Top 5 Cryptocurrencies in the Market as per Current Trend and Demand

By: ankitpatel
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Investing in cryptocurrency is akin to making quick money for many. Cryptocurrency has its own advantages when compared to the physical form of money. Bitcoin laid the initial foundation for this frenzy and it is speculated that there are about 3000 cryptocurrencies in circulation now. Bitcoin had some inherent flaws and to overcome these many other cryptocurrencies were created. Moreover, the Bitcoin has many spin-offs. Some have focused on keeping the transaction fees low while some work on a different algorithm. While many use the blockchain technology, there are quite a few popular cryptocurrencies that use directed acyclic graph (DAG) algorithm. Here are listed top 5 Cryptocurrencies as per current trend and use:

 

1. IOTA

IOTA was formed on providing secure payments between the growing network of interconnected devices, or the ‘Internet of Things’. Its market capitalization stands at $10 billion making it the seventh largest cryptocurrency in circulation. It uses Tangle, a directed acyclic graph (DAG) algorithm for free transactions. In this, a stream of individual transactions is entangled together to store the records. The Bitcoin transaction time is too delayed and the fee is too high. In addition to it, the reward for validating blockchain transaction is competitive. IOTA is aimed at solving the inefficiencies of blockchain by introducing a feeless transaction settlement layer.

 

2. Dogecoin (DOGE)

What began as a joke currency has turned into one of the top cryptocurrencies in the market. Users use it to tip other users for information, funny tips or whatever seems worthy of tipping. But it has also been used for society crowdfunding. And a gold coin representing this cryptocurrency is scheduled to reach the moon’s surface in 2019. Currently, it has reached $1 billion in market capitalization.

 

3. Dash

Digital Cash or Dash is a peer-to-peer decentralized cryptocurrency that is intended for quick transactions with a negligible fee. It is designed to have a supply of 18 million coins and the present circulating supply is 7.4 million. The average block mining time is four times faster than Bitcoin. The market capitalization of Dash is valued at $1.5 billion making it the sixth most valuable cryptocurrency.

 

4. Monero

This cryptocurrency offers privacy and security and is untraceable. When a transaction takes place, Monero creates a new one-time destination address that is not linked to the receiver’s public address. The incoming transaction comes as a group and has possibly many senders making it impossible to know the true sender. By this, a sender’s privacy is maintained.

 

5. Lumens (Stellar)

Stellar is a distributed blockchain ledger that facilitates transfers and payments. ‘Lumens’ (XLM) is its cryptocurrency. It has a low transaction fee and allows for fast speeds. Its main aim is on the developing economies and hopes to cover remittances and bank loans to those where the banking services are unavailable.

 

Wrap Up

Picking out the top 5 cryptocurrencies is a challenging task. This is because, if we were to write it based on the market capitalization, then we would have to alter it each day. Yes, the cryptocurrencies are very volatile in the present market scenario. We have tried to list the 5 popular cryptocurrencies based on its potential and demand.

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