by Murat Deniz / iStock.com
When many people think of cryptocurrencies, Bitcoin is usually the first name that comes to mind. Bitcoin is undoubtedly the most popular and valuable digital currency, but it is not the only player. So, if you are already invested in Bitcoin, these altcoins are worth knowing about and also worth adding to your portfolio.
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“For me, Ethereum is still a buy. The granddaddy of smart contract blockchains, more OGs exist and are built on Ethereum and its L2 than any other chain. Ethereum is the home of DeFi; It’s a great place to learn about its fast-growing technology. It’s also the only cryptocurrency with an ETF,” said Johnny Gabriele, Head of Decentralized Finance at CryptoOracle.
Ethereum is the second largest cryptocurrency by market capitalization after Bitcoin. The goal is to create a financial system that is accessible to everyone, regardless of nationality, even in countries where traditional banking is not available. This opens up possibilities for banking services, loans, insurance, etc. to people without access to financial institutions.
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Binance Coin started out as a token on the Binance Exchange, but has now become a significant player in the cryptocurrency space. Originally built on Ethereum, BNB eventually migrated to the blockchain. We now use a proof-of-stake model, which allows us to process transactions quickly and efficiently.
“Binance uses its own chain for CeFi and DeFi operations, and has a layer 2 called opBNB that uses Optimism rollups. It’s not as popular as Coinbase, but it’s still in good shape. The CeFi exchange has approximately 30 million users, and the DeFi chain has 800 protocols and nearly 1 million active wallets,” said Dypto. said Matthew Ruley, Director of Content at Crypto.
Tether is one of the most well-known stablecoins. Unlike other cryptocurrencies that experience wild price fluctuations, Tether is tied to the US dollar, making it the best option for those who want to avoid the ups and downs of the crypto market.
“They're operating like a small country. They're buying up government debt. I think there's about $80 billion in Treasury bills right now. But they're also buying up those tokenized We purchase bonds in pesos, renminbi and euros to fund stablecoin operations in our assets,” Matthew said. “So if you want something simple with minimal smart contract risk, it’s a good option.”
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“Known for its high-speed blockchain and low transaction costs, Solana excels in DeFi projects. Its efficiency and developer-friendly environment position it as a strong competitor for new blockchain platforms.” suggested Ronen Cojocaru, founder of 8081.
Solana is sometimes called the “Ethereum killer” because it can process up to 65,000 transactions per second faster than Ethereum. Since its launch in 2017, this altcoin has grown rapidly and attracted millions of users and developers. It is the fourth largest virtual currency by market capitalization.
XRP is a token used by the XRP Ledger, a payment platform created by Ripple. XRP aims to make international payments faster and cheaper, especially for banks and financial institutions.
“Ripple is a great project. I like everything they are trying to do. But the constant battle with the SEC is not a good look. And that is what investors are paying attention to. Cryptocurrency users Even though the majority of investors are not in the US, they are looking there to see what is going on, and Gensler and Powell's statements could cause big swings in the market.” Matthew said. “I think this is a highly speculative investment. There are better projects going on under the radar right now in both CeFi and DeFi.”
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This article originally appeared on GOBankingRates.com: If you want to invest in Bitcoin, experts say these are 5 other important cryptos to know
