Important Cryptocurrencies Other Than Bitcoin

Bitcoin is so widely known that the term “cryptocurrency” has nearly become synonymous with it. Nevertheless, it is far from the only coin alternative now available.

The value of cryptocurrency tokens has experienced a precipitous decline in recent months, a phenomenon that many investors refer to as a “crypto collapse.” Even the coins that are widely regarded as the “best” cryptocurrencies have seen significant value reductions recently.

Bitcoin has also not been exempted either from this financial decline. Bitcoin’s price has fallen significantly from its all-time high of $68,789.63 to its current level, which is hovering around $17,000.

There are several other altcoins you should be considering if you intend taking a dive into the Crypto world. Here’s a list of the most cryptos other than Bitcoin:

#1 ETHEREUM (ETH)

Current Price: 1,815.27 AUD

Ethereum, the second most popular form of cryptocurrency, is an open-source network that is maintained by users, quite similar to Bitcoin in this regard.

Nevertheless, there are a number of important distinctions between the two. The network functions through the use of “smart contracts,” which are written in computer code and uploaded to the blockchain, the same decentralized ledger that is used by other cryptocurrencies.

Ethereum is one of the more secure investment options available, ranking among the top 10 in terms of both its price and its reliability. Check the current Ethereum chart AUD and start investing. Ethereum can be traded using the popular Australian crypto exchange TimeX. It was developed by Sydney blockchain company Chrono.tech, the platform unites speed, security, privacy and compliance.

It is also possible that it is the finest alternative to Bitcoin, especially if you wish to diversify away from a cryptocurrency portfolio that is made up entirely of Bitcoin. At the time that this article was written, Ethereum’s market capitalization was $148.4 billion, making it the second most valuable cryptocurrency after Bitcoin.

#2 BINANCE COIN (BNB)

Current Price: 371.74 AUD

The Binance Coin serves as the Binance network’s native coin and the Binance Exchange itself is one of the largest cryptocurrency trading platforms.

BNB is one of the largest players in the field, with a total market cap of $18,683,726,420; despite the fact that it is largely used to pay fees on the Binance exchange itself.

There are two major reasons why BNB is something to take into consideration.

The first factor is the Coin’s total market capitalization. It is one of the largeST cryptocurrencies that is currently available, with a market cap of over $18 billion and continuing to rise. This is also another sign that it is gaining acceptability in the market, particularly when you take into consideration that it has been available since 2017.

The second consideration is the fact that this is a medium of exchange on the most prominent cryptocurrency exchange (Binance). With Binance solidifying its status as the biggest crypto exchange in the World, the value of its native coin will only soar higher.

#3 RIPPLE (XRP)

Current Price: 0.51 AUD

A lot of people appreciate the concept of cryptocurrencies, but many worry that their money won’t be safe in an online world that isn’t regulated. Ripple is working to provide some of that protection for its users.

Ripple is a network that conducts transactions on a worldwide scale and is used for the movement of money and the exchange of currencies. Ripple, in contrast to the vast majority of other cryptocurrencies, does not need to be “mined.”

The price of Ripple has drastically decreased as a result of the ongoing legal dispute with the SEC, which has lasted for more than a year. The cryptocurrency firm contends that it ought not to be regarded as a security in order to sidestep significantly more stringent regulatory scrutiny. When the legal battle is finally resolved, which is expected to be sometime in 2023, they intend to explore the possibility of making an initial public offering.

Despite this, Ripple maintains its position as one of the top 10 cryptocurrencies, boasting a market cap of $18,344,880,739 at the time of writing and should be given due consideration for its future prospects.

#4 SOLANA (SOL)

Current Price: 18.04 AUD

Solana is an open source blockchain with its own cryptocurrency as well as a versatile platform for the operation of apps that do not rely on a centralization. On the Solana network, its cryptocurrency called SOL is employed for staking as well as the payment of transaction fees. This particular blockchain is geared toward the goal of making cryptocurrencies more efficient and scalable.

Users of DeFi and NFT communities, who are looking for alternatives to Ethereum, have shown a lot of interest in SOL. As a result of Solana’s support for smart contracts, a growing number of new distributed ledger technology (DLT) projects are being issued and exchanged on its platform.

Those who are looking for an alternative to Bitcoin may find Solana to be an appealing option due to the quickness of its transactions as well as the minimal expenses associated with using it.

Its market cap stands at an impressive $4,864,115,617 as at mid December, 2022.

#5 POLKADOT (DOT)

Current Price: 6.77 AUD

Polkadot is a framework with the aim of interweaving blockchains by connecting them (like Solana and Aptos, for example) with one another. It is frequently regarded as a multi-chain network due to the fact that it is able to merge networks together.

When compared to Bitcoin, Polkadot’s dual role as a token (the DOT) and a decentralized exchange is striking.

Polkadot’s primary objective is to provide scalability benefits as well as governance for protocol upgrades or adjustments.

The fact that the Polkadot network is capable of interacting with other blockchains is one of the reasons why it is considered a promising investment opportunity. It also has a healthy market cap of $5,816,686,917.

#6 AVALANCHE (AVAX)

Current Price: 17.88 AUD

Avalanche is a blockchain that is proof-of-stake, open-source, and decentralized, and it features smart contract capabilities. Avalanche brags that its platform for smart contracts is the one that processes transactions the quickest throughout the whole blockchain sector. Its goal is to provide a blockchain that is highly scalable without sacrificing decentralization or stability in the process.

The transactions on the Avalanche blockchain are paid for with the network’s native currency, which is denoted by the symbol AVAX.

If you’re searching for something fresh and unique, Avalanche is definitely something you should consider purchasing. The token has not been in existence for as long as the other cryptocurrencies mentioned above, which means that it is not yet as established; nonetheless, it is one of the crypto initiatives that is gaining momentum at the most rapid rate.

As at December 2022, the AVAX project boasts of a market cap of $3,940,553,332 and ranks 18^th overall in the cryptocurrency rankings.

FINAL WORDS

If you wish to start investing in the cryptocurrency market, you can choose from among a wide variety of other cryptocurrencies that are currently available on the market.

Bitcoin was previously the dominant cryptocurrency; however, this is no longer the case. Just keep in mind that the value of any currency, regardless of how much attention it is receiving, is subject to the market’s ups and downs, which can be either positive or negative.

The cryptos listed above are not exhaustive; there are still lots of coins available in the crypto market with potentials and use cases.

It is evident that each of the aforementioned cryptocurrencies has a variety of beneficial applications, despite the fact that there are some drawbacks. However, taking into consideration that Bitcoin has not yet gained widespread acceptance across society, these cryptos might need to wait in line.

In spite of this, they are most certainly here to stay, and despite the fact that the future is uncertain, at least a few of these have the potential to develop into cryptocurrencies that are incredibly valuable in the future.