Cryptocurrencies have taken the world by storm, thanks to substantial media attention and hype. While Bitcoin and Ethereum remain the most popular virtual cryptocurrencies, the field continues to grow by the day. Currently, there are more than 1500 cryptocurrencies, varying based on makeup and function, as well as the target audience.
Amidst talk of cryptocurrency adoption in the mainstream sector, only a few cryptocurrencies have what it takes to make the big leap. The most traded cryptocurrencies are the most likely to make the big switch should friendly regulations come into being.
Below are some of the most traded cryptocurrencies.
Arguably, the biggest and flagship cryptocurrency, Bitcoin remains the most popular and most traded cryptocurrency in the burgeoning segment. The cryptocurrency has continued to grow in prominence due to its high price that a good number of people are using for price speculation.
The high market capitalization has also ramped up Bitcoin’s sentiments among investors as it translates to reduced risks given the number of people trading the altcoin.
Major companies such as Microsoft and Overstock accepting Bitcoin payments has also gone to grow the popularity of the flagship cryptocurrency.
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Launched in 2011, Litecoin has grown to become one of the most traded cryptocurrency given its ability to offer faster transaction confirmation. Often referred to as the Silver of the cryptocurrency sector, it is increasingly finding more use in the financial sector. For starters, a number of merchants are already accepting the altcoin as a means of completing transactions.
Lower transaction costs associated with Litecoin has also had a hand in Litecoin growing popularity in addition to the fast transaction speeds.
Bitcoin Cash, a split from Bitcoin, also continues to elicit more orders in the cryptocurrency market. Its popularity and use have continued to grow, given its enhanced fast processing speeds compared to Bitcoin.
The increase of Bitcoin Cash block size from 1MB to 8MB has allowed the cryptocurrency to enable fast transactions, consequently leading to its increased use in the cryptocurrency sector.
The second-largest cryptocurrency by market cap, Ethereum is also one of the most traded cryptocurrency. Unlike Bitcoin, which has grown in part because of transactions it facilitates, Ethereum remains one of the most traded altcoins given its ability to enable smart contracts.
Ethereum ability to decentralize the internet is one of the factors that has contributed to its popularity growth. It also remains one of the most traded because of its push to revolutionize the client-server model in the computer world.
Ripple has evolved to become the most traded cryptocurrency because of its real-time global settlement network. The network has grown to become a key ingredient in facilitating cross border payments.
Ripple has also set itself apart from other altcoins given its consensus ledger is not unique and does not require mining, as is the case with Bitcoin. Fast transactions are a core piece to Ripple Identity, making it one of the most traded.
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