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It's been over a decade that we are experiencing the buzz of cryptocurrencies. While Bitcoin started the crypto wave and became synonymous with cryptocurrencies, presently, there are many other digital coins showing great potential. Out of the 7,000 cryptocurrencies, experienced investors are betting on three cryptocurrencies, Bitcoin Cash, Cosmos, and Polkadot. Here's a detailed analysis of the cryptocurrencies to help you make the right investments.
Cryptocurrencies like Bitcoin and altcoins run on blockchain technology. Blockchain is the revolutionary new technology that stores all the information about cryptocurrency transactions inside "blocks" of data. As Bitcoin became increasingly popular, these blocks (that can only hold up to 1 megabyte of data) got filled up and resulted in slower transactions and increased cost. To reduce the cost and time, few Bitcoin developers came with an idea to create another version of Bitcoin. In 2017, that became Bitcoin Cash. Bitcoin Cash works on blockchain technology that can store up to 8 MB of data, enabling faster transactions and lower fees. As per its value, Bitcoin Cash has not reached its peak potential yet, but the scalability it offers shows growth potential. During the beginning of 2021, BCH was trading for less than US$500 and recently saw a spike of US$1,500.
Cosmos is one of the most ambitious projects in the cryptocurrency space. The Cosmos network allows independent blockchains to transfer assets and communicate with each other on the network, through Inter Blockchain Communication. Compared to other networks, Cosmos has a lesser carbon footprint making it one of the most environmentally friendly cryptocurrencies. Presently, the Cosmos Hub has secured more than US$120 billion in digital assets. The company behind this crypto coin is planning new launches like a network-specific decentralized exchange which will add more value and provide an advantage for Cosmos crypto investors. As anticipation grows, this cryptocurrency has a bullish future.
According to several market experts, the best cryptocurrency to focus on is Polkadot. Polkadot is considered as the evolution of blockchain technology which will facilitate many great advances towards the decentralization of the internet. What makes Polkadot class-apart is its speed, security, and governance. Its blockchain network has the capability to scale at global levels as evident by its position today. At the time of writing, Polkadot is trading at US$10.78 with a market cap of US$10 billion, the 10th largest in the cryptocurrency market.
