ARTICLES

Think cryptocurrency and the first name that comes to mind is Bitcoin. Known as the original cryptocurrency, Bitcoin introduced the whole concept when it was developed in 2009 *. Today, Bitcoin enjoys the highest market capitalization but there are other currencies as well that you can invest into.

Here are seven such currencies to look into –

Ethereum

After Bitcoin the second most popular cryptocurrency with a market cap of more than USD 361 billion *. You can also use smart contracts and Non-Fungible Tokens (NFTs) offered by Ethereum. 

Tether 

Tether has a lower risk profile as far as cryptocurrency investments are concerned. This is because the currency is backed by the US Dollar and Euro, two stable currencies. As such, Tether is also called a stablecoin and it aims to keep its value similar to either the US Dollar or the Euro.

Binance Coin

Launched to be used solely on Binance, a crypto exchange, the Binance coin has come a long way. Today it can be used for multiple transactions and can also be exchanged for other types of cryptocurrencies.

XRP

XRP was created by the founders of Ripple. You can use XRP on the Ripple network to exchange it for other types of cryptocurrencies and even other types of fiat currencies. 

Terra

Terra is a blockchain payment platform that has two types of cryptocurrencies. One is the Terra-backed stablecoin that is tied with a fiat currency, like TerraUSD which is backed by US Dollars. The other is the Luna which powers the platform and mints more stable coins. Both Terra stable coins and Luna work in tandem according to demand and supply to achieve a balance.

Cardano

Cardano is a notable currency that offers proof-of-stake validation, a feature missing in Bitcoin. It also offers facilities like smart contracts like the Ethereum platform. Cardano’s currency is the ADA. 

Solana

SOL is Solana’s native coin with which you can trade. The Solana platform, on the other hand, offers proof-of-stake and proof-of-history mechanisms for quick and secured transactions. 

It is still not under the purview of stringent regulations and hence should be carefully evaluated.

Data source: https://www.forbes.com/advisor/in/investing/top-10-cryptocurrencies-in-india/