Bitcoin has been in the headlines again, but for all the wrong reasons. The ‘mother’ of all cryptocurrency has seen a massive decline in its following, relegating the BTC brand to a 40% share of the entire crypto community’s market capitalisation.

Considering that there are nearly 9,900 individual tokens and coins on the market 40% still seems to be a good majority. However, it is still a big drop from its 69.7% dominance at the beginning of the year and its average dominance of 84% to 95% up until February 26th, 2017.

Slowly but surely, more and more alternative cryptos are increasing in popularity among investment enthusiasts. Here is a list of the 10 top altcoins to watch for when Bitcoin’s price drops and you are looking for another coin to invest in.

1. Ethereum (ETH)

Etherium is one of the best-developing altcoins around. It has held second place in market cap value for some time. What is most notable, though, is its advancing growth. While BTC has regressed to a 40% share of the total market, ETH has passed 19% and shows no signs of slowing.

The latest Non-Fungible Token (NFT) craze has been one of the biggest influencing factors for its current success. Etherium’s blockchain hosting abilities combine with its smart contract features to provide the perfect decentralised ecosystem for microtransactions. The NFT market is not settling soon, so be sure to keep your eye on ETH going forward.

2. Binance Coin (BNB)

At the time of writing, Binance Coin ranks third by market cap at nearly $60 Billion. Owned and developed by one of the leading crypto exchanges on the international market (Binance), the coin is a utility currency that operates as a payment method for fees associated with trading on the exchange. Those who use the crypto to trade on the Binance platform are subject to discounts, hence its popularity.

BNB was initially an ERC-20 token operating on the Ethereum network, but it recently launched onto its own blockchain and uses the proof-of-stake consensus model. Its independence has launched the value of the token into the stratosphere. The coin has grown over 2,830% in value since last year, a performance worthy of your attention.

3. Cardano (ADA)

Having come from out of nowhere, this proof-of-stake model crypto company is attracting big attention. It currently lies fifth in dominancy with a $50 billion market cap as of May 19th, 2021. The Swiss cryptocurrency surged in growth by 100% at the beginning of February 2021 and has remained a leading digital coin.

Did you know? Proof of stake (PoS) is a crypto mining concept that states that an individual can only validate block transactions on a ratio relating to the number of coins they hold. This limits the monopolising of crypto shares because monopolies are expensive to own. Proof-of-work miners, on the other hand, can simply mine profusely and sell all they mine for massive profits, causing undesirable monopolies.

This virtual coin is receiving mass adoption because of its real-life usability. The initial intentions for the development of this currency aimed specifically at providing a decentralised channel for humanitarian aid. Cardano is working diligently to provide a platform to accommodate its usage in the education, healthcare, retail, and finance sectors. It provides a tamper-proof system that aids in recording financial transactions to combat corruption and misuse of funds.

4. Dogecoin (DOGE)

Surely Dogecoin’s ‘’meme token’’ reputation died out. You cannot help but take the 5th strongest cryptocurrency seriously. Much of its rally is thanks to the CEO of Tesla and SpaceX, Elon Musk, who many punters believe is serious about the coin’s potential to oust Bitcoin as a more eco-friendly alternative.

With the amount of sway that Mr Musk’s tweets seemingly have over the crypto realms, it would be foolhardy not to at least incorporate DOGE onto your shortlist of investment options.

5. Ripple (XRP)

Ripple’s XRP coin has seen highly volatile swings in value since the end of last year. Many punters wrote it off to a sore death when the SEC opened a lawsuit against them towards the end of 2020. Despite its plummet, the crypto spiked to a higher than ever valuation of over $2 per coin two months ago.

Quick Fact: Ripple and the SEC currently find themselves locked in a legal tussle about XRPs legitimacy as a decentralised currency. The SEC argues that Ripple operates more like a security and has therefore been trading illegally on decentralised exchanges.

While XRPs value has dropped again, the outcome of the court case against them could be a massive determining factor in the future of its success. It stands to gain tremendous value and extend its market cap should it win, so be ready to get in on the game at a moment’s notice.

6. Neo (NEO)

You might be wondering why the 29th ranked cryptocurrency has managed to make its way onto our watch list. It is not its current operations that have caught our attention, but rather the potential that excites us.

