2021 has already been a tremendous year for the cryptocurrency market, which continues to evolve rapidly and, there are no indicators that it will slow down. Over the past two years, its adoption and popularity is moving ahead in full speed.
With the highest market capitalization, Bitcoin is in the lead and Ethereum comes at the second position, leading the altcoins. Ethereum is not only a mode of payment but has also reached smart contracts now, maintaining its position just below Bitcoin since its launch.
Ethereum is the second-largest crypto by market capitalization totaling over $240 billion, however, has a long rough road ahead to be highly effective. Due to its high energy requirements, scalability, high transaction cost, and slow transaction speed, it is criticized by some of the projects. Along with that, the growing popularity of non-fungible tokens (NFTs) is there to compete and overpower Ethereum, maybe even throwing it out of the market in near future.
This article is going to show the possibility of some of the altcoins that might overpower Ethereum. Let’s look into it briefly:
Among altcoins, Cardano is the most commonly used cryptocurrency, due to its operation on a proof of stake system. Developed in 2017 by Charles Hoskinson, it has grown 840% since then. It may be a suitable alternative of Ethereum due to being more energy-efficient. Adding more, it can manage up to 257 transactions per second, facilitating users to create and deploy smart contracts to create blockchain games, dApps, and NFTs too. It is going to be more efficient and useful in the coming years.
Among top ten cryptos, Solana is at the seventh spot at this moment. Making it grow 12 times of its initial price in a year, it has upgraded its market value to $48 billion. Some of the enthusiasts term it as a powerful Ethereum competitor. An amazing fact is that it can manage 65,000 transactions per second, which is quite incredible. A transaction speed this fast is quite hard to achieve, as some big names like Visa have also not yet come near this. Solana’s incredible design makes it one of the best players in the crypto market.
Another Ethereum rival in the crypto space. Polkadot is known widely to be potentially powerful enough to overtake Ethereum. Some even call it, the ‘platform of platforms’. Just like Ethereum, Polkadot also allows Dapps development on respective platforms or environments. The difference lies is just the way of achieving this service. Ehereum does this by through the use of smart contracts. On the other hand, Polkadot achieves this functionality by developing apps that link with other ledgers through a relay chain.
BSC (Binance Smart Chain)
Being a project of a prominent digital asset exchange Binance, BSC came in the year 2019 and has been going to the top ever since. Low latency and cheap rates, these are the two biggest advantages offered by Binance Smart Chain, not to mention the diverse and rich features it provides for the development of decentralized apps. The transaction per second speed of 39.2 makes BSC actually three times faster than Ethereum as well. This makes it a potential competitor with higher possibilities to overtake Ethereum by resolving the issues coming in the latter one.
So these were the possible competitors for the second biggest cryptocurrency Ethereum and might even overtake it in the near future. Crypto market is known for its volatility, so let’s wait and see what will be the next big crypto thing.