Over the years, cryptocurrency has become one of the hottest topics, regardless of this digital currency's several flaws. Even though most countries are yet to legalize crypto as one of the payment options, it hasn't impacted the trade volumes.
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| Types Of Cryptocurrencies? Here Is Everything You Need To Know: eAskme |
However, with the growing platform, per day crypto trade volume is sky-rocketing, and in the coming few years, it will cross the forex trade volume per day.
Perhaps, that's why introducing new and more efficient cryptos in the market. Of course, most traders know bitcoin is the most popular currency type in the trading market.
But apart from that, several other currency options are also there that you must discover so that you don't miss any profitable opportunity.
This article will discuss the top five cryptocurrencies you can choose to trade in.
Yes, the crypto platform is pretty new, but we cannot rule out the profits.
And if you want to become a successful trader, you need to get out of that shell and try out other currencies.
Ether:
After bitcoin, Ether has the largest market position, which is why it has become so famous and will continue to hold its place even in 2024.
It is predicted that in 2024, the Ethereum blockchain will have an important upgrade that will give traders more leverage in this cryptocurrency.
And this upgrade will mainly come in the form of transaction speeds where the blockchain can process up to 100,000 transactions per day.
In addition, the transaction validation method will be updated since the owners of the blockchain decided to introduce the proof-of-stake method.
Also, you can easily make or receive payments with Ether faster than any other crypto due to the planned launch of shard chains that will share the load on the main blockchain.
Litecoin:
Founded in 2011, Litecoin is based on the bitcoin blockchain, and therefore its security and transaction speed is super high.
It is an open-source coin used globally but not controlled by any centralized regulations, and it uses Scrypt to ensure that the security of the coin is super high.
Furthermore, as this coin implements a proof-of-work scheme, Litecoin will become a potential currency in 2024 in the crypto market.
Tether:
Tether is a stablecoin which means that its valuation is equal to 1 USD despite the decentralized blockchain and the transactions.
Using Tether, one can trade in fiat currencies also, and hopefully, this currency will become legalized in many countries in the upcoming years.
You can find the coins at the BitFinex exchange platform since they are mined and released only into the market.
Besides, it has the lowest trade value, giving traders the edge they need to trust the crypto market and start investing in this form of digital currency.
Dogecoin:
Being an open-source cryptocurrency, it has a pretty big market cap valuation.
It runs on the Litecoin blockchain, so it is considered pretty popular in the market.
The two major advantages of dogecoin are the lower valuation and the endless coin supply in the market.
Even though it is mined just like other cryptos, the number of coins released is limitless.
Moreover, the security associated with dogecoin is amazing as the scrypt algorithm is used for mining and decoding the hash codes associated with the coins.
Polkadot:
Polkadot can become a potential cryptocurrency in 2024 is its ability to become compliant with a wide range of blockchains.
You can trade it on the bitcoin blockchain, binance blockchain, Ethereum, and more. It has a main ledger where all the transactions are recorded.
And if any trade is made involving other blockchains, para chains or bridges connect these blockchains with the main ledger.
As a result, transactions are recorded in both ledgers, ensuring correctly communicating data.
Conclusion:
Cryptocurrencies have indeed become a hype in the market.
However, even if you are a pro trader in the fiat or forex market, crypto has its own rules and regulations.
Therefore, before trading in the coins, learn about the blockchain, wallet privacy, and various exchange platforms.
If you still have any question, feel free to ask me via comments.
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