In this article we will cover the largest coins by market capitalisation. There will be another article on major gaming coins for the inevitable Metaverse that will arrive in full over the next 2-5 years, and the meme coins or shitcoins as they are fondly referred as by the community.
One thing has to be clear from the beginning. In the same way Google beat Yahoo and AskJeeves and Apple beat Blackberry and Nokia with the iPhone. Many cryptocurrencies will go to zero. There will be a winning Blockchain and winning Secure Payment System if you add Bitcoin to that you are probably looking at 3 Cryptos to survive out of the several thousand available today.
This doesn’t mean we can’t trade the coins or use news of their new utility to boost our portfolio before we sell. Just don’t HODL (Hold On for Dear Life) to any one coin forever without knowledge on the coin and keeping an eye out for its current price action.
Bitcoin
Bitcoin is king, everything follows Bitcoin (BTC). Up or down, minus a few exceptions, the market follows. Bitcoin is digital gold, a way of holding, transferring or generating wealth. Recently named a commodity by the SEC and BlackRock will be granted a Bitcoin Spot ETF soon. Wall Street adoption is giving the green light to the world that Bitcoin is now accepted by the current financial system. Bitcoin is ever growing and will be the best way to store and grow wealth over the coming decades.
Ethereum
Ethereum (ETH) is the next largest by market cap and is used in a completely different way. Ethereum is a blockchain where digital payment systems can be built. Other crypto companies are building on this blockchain to create the first smart payment crypto systems.
Ethereum is also the king of Non-Fungible Tokens (NFTs). Although Opensea.io was much derided for being overpriced pictures of apes, the core Blockchain was the first to prove the security of chain tech and showing clearly its superior capability to the current ledger system. This maybe the Blockchain that secures the first ‘normal’ digital ticket or asset for the public, this will send crypto, and especially Ethereum, to the moon.
BNB Chain
Binance is the largest and most trusted crypto exchange. BNB is a EVM (Ethereum Virtual Machine) compatible network, meaning it's a piece of software that executes smart contracts and computes the state of the Ethereum network after each new block is added to the chain. The EVM sits on top of Ethereum's hardware and network layer.
Seen as Ethereum is projected to be the likely winner of the smart contract blockchain race, any network that is EVM compatible may well succeed along with it. BNB is currently the largest crypto by market cap that is EVM compatible.
Polygon/Matic
Another EVM compatible chain, Polygon is attempting to position themselves as the secure payment system of blockchain technology. Already having a partnerships with Reddit, Starbucks, NFL & Mastercard and working with Ethereum Blockchain, if Polygon manage to create the first easy-to-use card payment system but with crypto. Matic coin will moon.
Find out more about EVM here.
Solana
Solana is a blockchain platform designed to host decentralised, scalable applications.
Solana is much faster in terms of the number of transactions it can process and has significantly lower transaction fees than rival blockchains like Ethereum. The cryptocurrency that runs on the Solana blockchain, also named Solana (SOL), soared almost 12,000% in 2021 and at one point had a market capitalisation of over $66 billion.
Solana blockchain was due to be upgraded in 2022 to allow 5 of the top 15 coins by Market Cap to be used on its Blockchain. They postponed this due to the bloodbath in Q2 & Q3 2022. We expect it to come to fruition in 2024.
Solana also owns the second largest NFT store which grosses billions in sales in 2021 & 2022.
Cardano
Cardano (ADA) places itself as a direct competitor to Ethereum. Created by the coder of Ethereum. Not in the NFT space but in the DeFi banking sector. It’s Blockchain is deemed to be a brilliant DeFi transfer space. Whether that’s used for illegal or legal global untraceable transfers that’s not for me to judge.
Polkadot
Polkadot (DOT) promises to be a bridge and the first multi-chain network. The problem with such a secure Blockchain like Ethereum is you need an ETH wallet to store ETH coin, and you can only use ETH coin on the ETH blockchain. It’s like travelling around the world with Euros in one wallet, Dollars in another, Pounds in another, instead of just having a Visa Card. Polkadot is attempting to be the Visa of secure digital blockchains. Allowing all coins on its Blockchain. Attempting to do this in 2024 maybe slightly tough but if Polkadot manage it, it will become possibly the leading coin on the planet.
Ripple/XPR
Started as a meme coin and now has been in dispute with the SEC for two years trying to be designated as a commodity. Allowing XRP coin to be traded by wall street. In terms of utility, Ripple will tell you that they are building the best blockchain on the market. I’ll believe it when I see it.
However, if you like ‘sure thing’ investing, if Ripple win their case with the SEC, XRP coin will go from $0.55 to $3-$5 in days. Always worth keeping an eye on.
There are other coins in the top 20 Market Cap to look at but we would recommend investigating these 3.
• Avalanche – AVAX
• ChainLink – LINK
• Litecoin – LTE
Disclaimer - None of what is written on this website is financial advice and only descriptions of how the author trades and for entertainment purposes.
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