Going Beyond Bitcoin: Top 10 Altcoins by Market Cap
This past year, Bitcoin climbed to its highest price since its trading debut in 2010. The rest of the crypto market followed, with numerous altcoins reaching all time highs. Here are some alternatives to Bitcoin that have climbed the market cap rankings.
While Bitcoin experienced a historical breakthrough in volume and press coverage, altcoins weren't left out of the party.
In this article, we’ve listed ten altcoins that have experienced a surge in popularity and market cap over the past year, including ETH, BNB, ADA and XRP.
While Bitcoin experienced a historical breakthrough in volume and press coverage, altcoins weren't left out of the party. The top altcoins per market capitalization have been gaining more ground within the industry. On August 31, 2021, Bitcoin's market dominance reached a low of 43.7 percent. At the time of writing, Bitcoin’s dominance was even lower at 41.57 percent.
Bitcoin Continues to Thrive, Carrying Altcoins Along
The fact that Bitcoin is losing market dominance doesn't mean the cryptocurrency has lost its touch. The token trades at $43,472 at the time of writing. With a current market capitalization of more than $818.6B, Bitcoin (BTC) could theoretically take a prominent position on the New York Stock Exchange, between Facebook with a market capitalization of $1.082 trillion and Tesla with a market capitalization of $738.21 billion.
According to Coinmarketcap.com, there are over 8,350 altcoins on the market. However, only a handful of these altcoins have experienced mainstream growth and popularity. In this article, we’ve listed the top ten non-stablecoin altcoins according to market cap over the past year, including ETH, BNB, ADA and XRP.
Top Altcoins Available on Binance
You can buy these altcoins with your local currency or you can buy BUSD with zero fees using Binance P2P before exchanging it for your preferred altcoin.
Note: This table should not be considered as financial advice. It’s essential to do thorough research no matter which cryptocurrency you’re buying. If you’re interested in learning more, we’ve provided a brief introduction to each altcoin below:
BNB has made significant progress since it was launched in 2017. This is primarily because the token is used to pay for gas on the Binance blockchain and fees on the exchange. So, a surge in developer activity and an increase in the number of daily Binance users have pushed the BNB token to the 4th position on Coinmarketcap.com. It's also important to note that BNB is being accepted as a payment option by over 60 million merchants across the globe and it is completely regulatory compliant. The token currently has a market dominance of 3.25 percent.
Ethereum, the world's first decentralized computer, has been able to hold the line as the second-largest cryptocurrency per market capitalization for years. The decentralized computer has released more use cases than Bitcoin, including the deployment of smart contracts and decentralized applications. This has fueled the adoption of the token, leading to a rise in price and market capitalization. Ethereum currently has a market capitalization of 18.44 percent.
Cardano is similar to Ethereum but it aims to be more scalable for decentralized finance. Over the years, the Cardano Foundation has championed the adoption of the ADA token across the globe, with a specific focus on Africa. Cardano's African initiative is aimed at curbing corruption, promoting decentralized education and identity management. Thanks to this and many other projects, ADA has risen to the third position per market capitalization with a market share of 3.67 percent.
XRP is the native token of the Ripple XRP ledger and it was designed specifically to disrupt the global remittance industry. XRP has experienced slow growth and faced a lot of challenges over the years. However, it has managed to remain among the top ten tokens on Coinmarketcap. Right now, XRP's biggest challenge is regulatory compliance. For now, it has a market share of 2.39 percent.
Dogecoin started as a joke that was created as a decentralized payment system. However, it has evolved to become one of the most popular altcoins in the cryptocurrency industry. Doge can be used for Reddit tips, Twitter tips, and as payment for goods and services for some merchants. Dogecoin has been endorsed by many public figures including Tesla's Elon Musk and Snoop Dog. The token currently holds 1.51 percent of the total cryptocurrency market share.
The Solana blockchain was designed to rival Ethereum and other decentralized computers. The blockchain is more flexible and scalable than Ethereum. It can be used for the development of decentralized applications and marketplaces. The market capitalization of the SOL token is impressive since the blockchain was launched less than two years ago. It is already showing significant progress and currently has a market dominance of 2.25 percent.
This is a multi-chain architecture platform that was designed specifically to promote interconnectivity between blockchains. Polkadot protocol’s key feature is that it can be upgraded without time-consuming and disruptive hard forks or significant changes to the network. The DOT cryptocurrency is the native token of the Polkadot network. It can be used for staking, binding, trading, governance, and financial transactions. The token currently has a market dominance of 1.59 percent.
The Uniswap protocol was designed to enable the seamless swapping of Ethereum tokens. Using the network, you can easily change one ERC20 token for another almost instantly. The decentralized finance marketplace cuts out intermediaries, exchanges, and expensive fees. The UNItoken is the native asset of the Uniswap protocol and it can be exchanged for rewards or redeemed for trading fees on the Uniswap network. The future of Uniswap depends significantly on the success of Ethereum 2.0. The token has managed a 0.67 percent market share.
This decentralized system was designed to bridge the gap between real-world data and smart contracts across all blockchains. Last month, Chainlink integrated decentralized weather data from Google cloud. This was the latest move in a collaboration that started in 2019. Some other companies that use Chainlink are ClinTex, Accord Project, and Bodhi. The LINK token is used as compensation on the Chainlink network and it currently makes up for 0.62 percent of the market dominance.
Avalanche is a smart contracts platform designed for speed. The platform allows developers to build and launch decentralized apps (dApps) compatible with Ethereum, with higher speeds and lower fees. AVAX is the native token that powers the Avalanche platform, and the token is used to pay for fees, deploy contracts, earn rewards through staking and more. In addition, Avalanche features native support for NFTs, allowing users to mint, buy, sell and share NFTs with others.
How to Pay for Cryptocurrencies on Binance
If you’re interested in buying one of the cryptocurrencies listed above, Binance offers a range of payment gateways for smooth and easy transactions. Users can conveniently buy crypto with credit or debit card, an existing cash balance or direct deposit.
When it comes to cryptocurrencies, price, market capitalization and market dominance are some of the key factors you can use for ranking. However, these aren't the only things you should consider. Factors like use cases, historical resilience, technical and fundamental strengths should all be put into consideration.
Ready to buy cryptocurrencies? Kickstart your cryptocurrency journey with Binance
Get started by signing up for a Binance.com account or download the Binance crypto trading app. Next, verify your account. After you have verified your account, there are two main ways to buy cryptocurrencies on Binance using cash: you can buy crypto with cash from Binance via bank transfer, card channels or e-wallets options.
Linking your debit card, credit card, or bank account (available in many regions) is one of the easiest ways to buy Bitcoin and more than 100+ cryptocurrencies.
Disclaimer: Cryptocurrency investment is subject to high market risk. Binance is not responsible for any of your trading losses. The opinions and statements made above should not be considered financial advice.
Read the following helpful articles for more information:
(Support) How to complete Identity Verification?
(Support) How to Buy Crypto with Debit/Credit Card on the Website and the App
(Support) New Cryptocurrencies Added to Binance