Do you still think trading and investing in cryptocurrencies are the only ways of making money in this new world?
Don’t stay stuck in 2021 or the years before. In 2024, most people would go for crypto mining, which is a process for verifying a transaction on the blockchain. In return, your efforts help you earn cryptocurrencies. Sounds interesting, doesn’t it?
But it does come with some hefts, like paying high electricity bills or maintaining powerful hardware. Yes, there’s cloud mining taking away the heft of purchasing high-tech mining rigs. But it also lowers the earning potential.
Keeping all that aside, if you are mining, which are the top cryptocurrencies to watch out for in 2024? There’s no need to stumble or fall behind in the crypto world. Here’s another helping hand from The Bitcoin Magazine to keep you ON TRACK. Keep reading.
What Is A Cryptocurrency?
Do you know what cryptocurrency means, or are you also one of those for whom cryptocurrency is equal to Bitcoin? Even in 2024, this question remains relevant, where everyone knows everything. Irrespective of what you already know, let us start from scratch with the meaning of cryptocurrency.
A cryptocurrency is a virtual currency that exists in coins or tokens on a nicely expanded and decentralized virtual platform. After the launch of the first cryptocurrency, Bitcoin, ten years ago, there has been an exponential surge in the list of fastest growing cryptocurrency.
Today, in 2024, more than 13000 cryptocurrencies are available in the market. That is 8000 more in numbers compared to 5,000 as of January 2021 when we published this article. The intention of these currencies is to develop decentralized financial systems to narrow down the boundaries between separate centralilzed monetary systems.
These new and fastest growing cryptocurrency are being widely promoted due to their unique features, such as using multiple consensus algorithms, such as proof-of-stake or handling more transactions per second. Cryptos other than Bitcoin are collectively known as ‘Altcoin.’
Alert for Miners: Watch out for 10 Fastest Growing Cryptocurrency in 2024
Cryptocurrencies are volatile, exciting, new, and most importantly sudden. You don’t know which one might be trending at what point of time. You can also follow certain forecasts.
Tomorrow when you wake up, you might start your day with the news of new crypto making an entry on the virtual trading platform. Such is the volatility and unpredictability of the cryptocurrencies.
The market analysts rank all these digital currencies based on some vital parameters, like longevity (for how long the currency has been present in the market), technology (how good is the currency’s platform compared to others concerning security and usability), track record (how good has been the performance of the crypto since its inception), and adoption rate (what is the percentage of people investing in the particular crypto) after which the list of fastest growing cryptocurrency is finally prepared.
How about discovering which of these fastest-growing cryptos are? Most importantly, how about knowing which cryptocurrencies are best for mining in 2024?
1. Bitcoin
Let’s start with the obvious. Bitcoin still holds the crown, and no altcoin is dethroning it from being the most prominent digital asset. Although the technology has been evolving and changing throughout the past few years, Bitcoin remains relevant, lucrative, and in demand. Yes, it’s true that Bitcoin requires capital-intensive efforts and specialized ASIC hardware. But, if you can invest both money and time, there’s still some profit to be made.
2. Ravencoin
Why do people like to mine Ravencoin so much? Well, it uses the X16R proof-of-work mining algorithm. It comprises 16 different types of algorithms used during random mining. This cryptocurrency is ASIC-resistant. Also, Ravencoin ditches some of the negatives of both Ethereum and Bitcoin, proving to be more reliable, anonymous, confidential, and public and providing open access. If you can’t afford ASIC and still want to get down to the mining game, you are sorted. Your basic consumer-grade hardware GPU will be enough. In short, it’s got potential, and it’s affordable for newbie miners.
3. Ethereum
The second-largest cryptocurrency after Bitcoin, Ethereum is not crypto and a software platform through which developers can create crypto of their own using the Ethereum network. It aims to exchange the servers with a worldwide system of nodes to decentralize the internet and develop one computer, which the whole world shall use. Ethereum is based on blockchain technology where its users trade in crypto named Ether. Ether is said to have a market cap of $400 Billion.
