The early days of cryptocurrency, when there were just a few crypto assets, the definition of an altcoin has changed. At that time, “altcoin” meant any cryptocurrency other than bitcoin (BTC).
There is a lot more variety in the realm of crypto assets now. Not all coins and tokens can be considered Bitcoin rivals because their uses extend far beyond mere commerce.
For a better term, Altcoins are simply any cryptocurrency that is not Bitcoin. Looking at cryptocurrencies without stablecoins, here are the top ten by market cap. Since stablecoins aim to keep their prices constant and aren’t usually seen as speculative investments, we haven’t included them.
1. Ethereum (ETH)
- Market cap: $389.2 billion
The largest cryptocurrency, has a market valuation of about $389 billion out of $2.5 trillion for the more than 26,000 crypto assets accessible today.
Instead of seeing Ethereum as a “decentralized currency” like Bitcoin, you should view it as a distributed computing network that allows users to host smart contracts, run apps, and utilize the blockchain.
ETH is a decentralized playground for builders to define the future in the technological advances of Alternative Cryptocurrencies technology. At the same time, BTC is a currency store, says Walker Holmes, VP of the metaverse platform MetaTope.
One of Ethereum’s main complaints is the hefty fees associated with making a transaction. However, Ethereum will remain because of the hundreds of applications and alternative cryptocurrencies that utilize its network.
2. BNB (BNB)
- Market cap: $82.5 billion
On the Binance exchange, users can pay for trading costs and take advantage of discounted trades using the utility token BNB. Using BNB for payment processing, like scheduling trip plans, is possible even when you’re not on the Binance cryptocurrency exchange.
Others have argued that BNB lacks the decentralization of competing altcoins. Investor interest in the exchange has been growing since BNB began to acquire popularity in 2021, and the coin’s value has contributed to this.
3. Solana (SOL)
- Market cap: $79.3 billion
With its innovative combination of proof-of-stake and proof-of-history, Solana can conduct transactions swiftly and safely, making it an ideal platform for decentralized finance, applications, and smart contracts.
One of the quickest blockchains currently available is Alternative Cryptocurrencies. Digital assets exchange Bitrue’s Whitney Setiawan notes that, like Ethereum, it has been criticized for being overly centralized and having few validating nodes.
Although it has experienced failures and unavailability, Holmes claims Solana is a scalable blockchain system with meagre rates.
4. XRP (XRP)
- Market cap: $32.0 billion
When utilized with Ripple Labs, a digital technology and payment processing firm, XRP can ease the transfer of various forms of currency. Ripple Labs, founded in 2012, is essentially an anachronism in the lightning-fast realm of cryptocurrency. Ripple Labs and its currency, XRP, have remained renowned in the crypto sphere despite the ebb and flow of other coins in the previous decade.
The first decentralized exchange (DEX) with a protocol allowing bespoke tokenization was XRP Ledger, which was part of XRP. This open-source Alternative Cryptocurrencies has a reputation for being more environmentally friendly than other cryptocurrencies, which could be a factor in its rising popularity.
4. Dogecoin (DOGE)
- Market cap: $26.3 billion
Coined in 2013 as a practical joke, Dogecoin is widely considered the first meme currency. However, it has quickly become a significant cryptocurrency due to a committed community and inventive memes.
While DOGE has supporters, financial software business Modulus Global CEO Richard Gardner notes that cryptocurrency is still more precarious than Bitcoin.
Cryptocurrencies such as DOGE are subject to wild price swings due to the lack of evidence of their practical utility, according to Garry Krugljakow, creator of the decentralized app 0VIX Protocol, which facilitates crypto lending and borrowing.
5. Cardano (ADA)
- Market cap: $20.7 billion
The proof-of-stake consensus method expedites transaction time by eliminating the need for platforms like Bitcoin to engage in energy-intensive and competitive problem-solving. Cardano was an early adopter of this approach.
The piece’s author, Danao, “has paved the way for proof of stake consensus mechanisms,” according to Holmes. “ADA is an alternative to other blockchain solutions that claim to have lower fees and more security.”
Although the altcoin made a lot of promises, LedgerByte CEO Daniel Logvin claims they haven’t been fulfilled.
6. Avalanche (AVAX)
- Market cap: $17.7 billion
Avalanche was initially built as a layer-one blockchain for decentralized applications and other networks as an alternative to Ethereum and a top altcoin globally. Specifically, the AVAX network aims to dethrone Ethereum as the preferred intelligent contract blockchain. To achieve this goal, the recent blockchain has increased transaction output without compromising scalability.
Avalanche, similar to Ethereum, is trying to address the three issues that Vitalek Buterin has dubbed the “trilemma” of blockchain technology: scalability, decentralization, and security. According to the blockchain trilemma, developers must give up one of those three to maximise productivity with the other two components. Using three interoperable blockchains as part of its development, Avalanche aims to overcome the trilemma.
7. Toncoin (TON)
- Market cap: $17.2 billion
Toncoin, a Layer-1 blockchain created in 2018 by the encrypted messaging system Telegram, was formerly known as the “Telegram Open Network” but is now more often known as “The Open Network.”
TON’s initial release intended to facilitate in-app client settlement within the Telegram app. A community-driven blockchain, though, its proof-of-stake network ensures lightning-fast validation and processing speeds.
8. Shiba Inu (SHIB)
- Market cap: $15.5 billion
An anonymous developer known only as “Ryoshi” constructed SHIB with the stated intention of testing whether or not a decentralized organization might function. Shiba Inu seems to be demonstrating Ryoshi’s hope is possible, with prominent crypto heavy hitters like Elon Musk and Vitalek Buterin immediately throwing their weight behind it.
Shiba Inu momentarily overtook Dogecoin in October 2021, regarding market capitalization as the most valuable meme coin in the world. The coin’s success among crypto investors has also led several speciality stores to begin accepting it as payment. However, you should not expect SHIB to cover the cost of your dinner just yet. The Shiba Inu community’s concerted online campaign to have McDonald’s take the currency as payment was unsuccessful.
9. Bitcoin Cash (BCH)
- Market cap: $12.4 billion
A decentralized, permissionless worldwide payment system is the ultimate goal of this P2P electronic cash system. The original Bitcoin payment system is no longer in use, but there is an alternative called Bitcoin Cash.
Eight years after the initial Bitcoin blockchain went live in 2017, a new Alternative Cryptocurrencies called Bitcoin Cash was born from a hard fork in the network.
10. Polkadot (DOT)
- Market cap: $12.2 billion
According to Max Thake, co-founder of the Polkadot blockchain network Peaq, this altcoin drives the Polkadot ecosystem, which allows developers to create purpose-built blockchains that link to the central Polkadot blockchain hub. DOT is Polkadot’s native token.
He states that there is a constant need for DOT due to projects that intend to expand upon Polkadot.
In addition, James Wo, CEO of blockchain and cryptocurrency investment business Digital Finance Group, claims this altcoin has better-shared security and is leading in developer activity and various projects. According to him, the project’s development has been sluggish, and it does not have any star applications that could enhance its ecosystem.
