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What Are The Most Influential Cryptocurrencies Other Than Bitcoin?

Bitcoin is the lodestar of cryptocurrencies, which has prevailed where many imitators have fallen by the wayside. However, in the decade since Bitcoin was launched, decentralised financial systems have expanded rapidly, and now other virtual currencies proliferate. So what are the main contenders besides Bitcoin?

Ethereum (ETH)

Ethereum is a decentralised software platform that has created a suite of financial products that can be freely accessed by anyone in the world. They are particularly attractive to those without state infrastructure or identification, as they enable access to bank accounts, loans, insurance, and so on.

The ETH apps are run on Ether, its platform-specific cryptographic token. Launched in 2015, it is now the second largest digital currency after Bitcoin.

Litecoin (LTC)

Litecoin was launched in 2011, making it one of the first Bitcoin imitators. According to Investopia, Litecoin is often referred to as ‘silver to Bitcoin’s gold.’ It is based on an open-sourced global payment network not controlled by any central authority. It has a faster block generation rate than Bitcoin and so has a faster transaction confirmation time.

Cardano (ANA)

Cardano was created with similar blockchain technology to Ethereum; indeed one of its founders, Charles Hoskinson, was also one of the founding members of Ethereum. Cardano is the product of rigorous research, extensive experimentation, and peer-reviewed projects, so it is regarded as one of the more solid up-and-coming cryptocurrencies.

Polkadot (DOT)

Polkadot is a proof-of-stake cryptocurrency that is aimed at delivering interoperability among other blockchains, according to Investopia. The Block Crypto reports that Polkadot’s DOT token has become the fourth-largest coin in terms of market capitalisation.

Tether (USDT)

Tether was the first of a group of so-called ‘stable coins’ which peg their market value to a currency, in order to avoid the dramatic fluctuations experienced by other cryptocurrencies. Its price is tied directly to the US dollar, and at the time of writing, it is the third biggest coin in terms of market capitalisation.

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