8 years ago, the world was introduced to the first cryptocurrency – Bitcoin. It was invented by an unknown programmer who went by the name – Satoshi Nakamoto.
Thanks to the use of modern algorithms and block chain technology, cryptocurrencies are able to be converted at lightning speeds for consumer goods.
Furthermore, not only do cryptocurrencies anonymize your transactions but they can be sent anywhere in the world at minimal fees.
This allows people to deal directly with one another via the internet unlike paper based currency which has to pass through third party financial institution resulting in you paying conversion fees.
Problem is if it’s lost or stolen, users will not be able to recover the funds. This makes cryptocurrency almost similar to cash. To ensure protection of your cryptocurrency, it’s highly advisable to store it in a cold storage or paper wallet.
But wait a minute…are there other major cryptocurrencies in the world? Why yes, there are.
Here are the top 5 most valuable cryptocurrencies after Bitcoin according to price and market cap.
Here is a description of the above cryptocurrencies.
Current price per coin: $452.47
Market cap – $45 Billion
Like other altcoins, Ethereum is a decentralized platform designed to run smart contracts. Launched in 2015 as an open software platform that is based on block chain technology, it allows developers to build and deploy decentralized applications.
It is distributed via a public block chain network just like Bitcoin but unlike Bitcoin where miners are rewarded with cryptocurrencies, in Ethereum miners work to earn Ether.
This is a type of crypto token designed to fuel the network and is used to settle transaction fees and services on the Ethereum network.
Current price – $0.45
Market cap – $17.9 Billion
This refers to a distributed financial technology that allows users to send real time payments globally across networks. It works similar to other cryptocurrencies like Bitcoin and Litecoin.
The platform works with banks and allows the sending of money thus fueling the growing economy. The vision of Ripple is to enable the internet of value. It was released in 2012 and since then, its structure does not require any mining.
This has reduced computing power usage as well as minimizing network latency. Ripple has the following belief “distribute value is a powerful way to incentivize certain behaviors.”
Current price – $80.20
Market Cap – $4.59 Billion
This is a peer to peer cryptocurrency that allows users to make instant payments to other users around the world. As an open source software project that was released under the MIT/X11 license, it can be efficiently mined with consumer grade hardware. It was developed by Charles Lee, a former Google Engineer.
The currency is based on block chain technology making it fully centralized without any central authorities. Mathematics has been used to secure the network as well as empower people allowing them to control their finances.
The cryptocurrency features faster transaction confirmation times plus improved storage efficiency making it one of best cryptocurrencies. Currently, miners are rewarded with 25 new Litecoins per block. This amount gets halved roughly every 4 years for every 840,000 blocks.
Current price – $239.76
Market Cap – $1.9 Billion
This is a revolutionary digital money system that was launched in 2014. The network has grown to 4, 1000 master nodes making it one of the largest peer to peer network.
As a result of more nodes, the platform is able to offer more capacity for end users as well as secure services. According to Dash, miners are rewarded for securing block chain and master nodes.
They are also rewarded for validating, storing and serving block chain to users. What you ought to know is that master nodes represent a new layer of network servers.
They are designed to secure clusters known as quorums. This allows instant transactions, privacy and governance.
Current price – $0.17
Market Cap – $1.5 Billion
Launched in 2015 as a peer to peer cryptocurrency, it is written in Java. Since its inception, NEM has established a goal of wide distribution model.
Thanks to improved development, new features have been introduced. They include proof of importance algorithm, multisignature accounts, encrypted messaging and Eigentrust ++ reputation system.
Currently the block chain software is integrated with a commercial block chain called Mijin. This platform is currently being tested by financial institutions and companies in Japan and around the world.
By now you already know that Bitcoin rules the cryptocurrency market with a current price of $2591 (at the time of writing this article) and market capitalization of $42,581,315,844.
Let’s face it. Cryptocurrencies are offering an alternative form of investment. According to financial experts, Bitcoin will attain a price of $4,000 per coin within a short time.
This is the same with other cryptocurrencies like Ethereum, Ripple, Litecoin, Dash and NEM. If you are looking for a great investment opportunity, cryptocurrencies are the right assets for you.