The 3 Most Important Cryptocurrencies
- Written by NewsServices.com
In recent years, cryptocurrency has seen an increase in popularity, due to having proven itself as very profitable. Surveys show that, as of early 2021, there have been 70 million digital wallet owners of Bitcoin alone, and the number of people who own digital wallets for other cryptocurrency is suspected to be much higher. This number will most likely increase in coming years, as it has been shown that young people today are far more likely to purchase cryptocurrency than any previous generation.
The main draw of cryptocurrency, apart from the high chances to turn a profit, is its decentralized nature, which means cryptocurrency is not beholden to banks or governments. This means that transactions made with cryptocurrency are safe from the plethora of banking fees and government taxes which plague fiat money.
With so many people becoming interested in cryptocurrency, the number of cryptocurrencies on the market has drastically increased. But to understand cryptocurrency, we must look at its history, name the cryptocurrencies that paved the way, and explain their importance.
Bitcoin
Being the first cryptocurrency ever, the importance Bitcoin has had on the crypto market is self-evident. Without the invention of Bitcoin, who knows if this phenomenon would have gotten as big as it is, or even if it would have existed at all. Bitcoin was created in 2009, by one Satoshi Nakamoto, a pseudonym the person behind which has still not been uncovered.
Through the years, Bitcoin has had price shifts, fluctuations, supporters and detractors, but through all this, the first cryptocurrency has persevered, and is today the most popular, valuable, and profitable cryptocurrency. Bitcoin is the main draw of cryptocurrency trading Australia sites, where hundreds of users go to buy, and sell cryptocurrency. Sites like the one mentioned provide their users with tutorials and easy access, so that anyone can easily get into the world of crypto trading.
When it started in 2009, Bitcoin’s original worth was less than a dollar, which makes it all the more impressive that today the crypto is worth a staggering $20.500, with the price expected to rise in coming years.
Ether
Ether is currently ranked second on the crypto market, with a worth of two thousand dollars. The ether tokens were officially launched in 2015, however, what makes Ether important to the history of cryptocurrency, apart from its high-value and price, is its heavy role in starting the age of ICO, or initial coin offering. In 2014, Ethereum did a presale for the ether token, which is the unit Ethereum uses to signify its cryptocurrency. The presale was met with an overwhelmingly positive response, and so Ethereum was one of the first cryptocurrencies that began the era of ICO.
Not only that, but Ethereum has stated that they are changing their algorithm in 2021, from a proof-of-work algorithm, to a proof-of-stake algorithm, which is expected to improve transaction speed by a considerable margin. On top of that, the proof-of-stake algorithm consumes far less energy, making Ethereum one of the first “green” cryptocurrencies.
Ether is currently priced at just over $1000, with many analysts predicting a bright future for the cryptocurrency, and some even expecting it to reach a record-breaking $10.000 by the end of next decade.
Litecoin
Litecoin was launched in 2011, and soon became a tough competitor for Bitcoin, keeping pace with the price of the first cryptocurrency, and often surpassing it. This earned Litecoin the moniker the silver to Bitcoin’s gold. Litecoin was the first cryptocurrency to follow in Bitcoin’s footsteps, and for a while one of the most popular.
While not nearly on the level of Bitcoin today, Litecoin is still respectable, and quite popular on many trading sites, being worth almost $150, with prospects of a rise in price in the future. In fact, a number of analysts have predicted that Litecoin will be worth $1000 by mid-decade.
The Cryptocurrencies that Didn’t Make it
Lastly, we would like to spend some time looking over a few cryptocurrencies that are quite respectable, but just didn’t make it on the list of the best of 2022. Among them, the first we are going to look at is Tether. Tether is what is known as a stablecoin. Its price is linked to the value of the United States dollar. This means that, as long as the value of the dollar is safe, the value of Tether will remain unchanged. As of 2022, a single Tether coin is worth $1, and the crypto has a market cap of $80 billion. In 2019, it managed to surpass Bitcoin in terms of units sold, becoming the most traded cryptocurrency monthly and daily.
Apart from Tether, other cryptocurrencies to keep an eye on in 2022 are Ripple, USD Coin, Binance USD, and Dogecoin. The history of Dogecoin is a fascinating one, as it started off as a joke, but was soon embraced as a serious asset, which has propelled the currency to the top 10 most valued cryptos on the current market.
