Bitcoin and Ethereum have been dominating the crypto markets for years now. However, a few alternative coins have been seen to be steadily increasing in value and growing in popularity. Global economies have suffered dire effects as a result of many industries shutting down due to the pandemic. This has led to inflation skyrocketing, and many people cannot keep their heads above water and sustain themselves. With the reputation of cryptocurrency changing over the years, many are now leaning towards crypto as a viable option that is quickly rising in popularity as, although crypto carries the same value as fiat currencies, it does not function using the same traditional financial systems. This means that inflation is less likely to impact investment than conventional investments and currencies.
Aside from the two dominating cryptocurrencies, Bitcoin and Ethereum, a few altcoins are rising in popularity and are further expected to earn their keep in the crypto markets over the next five years. This is due to the core function of the coins, as most alternative coins do not just function as a currency but are blockchain networks too. Bitcode Method official is, an automated trading platform, mentions how popular brands such as Samsung are harnessing blockchain technology to make their devices more secure for their users.
Altcoins expected to dominate the markets in the near future:
Dogecoin:
Dogecoin is a peer-to-peer, open-source cryptocurrency that functions as a completely anonymous, decentralised, and secure network that operates outside the interference of central authorities and intermediaries when making transactions. The meme token experienced a surge of 62% in profits and has been bullish throughout the last week of October 2022, mainly due to the acquisition of Twitter by Elon Musk, which further rallied the price of the token by 98.5% in the seven days following Musk’s acquisition of the social networking site. This plays a significant role that is expected to see the trajectory of meme coins shooting up on social networking sites in the future, which would lead to those that have invested in the currency making even more profits. Now is a great time to keep an eye on the token as it has the potential to not only remain stable as a currency but increase price value too.
Binance Coin:
Binance (BNB) is a cryptocurrency that further functions as the largest cryptocurrency exchange in the world, with a volume of $7.6 Billion as of the second quarter of 2022. With that being said, this altcoin is valuable and has great room for expansion due to its BNB currency that powers its chain ecosystem — the Binance smart chain. This increasingly popular blockchain functions on Android and iOS devices and is also compatible with any other smart device, enabling crypto investors to trade securely. But what makes Binance valuable? The coin as an exchange platform has competitively low transaction fees for cryptocurrency exchanges within the marketplace. Furthermore, it has high liquidity and offers discounts to users who pay in the native BNB cryptocurrency tokens. Looking at its steady increase in value and popularity, the coin is one of the top cryptocurrencies expected to grow over the next five years.
Polkadot:
Polkadot is a protocol that connects blockchains, allowing value and data to be sent across previously incompatible networks (Bitcoin and Ethereum, for example). It's also designed to be fast and scalable. The DOT token is used for staking and governance; it can be bought or sold on Coinbase and other exchanges. The platform also enables blockchains to transfer messages, including value, in a trust-free fashion, sharing their unique features while pooling their security. Due to this interactive feature and heterogenous, multi-chain technology that’s constantly being developed, investors are taking interest in the platform. Crypto analysts expect Polkadot to have 100x gains by 2025.
Cardano:
Cardano is an ecosystem that allows other developers to create tokens, decentralised applications, or create other use cases for scalable blockchain networks. The platform uses a decentralised Proof of Stake system, a blockchain designed to be more efficient as an alternative to Proof of Work networks in the blockchain. The core aim of this blockchain platform is to support “changemakers, innovators and visionaries” in creating positive global change through its flexible network and reduced energy level, which has led to the blockchain gaining traction with investors.
As the cryptocurrency of all cryptocurrencies, Bitcoin has dominated crypto markets for years since its launch. However, Ethereum is well on the way to surpassing the father coin to become a prominent leader. The trajectory of cryptocurrency is expected to take an incredible uptick. Due to innovation along with various technologies being developed to support up-and-coming coins that are steadily growing in popularity, a highly competitive market has been created by all these cryptocurrencies. Where the core functions of an altcoin prove to be valuable and efficient, a coin is bound to rise in popularity and value, which may lead to it surpassing the most popular currencies.
