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- 1 There are many cryptocurrencies in the market but the market capitalization and growth of that crypto explains how popular that crypto is.
- 2 Another factor is the supply of coins. This has to be paid more attention because it will affect the price of cryptocurrency in the long run.
Top cryptos usually have a white paper and good utility which is showcased in the whitepaper. Stable yield and growth in the number of blockchain transactions are some of the reasons that determine the value of the digital currency. Some of the cryptocurrencies that have shown strong growth and are popular are discussed below.
XRP
XRP is the cryptocurrency created by Ripple. While they hold XRP, they don’t own the cryptocurrency; nor do they influence its trade. Ripple came to limelight in 2017. It is a centralized transaction network that banks use for money transfers. At one end of the Ripple network the money sent is changed into XRP token and then back into the currency of choice at the other end. In this way, it acts as a global bridge currency.
Ripple does not use blockchain mining but uses consensus mechanisms. Ripple’s management claims that XRP offers a reliable and faster alternative to other coins like Bitcoin. It has got widespread recognition from all over the world because it facilitates exchanges with different currency types.
It has a market cap of $33,129,192,486 and a total supply of 99,988,519,823 XRP. This token offers the utility to facilitate transaction fees and costs and provide liquidity.
Shiba Inu
Shiba Inu is characterized by its meme theme and is dedicated to the community of enthusiasts known as Shib Army. This participatory and campaigner cryptocurrency takes advantage of the Ethereum ecosystem’s advanced features and security. The cryptocurrency has shown impressive growth since its launch. Shib tokens can be used to provide liquidity, staking, and swapping.
SHIB has a market cap of $6.3 Billion and volume of $396.05 Million. This cryptocurrency has a total supply of 589.59 Trillion SHIB. Shib is now accepted as a form of payment at hundreds of locations.
ADA
ADA is the token created by Cardano which is a platform used to send and receive digital money. It was founded in 2017. This cryptocurrency is named ADA after Augusta Ada King, who is regarded as the first computer programmer.
Charles Hoskinson created Cardano and 95% of its initial coin offering (ICO) were Japanese; it is sometimes referred to as the Ethereum of Japan. Cardano uses a proof of stake consensus mechanism called Ouroboros which is relatively more energy efficient.
ADA has a market cap of $10,170,859,034 and 24h volume of $147,402,571. It has a total supply of 36,076,551,300 ADA.
Summary
There are many cryptocurrencies in the market. XRP, ADA, and SHIB are just some of these cryptos showing strong signs of growth. Any cryptocurrency that shows stable supply, stable transaction fees and predictable block information can grow strong.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
