After 2009 Crypto Trader have made their permanent position in the world’s economy. Since the first crypto bitcoin was invented, it made the path for thousands of others to come into existence. You might see that the majority of conversation everywhere goes on bitcoin, but several other cryptocurrencies can be seen in the accounts sheets of big companies serving great roles or in the portfolio of big investors generating profit for them. These coins, known as altcoins, are undoubtedly worth being concerned about if you want to use them to increase your income through cryptos.
Here we will highlight some important notes on cryptocurrency and alternate cryptos that will help you make the right investment call.
What are altcoins?
The word altcoin came from two words that are alternative and coin. Alternative means coin other than bitcoin, and as you know, coin here in the context of cryptocurrency means crypto coins. Therefore, you can say altcoins are those cryptocurrencies other than bitcoin. All of them are called altcoins together.
Facts you must know about altcoins:
- As bitcoin is the first cryptocurrency and sets a level for itself per its market demand, this coin is always treated separately.
- One more cryptocurrency, Ethereum, is also sometimes concerned out on the list of altcoins. It is because Ethereum is positioned just after bitcoin as per its popularity, price, market cap, and demand in the market.
- There is a total of 20,268 cryptocurrencies in the market as of July 2022. Out of them, you may say most are altcoins. However, not all altcoins are active. Keeping aside the dead coins, there would be around 10,953 active coins.
- The number of altcoins is growing day by day. Creators are coming with new altcoins very frequently. From 2021 to 2022, it became more than double the number 2021, as about 1,000 coins are added every month in the market of cryptocurrencies.
- One of the most interesting facts about altcoins is that they were created after being inspired by bitcoin. In 2009 a pseudonymous person Satoshi Nakamoto created bitcoin, a decentralized Blockchain network that supports no central authority to control it and a direct peer-to-peer transaction system. With these technologies implemented, all the altcoins have been developed. You can say that altcoins are the upgraded versions of the bitcoin network. Though, several altcoins are much more efficient in workability than bitcoin.
Some well-performing altcoins:
Now, it is important to know the names of some altcoins that have been performing well enough from a few years back so that you can include them in your diversified portfolio to make a good profit.
- Stellar (XLM): Steller is a popular cryptocurrency or altcoin based on a decentralized Blockchain platform. The native crypto that circulates through the stellar network is known as Lumen.
- DogeCoin: Dogecoin is a popular altcoin created in 2013 as a meme coin. However, this decentralized altcoin facilitates super-fast transaction that is faster than bitcoin and more economical than bitcoin.
- Binance Coin (BNB): It is also a blockchain-based altcoin that was initially running on the Ethereum blockchain, but after the development of its blockchain, it is now based on the Binance blockchain.
- Monero (XMR): Another useful altcoin is Monero. This decentralized blockchain-based crypto can be purchased in many crypto exchanges.
- PolkaDot: It is a multiple cross Blockchain-based network and has gained huge popularity in the last few years. You can trade this crypto, too, to earn good profit.
The article might have provided a lot of useful information to you about altcoins that help you clearly understand these coins. However, when you are out investing in these coins or even bitcoin and Ethereum, don’t forget to use a reliable platform, as there are scams online everywhere. You can use the bitcoinscircuit.app, a genuine trading application providing the most convenient and safe investment. Crypto trading is a risky one, but with proper strategy, you can easily make profits from it. Choosing the right strategy ensures that you get the best results.
Remember not to invest all the amount in one crypto; rather, expand your investment portfolio by adding newer crypto assets. This reduces the probability of loss, thus making your investment profitable.