4. Tether (USDT):
With its chain tied to the U.S. Dollar, Tether is said to be the most stable cryptocurrency of all. Tether’s working strategy is like, for every unit of tether that a user buys, one dollar is kept aside in the Federal Reserve Bank. This feature of tether attracts buyers who are looking for an opportunity to transact with their cryptocurrency.
5. Binance Coin:
In the year 2017, the market was going through the bull phase, during which the prices of all the registered cryptocurrencies rose dramatically to reach their peak point, after which a decreasing trend was noticed in their value. During this time, Binance Coin was amongst those cryptos that had reached its peak. But, after that period, Binance registered a slow but consistent growth rate. Because of this consistency, Binance Coin, one of the fastest growing cryptocurrency, has been labeled as a stable investment option with fewer risks.
6. Polkadot (DOT):
The leaders who created Ethereum invented Polkadot as their currency with an improvised network. Polkadot is different from other cryptos in the sense the former has several lanes to complete transactions. The purpose behind creating Polkadot was to reward and appreciate the bona fide investors and eliminate those who are trading in the market only to earn quick money. These genuine investors are also allowed to participate in decision-making on matters like network upgrades, establishing or deleting parachains, and network fees.
7. Cardano (ADA):
Cardano is a small network cryptocurrency that appeals to investors because of its efficiency and speed to complete a transaction in less time and energy of the users compared to larger network cryptos. This feature of Cardano not only makes it the fastest growing cryptocurrency but the faster and cheaper digital currency as well. It boasts of being a more adaptable and highly secured network. And, in an attempt to be away from the claws of the hackers, Cardano always works to improve its development.
8. Litecoin:
Though Litecoin was officially established in the year 2011 but had entered the market along with Bitcoin. Litecoin’s claim to fame is its ability to finish a transaction at four times faster speed than Bitcoin. And, to prove this, they hold the label of being the first-ever cryptocurrency to complete a Lightning Network Transaction, which was achieved in 2017. Litecoin completed this transaction in only a few micro-seconds. If Litecoin expands its use of Lightning Network to make ultra-quick transactions, it is deemed to increase its value drastically.
9. Ripple (XRP):
XRP crypto was designed by Ripple, which is quite different from the other cryptocurrencies because it allows its users to do international transactions. Doing an international money transfer with a bank may take up to 10 business days to settle. But, with Ripple, paying international money transfers will take a few seconds. Moreover, Ripple has entered into a contract with the world’s top banks. This means the more agreements with the banks, the greater will be XRP crypto accessible to the investors, being one of the reasons to be on the list of the fastest growing cryptocurrency.
10. Chainlink:
Chain Link is sold at an unbelievable price in its virtual market. The cost of this crypto is so strategically set that it seems to be sold at an affordable price, but at the same time, it also appears to be high enough not to be categorized amongst the penny stocks. Investors are attracted to investing in Chainlink because of the crypto’s proven ability to increase in value. Coinbase, which is the world’s largest cryptocurrency app, has also added Chainlink to its crypto trading list, making Chainlink accessible to more investors.
11. Bitcoin Cash (BCH):
Bitcoin Cash (BCH) is a new variant of the king of the cryptocurrency world, namely Bitcoin, launched in August 2017. BCH also comprises blocks that can store 8 MB of data that allows the users to conduct more frequent and faster transactions paying lower fees. BCH’s good scalability shows an incredible potential for growth that puts it forward in the race for the fastest-growing cryptocurrency. It started this year’s trading for below $500 but took a jump of more than $1500 recently.
12. Stellar (XLM):
Lumens cryptocurrency, which is abbreviated as XLM has been introduced by Stellar company to cater to the requirements of a niche market rising in the crypto universe. It is the PayPal of the cryptocurrency networks since it acts as a bridge that connects the blockchain networks with the banks. Because Stellar does not have a centralized network, it can easily change any currency and trade it across multiple channels. And, this feature of Stellar makes transactions much faster and cheaper compared to a traditional bank.
I hope that this comprehensive article has given an appropriate answer to your question: what is the fastest growing cryptocurrency? I also hope that this article has also provided sound knowledge on different fastest growing cryptocurrency that is popular enough to top the list soon. A few more well-known cryptocurrencies have a great future ahead, which you can read here.
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