and Bitcoin use blockchain technology, these digital assets can vary in their purpose, features and operation.
The word ”Altcoin ” is formed by combining two words i.e ”alternative” and ”coin” which, therefore, includes all alternatives to bitcoin. Today, there are over 15,000 cryptocurrencies other than Bitcoin which are all referred to as Altcoin.
List of Top 10 Altcoins To Buy in 2022
Here is a list of the top 10 altcoins today according to the listing by CoinMarketCap. They are listed in the order of ranking.
1. Ethereum (ETH)
Ethereum is a technology that allows users to send cryptocurrency to one another. It is also used as a tool in application development where new tokens can be built on the network.
Ethereum follows Bitcoin closely as the number 2 cryptocurrency today. The price of ETH today is $1,933.77.
2. Tether (USDT)
Tether belongs to the category of altcoins called ”stablecoins”. Its aim is to reduce the overall volatility that has marked cryptocurrency trading.
Tether is the 3rd and number one stablecoin today. The price of USDT is always $1 as it is pegged to the US dollar.
3. USD Coin (USDC)
This is another stablecoin in the top cryptocurrency to buy today. It follows USDT closely as the best stablecoin to invest in.
As it is with stablecoins, USDC is pegged at $1.
4. Binance Coin (BNB)
Binance coin is the native utility token of Binance, the world’s leading cryptocurrency exchange by trading volume.
BNB is four places below Bitcoin as the top crypto asset today. The price of BNB as at the time of writing is $319.12.
5. Cardano (ADA)
Cardano is a cryptocurrency which aims to offer peer-to-peer transactions, and it allows developers to build applications on the network.
Today, ADA is ranked 5th among thousands of altcoins. The price of ADA currently is $0. 6124.
XRP is a cryptocurrency designed as an alternative to bitcoin, with a focus on facilitating trustless, instant, and cheap cross-border payments.
It is ranked the 7th cryptocurrency today by CoinMarketCap. The price of XRP is $0. 4173.
7. Binance USD (BUSD)
Binance USD is a stablecoin issued by the Binance company. It has a live market capitalization of $18,217,856,4$7. As usual, the price of BUSD is $1.
8. Solana (SOL)
Solana can be described as a blockchain network on which cryptocurrencies can be built. It can perform about 50,000 transactions per second, a feature that makes it unique.
SOL is ranked 9th among other cryptocurrencies today. The price of SOL today is $44.97.
9. Dogecoin (DOGE)
Dogecoin was created as a parody of Bitcoin. Today, it is one of the biggest and most popular cryptocurrency as a result of hype by influencers such as Elon Musk.
DOGE is nine places below Bitcoin in the cryptocurrency market list. The price of DOGE today is $0.08592.
10. Polkadot (DOT)
Polkadot can be described as the network forming a linkage with every other network via connecting dots. It is also known as a multi-chain network with its connectivity feature that is in converse to Bitcoin, which runs on its blockchain network.
DOT is ranked 11th among thousands of cryptocurrency today. The live price of DOT is $10.26.
Which To Buy Between Bitcoin & Altcoins in 2022
It is fair to say that Bitcoin has better investing fundamentals than the vast majority of altcoins. This is because BTC is the most purchased, held and traded cryptocurrency on the market. BTC trading volume accounts for more than $30 billion, which means it’s a highly liquid asset.
There is a probability that some altcoins would fade away. This is because many were created for experimentation. Since its creation, no altcoin has been able to catch up with BTC even when they have corrected some of BTC’s shortcomings.
Bitcoin is also seen as more than an investment but for future utility. Some investors see Bitcoin as a way to store wealth and point to its increasing acceptance as a payment currency.
Many people choose to buy Bitcoin instead of altcoins because of its track record and success-it has been a legal tender in El Salvador. It’s popularity is growing by the day despite its ups and downs.
Nevertheless, altcoins’ investment is also a good option especially for stablecoins. For those who need assets that can correct the limitations of BTC, then altcoins can be in the mix.
Where To Buy Top Crypto Assets
Most of the top and popular crypto assets can be purchased on crypto exchanges. If you are buying these cryptocurrencies in Nigeria, crypto trading platforms is a good option.
There are many companies in Nigeria where you can buy crypto assets. Top among these companies is Prestmit, a digital exchange platform where you can trade crypto assets & gift cards.
Bitcoin is no doubt the number one and best cryptocurrency to invest in today. Crypto investors who want to diversify into altcoins should consider the risks associated with these digital assets.
BTC is also without volatility which makes it a risky form of investment. You need to put what you can afford to lose when investing in cryptocurrency.
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