Bitcoin was first created back in 2008, and since then, its popularity and influence have transformed the financial system. Back in 2008, none could have predicted just how mainstream bitcoin would become. The influence of bitcoin had a definite effect on the global economy, but bitcoin is no longer the only cryptocurrency making ripples. This list shows the top five cryptocurrencies that are set to outgrow bitcoin.
1. Ethereum (ETH)
As one crypto signals company explains, Ethereum is one of the largest cryptocurrencies in the market. Ethereum was launched in 2016 and is now one of the most used blockchain networks in the world. In January 2021, the value per token of Ethereum was $1,218.59. Ethereum is expected to grow a huge amount, possibly surpassing $3,000 shortly. One of the reasons that Ethereum is predicted to grow at such a rate is because it is moving from a Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS).
2. Litecoin (LTC)
Launched in 2011, Litecoin has always been referred to as the little brother of Bitcoin, but does this little brother have the potential to outgrow the crypto giant bitcoin? Like Bitcoin, Litecoin allows for peer-to-peer transactions. However, Litecoin has a faster block generation rate, which means that it can offer a much faster transaction confirming time. Litecoin also comes at a lower cost than Bitcoin. The faster transaction speed and lower cost mean that it has the potential to overtake Bitcoin in the future, although this is still some way off.
3. Monero (XMR)
Created in 2012, this cryptocurrency was originally called Bitmonero, but its name was later shorted to Monero. Despite having a market cap that is almost $250 billion below Bitcoin’s, Monero is certainly a cryptocurrency to watch. The reason that Monero has the potential to outgrow Bitcoin is due to the growing interest in privacy coins. Monero is much more fungible than Bitcoin, using an open-sourced protocol called CryptoNote to create stealth addresses to protect the identity of users.
Monero is also very resistant to ASIC mining, which means that it can remain decentralized. With a new block added every two minutes, it has a much faster transaction time than Bitcoin, which runs at ten minutes.
4. Cardano (ADA)
Cardano was only released in 2017 but has already managed to make a big impact. The founder of Cardano is Charles Hoskinson, who was one of the five co-founders of Ethereum back in 2011. Cordano was founded off the back of an extensive base of academic research. This research-based basis has enabled Cardano to make a big impact in a relatively short amount of time. Cordano has become known as the ‘Ethereum killer’ because of its superior blockchain. While Cordano still has a long way to go before it can become the world’s favorite cryptocurrency it aims to be, it certainly is a currency to watch. Using layered architecture, Cardano is an extremely secure currency. Using the proof-of-stake method, Cardano has faster transaction times than Bitcoin.