What Are The Three Most Dominant Cryptocurrencies on The Market?
Cryptocurrencies are slowly taking over the world. Their popularity has risen a lot in the past couple of years, and thanks to Bitcoin’s recent success, they have reached a new level.
That is why many experts believe that they have massive future potential, and there may come the point when they become official and legalized in every part of the world.
Just a reminder, the first steps have already been taken towards this milestone as El Salvador recently declared Bitcoin as a legal tender, which is the world’s first. Many countries in the European Union, as well as the USA and Canada, are already extremely lenient towards them.
Research shows that there are around 2,000 cryptocurrencies on the market, but of course, not all of them are stable and/or profitable. With that being said, we wanted to provide you with a list of the three most dominant cryptocurrencies on the market. Let’s check them out.
Ethereum is arguably the unique cryptocurrency on the market. Why? Because it differs from all other digital assets. While the goal of most cryptocurrencies is to be an alternative to the already existing payment methods, Ethereum’s goal is to be a secure alternative to the Internet.
If you are wondering how Ethereum is not just a cryptocurrency – it is a whole network. The creators of Ethereum state that the Internet is filled with scams and hacks, and by replacing it with a decentralized network, the security and transparency levels will be greatly increased. Thus the disadvantages that come with the Internet will be removed forever.
Its network runs on its own cryptocurrency, which is known as Ether. You can trade Ether on Ethereum’s network, but you can also acquire it at reputable trading sites such as https://bitcoincodeapp.io/. To gain access to the services of the trading site, you just need to register and verify your profile. Luckily, the process is very simple and fast.
Ether’s current value is $4,000, and experts state that it will most likely rise to $10,000 by 2028.
Litecoin is probably the most similar cryptocurrency to Bitcoin. After all, Charlie Lee, who is the creator of Litecoin, wrote Litecoin’s paper based on the Bitcoin code. But, since its hashing algorithm is different from Bitcoin’s, it is able to process funds much faster. On average, every transaction made with Litecoin is processed and verified within 3 minutes.
In short, Litecoin’s goal is similar to Bitcoin, but it tends to improve the user experience. One other massive benefit that Litecoin possesses is the low fees. Regardless of how big one transaction is, the fee is just 1/1000 LTC.
Speaking of Bitcoin, this is by far the most dominant cryptocurrency on the market. Not only that, but it was actually the first cryptocurrency to be invented, which was back in 2008. In April 2021, Bitcoin reached a new record as it was valued at more than $63,000. Today, its value is $68,061.10 in November 2021.Furthermore, Bitcoin is a widely accepted payment method as many global brands, including Microsoft, Expedia, Wikipedia, Subway, Overstock, Shopify, and Whole Foods, accept it as a payment method.
What makes Bitcoin so dominant is the fact that it also has massive future potential, as many experts think that it can reach $100,000 at the end of 2021 or in 2022. Furthermore, it can teach $500,000 by 2030 and $1 million by 2037.
Finally, it is worth mentioning that a majority of crypto users have invested in Bitcoin. Research shows that as many as 80% of crypto investors own Bitcoin. That is why the number of active Bitcoin users is around 5 million.