NEO is a coin model with great ambition which aligns with where the world is moving to in digital realms. The winning recipe that we believe exists within the NEO platform, is its work within the dapps (digital applications) market. Fast and secure transactions via smart contracts are the way of the future, and this Chinese company could rival Ethereum on this front.

7. Shiba Inu (SHIB)

Ranked 32nd by market cap, the dog token called ‘’Shiba Inu’’, can attribute its overnight success to the co-founder of Ethereum, Vitalik Buterin, even though its marketing plan was a little sneaky in the making. The SHIB coin went from zero to hero, turning many everyday Joes into instant millionaires.

Quick Fact: A dog token is a cryptocurrency that emulates the characteristics of Dogecoin as a quip to DOGE’s unanticipated success. Several tokens use similar dog-themed mascots to poke fun at the original’s successes. All dog tokens have the same high risk, high reward commonality.

The owners of the ERC-20 token transferred billions of dollars worth of SHIB into Mr Buterin’s possession without his consent. As a token of goodwill, he opted to burn $6.6 billion worth of it on charities and noble causes. This instantly associated the currency with great usability and its tie to charitable works produced a good outcome for their brand. They too boast of a ‘meme coin’ to ‘viable ecosystem’ story, much like their DOGE predecessor.

8. Peercoin (PPC)

Ranked way down at 118th position on the crypto ranking board, PPC coin is a contender on our top 10 list of cryptos to watch, for good reason. Proof-of-stake coins seem to be gaining ground on virtual assets that leverage proof-of-work consensus models. While many cryptos were teetering before the May 16 market plummet, Peercoin witnessed a growth of 97.5% in 24 hours. That ought to flag the attention of any keen crypto investor.

To be accurate though, Peercoin is the first coin to adopt a hybrid mining method that combines both proof-of-stake and proof-of-work algorithms. This is a uniquely attractive quality. It brands itself as the ‘’Green Crypto for a Sustainable Future’’ as it aims to target Bitcoin’s high energy consumption issues.

9. Bitcoin Cash (BCH)

Bitcoin Cash is one of the earliest hard forks of Bitcoin (BTC). It is a split-away currency that birthed off the back of a debate on the scalability of the ‘mother currency’. As such, BCH instituted a bigger block size of 8MB, which dwarfs Bitcoin’s 1MB block. This allows for more transactions per block and therefore provides a faster and more cost-effective transaction time.

Hard Fork? The definition of this concept is best explained by Investopedia.com. They say:

‘’When different factions can’t come to an agreement, sometimes the digital currency is split, with the original chain remaining true to its original code and the new chain beginning life as a new version of the prior coin, complete with changes to its code’’.

BCH is a worthy ‘watch list’ prospect even though it sits just outside the top 10 currencies by market cap. Its market cap has grown by $4.3 billion in 5 months and from a price of $513.45 per coin to a current $700+. The merits for the support of BCH over BTC are evident and investors are not as Bitcoin besotted as they used to be, paving the way for greater adoption of this currency in usable instances.

10. Tether (USDT)

If you are a daily follower of the crypto markets, you will notice that Tether is one crypto that often shows a bull trend when Bitcoin and the majority of altcoins are down. Sitting at 3rd rank of the market cap list, USDT seems like an unlikely candidate for the support it has gained.

Tether is not a decentralised cryptocurrency, but rather a stable coin; a candidate for centralised blockchain currency. Each token is backed by fiat currency reserves, which gives it stability, but the platform operates with all the advantages of security and transparency that the blockchain provides.

Tether is a working example of how diverse blockchain technology truly is and is a testament to how decentralisation needn’t be the future of finance. When the crowds lose faith in decentralised principles, centralised ones stay the course. For this reason, Tether is nowhere near as volatile as Bitcoin and is, therefore, more usable in real-world scenarios.

Round-Up

You will notice that our list of ‘’watch coins’’ above is not as predictable as you might think. While the top 10 list of cryptos is a good place to start looking for performing cryptos, it is not the only way to find the best prospects. Tokens such as NEO, SHIP, and PPC show tremendous potential and should be included on your potential investment alert list.

The post Top 10 Cryptos to Watch When Bitcoin Prices Drop appeared first on Top Spot Casinos.

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