The market of cryptocurrency is known widely for its volatility. The ups and downs that cryptocurrency faces every day can be frightening if you have invested. Although the roller coaster ride may be concerning, the value of most successful cryptocurrencies rises over a year. Any cryptocurrency apart from Bitcoin is known as altcoins, which is short for “alternate coins”. The future of Bitcoin is quite bright. But what about the other cryptocurrencies that have been a vital part of the crypto economy? The volume of trade for altcoins has gone up considerably in the past few years.
Let us look at the future predictions of the most popular altcoins.
Ripple
Ripple is not decentralized and is owned by a company. Ripple cannot be mined and this cryptocurrency is what the creators call “pre-mined”. A finite amount of this was released together in one go. Every transaction that is carried out using Ripple, results in the destruction of a small amount, which reduces the supply, whereas the demand remains the same or increases over the years. Ripple has seen a tough time in 2020 yet it dominated the crypto market. The value of this cryptocurrency is gaining momentum again steadily. The lowest recorded price in 2021 was in the month of October 2021 which was 70.78 rupees. The future for this cryptocurrency seems bright. Those looking to invest in Ripple should not expect immediate returns and think of trading in months or years. The adoption of Ripple payment software by different financial institutions is giving this cryptocurrency an edge. Ripple price INR at the beginning of 2022 is 60 rupees.
Tron
The future of Tron is something that a lot of investors have predicted. According to a famous personality, Tron was even said to be a pump and dump scheme. The step to buying BitTorrent has added credit to the future of Tron and it remains to be seen whether it will be one of the most successful cryptocurrencies.
Dogecoin
Dogecoins can be used to purchase a thing or to trade instantly but the future of this Dogecoin is uncertain. Given the volatility, Dogecoin cannot be considered for long-term investment. The total number of dogecoin supply is unknown. Every day whenever miners complete the equations there are millions of new Dogecoins created. No one knows when the supply of Dogecoins will be cut off and what the value of Dogecoin will be at that time.
Bitcoin Cash
BCHABC has not made the investors’ or the experts’ task easier by showing volatility in 2020. There have been predictions made that by the end of 2024 and 2025, BCH will be traded between 68,535 rupees to 76,150 rupees. The update that is being readied is known as the Avalanche update. It is predicted that there will be a boost in the value post the Avalanche update. After a rough start when Bitcoin cash split from Bitcoin, it has got back on the horse quickly and is headed in the right direction.
Ethereum
Ethereum is one of the most successful altcoins. Ethereum is the most likely contender to overtake Bitcoin in the coming years. The launch of Ethereum 2.0 has been in the works for years. There are a lot of applications built on the Ethereum blockchain. The investors are sure to benefit from the adoption of the network in the long run. The possible applications of Ethereum are still being actualized and many cryptocurrencies are based on Ethereum. The healthcare applications of Ethereum are something that the world needs. Decentralization of data storage is something every cryptocurrency is aiming for and yet none has achieved the ideal status. Having thousands of locations with data makes it nearly impossible for big losses to occur. Ethereum is also powering the NFT world, which has become one of the most valuable assets anyone can possess. The Ethereum price in INR at the beginning of 2022 is 2,57,805 rupees.
Shiba Inu Coin
Started as a joke, this currency has shown growth over the past couple of years. Major exchange platforms in the U.S. and in India listed this crypto in 2021. The charitable work done by Shiba Inu in collaboration with Amazon to rescue Shiba Inu dogs and the fact that Vitalik Buterin gave 10% of his Shiba Inu shares to charity reduced the price before picking up again. In October 2021 Shiba Inu flipped DOgecoin and became the most valuable meme-currency. The future of this coin is bright and will only be brighter.
Solana
Solana is a viable competitor of Ethereum. Looking at the trends of the last 5 years, the volume of transactions per second involving cryptocurrency will continue to rise and Solana looks to be the answer to that problem. Currently at 2,746 transactions per second, Solana charges approximately $0.00025 per transaction. SOlana’s scalability ensures that the price of transaction remains lesser than $0.01 for both developers and users.
If you are wondering where to buy altcoins from, then the answer is CoinSwitch. One of the best exchange platforms in India, CoinSwitch not only assists you with buying and selling cryptocurrency but provides more and enough information about the crypto you wish to invest in. You can go to the website or download the free app to get started. CoinSwitch also provides you with a wallet facility to store your cryptocurrency safely.