They say that the world has almost gone entirely digital, and with time we’re not going to have the need even to spend paper bills. Cryptocurrency is the order of business in so many currencies these days. We even see it in the fact that casinos also now accept and pay Bitcoin to customers.
In this article, we’re going to look at the top 5 cryptocurrencies people should know, we’ll look at their viability, how long they’ve been in the market, and then if possible, how you can trade with them.
What are cryptocurrencies?
Cryptocurrencies are digital currencies that are based on blockchain technology. Blockchain technology is simply an electronic database ledger where every transaction done with the cryptocurrency is recorded.
Blockchain uses strong cryptography, which is what makes cryptocurrencies the most secure currencies. The currency cannot be forged, and every single transaction that is carried out with any cryptocurrency is recorded as a block in the blockchain and can be traced right back to where it started.
What are the top 5 cryptocurrencies?
Cryptocurrencies have been around since 2009, and here we’ll look at the ones that are currently leading the market. This list would not be based on just popularity but also based on viability.
- Bitcoin (BTC)
Bitcoin is the number one cryptocurrency, and that’s not because it’s the one with the highest price. Bitcoin is the first-ever cryptocurrency that we got to know. The currency was so popular and widespread during it’s entrance to the market that traders almost substituted its name for cryptocurrency.
As at the time of writing this article, one Bitcoin costs $12,333, and just four months before this time, it was $7,000. This is to tell you how rapidly the cryptocurrency is growing. Bitcoin’s market capitalization is $125billion and has over 17 million Bitcoin in the market currently.
There were speculations at some point during its early years that BTC would fall and get overrun by the new cryptocurrencies that emerged later, but none of that happened. It still sets the pace.
- Ethereum (ETH)
It’s only reasonable to place this fast-rising cryptocurrency right after Bitcoin. Ethereum is usually mistaken with ether. To make this clear for you, Ethereum is the offerer of the currency, while ether, which is also popularly referred to as ETH, is the actual currency.
Ether, like Bitcoin, uses a blockchain system; thus, you’re assured of similar safety in terms of ownership and transfer.
There is currently around 100 million ETH in circulation, with each token costing around $420 at the time of writing this article. ETH currently has a $50 billion market cap and is second only to Bitcoin.
- Bitcoin cash (BCH)
Bitcoin cash is a spin-off of Bitcoin and is doing quite well in the market. It comes third on this list because it is another fast and high rising cryptocurrency that we believe would shake the world just as Bitcoin did.
BCH currently costs $305 per coin at the time of writing this article; however, it had previously risen over 800 dollars. The current price is a reflection of the hard fall that hit all the cryptocurrencies in 2017.
BCH has a market cap of around $15 billion, with over $18 million coins in circulation. Currently, BCH is rapidly chasing ETH, and there are speculations that it would soon rise above it.
- Ripple (XRP)
If you’re very conversant with the crypto world, you might wonder why we have Ripple on the list since it’s currently the smallest of them all. Remember that it was earlier mentioned that this review would be majorly based on the currency’s viability.
Ripple is growing; although its price is still minimal, it has grown to 4580% over time, falling only behind BTC, which has grown to 6801% over time.
At the time of writing this review, 1 XRP cost $0.30 due to the drastic fall in cryptocurrencies in 2017. Before then, 1 XRP was actually around $3.5.
This cryptocurrency has a market capitalization of around $20 billion, with around 40 billion coins in circulation. Still, wonder why we have it on our list? Well, I’m sure you understand why now.
- Litecoin LTC
This is the last on our list but not the least in terms of price and I’m sure you still remember that I’d earlier mentioned that the review wouldn’t be about their popularity or current market price.
A few crypto traders like to place LTC side by side with BTC, claiming that it is a healthy competitor. However, that was at the initial stage when the currency was just a new entrant into the market.
LTC isn’t doing particularly magnificent, but it’s also not performing too poorly. At the time of this article, 1 LTC costs $65, and akin to other coins; it also faced a drastic rise and fall in 2017 when it had previously risen to $336.
To be able to access any of these cryptocurrencies listed above, you would need to have a wallet and a wallet ID. Your wallet is like your bank account, while the ID is just like your bank details (number and name).
Understanding cryptocurrencies isn’t as difficult as the price tag that self-acclaimed coaches give to it.
Conclusion
Every single one of these cryptocurrencies is currently viable and is proliferating against traditional currencies. The exciting thing at the moment is how casinos are incorporating cryptocurrencies in their system. Although we have only seen and heard of Bitcoin casino, there is a good chance that we’ll be seeing other currencies like ETH, BCH, and LTC in no time.
You can also check out the bet9ja review for more information about an entertaining casino game to play with some cryptocurrency in your wallet.
