7 Cryptocurrencies to Invest in 2018
With more than 1300 coins of cryptocurrencies to choose from, it’s not an easy task uncovering the potential winners of the digital world. Experts say, this alt industry is new and it will definitely take a few years to become mainstream and therefore 10x gains are expected to see in case of altcoins like we got to see in the case of Bitcoin since 2017.
Here is an overview of 7 cryptocurrencies that analysts have said may be worth investing in 2018 apart from Bitcoin.
7 Cryptocurrencies to invest in 2018:
Market Cap: $119 billion
Unlike Bitcoin, Ethereum is more than just a digital currency. Ethereum is a decentralized blockchain platform that runs “smart contracts”: computer codes that can facilitate the exchange of money, content, property, shares, or anything of value.
Ethereum is essentially the world’s first blockchain supercomputer which is fuelled by currency called Ether. Ether is also used by app developers to pay for services and transaction fees on the
Ethereum network. The potential of this technology has garnered much attention and with corporations and individuals rushing to the platform, the value of one Ether has risen to $1,229 approximately.
Market Cap: $75 billion
The New York Times once described Ripple as “a cross between the Western Union and a currency exchange, without the hefty fees” because it’s not only a currency but also a system on which any currency, including Bitcoin, can be traded.
Ripple is mainly geared towards banks, payment providers, and digital asset exchanges. Ripple uses a consensus ledger as its method of confirmation which is a structure that doesn’t require mining for tokens. This translates to reduced usage of computing power and minimum network latency.
Market Cap: $12 billion
Litecoin has been described as silver to Bitcoin’s gold. Created by former Google engineer Charlie Lee, Litecoin(LTC) was launched in 2011 as an alternative to Bitcoin, which had by then become extremely difficult to mine.
Based on a decentralized open source payment network, it uses ‘Scrypt’ as a proof-of-work algorithm which can be decoded by consumer-grade CPUs. The Litecoin network generates four times as many coins as its Bitcoin counterpart and has a faster block generation rate which translates to faster transaction confirmations.
Market Cap: $5.8 billion
Monero is an open-source cryptocurrency that is secure, private and untraceable. While it operates on the blockchain technology, it utilizes extra privacy features that make Monero transactions completely untraceable via the blockchain, unlike Bitcoin.
This definitely sounds like an appealing coin to cybercriminals. The hackers behind the global ransomware incident WannaCry demanded payments in Monero.
There are about 15.5 million XMR in circulation and unlike Bitcoin or Litecoin, Monero doesn’t have a fixed supply.
Market Cap: $7.7 billion
Neo is being dubbed as “Ethereum of China” and will explode if China eases its stance on ICOs and Bitcoin. Ethereum is clearly on number 2 behind Bitcoin in terms of market cap value. So, Neo obviously has a long way to go.
Neo has been around since 2014 when it was called “Antshares”. Its circulating supply is currently at 65 million out of a total of 100 million coins.
Market Cap: $43 billion
Bitcoin Cash is among the newest of the cryptocurrencies, developed in August of 2017 as a hard fork of Bitcoin. Bitcoin Cash was created by a team of people who forked the Bitcoin blockchain ledger.
Because it has a greater block size limit, its creators say the cryptocurrency has more capacity to handle transactions with lower fees and faster confirmations. The biggest challenge faced by Bitcoin Cash is adoption right now. It also needs to convince miners to participate in the transaction-clearing process.
Market Cap: $9 billion
IOTA is a cryptocurrency created solely for the emerging machine-to-machine economy of the burgeoning Internet of Things(IoT) sector. It is based on a distributed ledger architecture called “The Tangle”, an innovation that is credited for allowing Iota to achieve three major crypto milestones: zero-cost transactions, offline transactions, and infinite scalability.
The maximum supply of MIOTA is just under 2.8 billion and the entire supply is currently in circulation.