Cryptocurrencies have rapidly grown in popularity over the past few years because of high inflation in fiat currency, among other reasons. Bitcoin was the first and is still the most well-known digital currency.
Still, many other cryptos are also snowballing as people are interested in buying and holding them. In this post, we will discuss ten of the fastest-growing cryptocurrency, their pros and cons, and their current value. This article explores why this cryptocurrency is gaining traction among investors.
Why Does Crypto Market Value Grow?
Like any other asset, cryptocurrency gains its market value from the law of supply and demand. When there is high demand for a particular cryptocurrency but a limited supply, the price of the cryptocurrency goes up. This is similar to how stocks work on the stock market.
Which is the Fastest Growing Cryptocurrency?
Many cryptos, also known as digital currency, get traction every day. Here we present the list of ten fastest-growing cryptocurrencies with their market value.
Bitcoin (BTC) – The Fastest Growing Cryptocurrency
Bitcoin is the first cryptocurrency that was created in 2009. Even though there are many digital assets to buy, bitcoin is still the most well-known and fastest-growing cryptocurrency. When you hear people talk about investing in digital currency, they are usually referring to Bitcoin. The price of Bitcoin has been volatile, but it has seen much growth over the past few years.
Pros of Bitcoin
- It is the most well-known and widely accepted cryptocurrency.
- Bitcoin has a large market cap and is more stable than other crypto assets.
- It has High liquidity, and whales cannot easily manipulate it.
- Central authority has no control over bitcoin.
Cons of Bitcoin
- Limited use case
- High volatility
The Current Value of Bitcoin
The current value of bitcoin is $30 581,70 (at the time of writing). The ATH of bitcoin was almost 69k in the first half of 2021.
Ethereum (ETH) – The Second Most Valuable Digital Currency
Ethereum is a decentralized platform that runs smart contracts and is the second-largest crypto network. These applications run exactly as programmed without any possibility of fraud or third-party interference. It is the second most talked about crypto in the cryptocurrency market. It is a highly valuable digital currency valued at more than $200 billion. It is among the top 10 digital assets to buy.
Pros of Ethereum
- It is the most popular platform for developing decentralized applications.
- Ethereum allows developers to build and run smart contracts.
- It is more stable compared to other altcoins.
- Ethereum has been around for longer than many of the other altcoins.
Cons of Ethereum
- The Ethereum network can be congested at times.
- High gas fees compared to other cryptocurrencies.
- The Current Value of Ethereum
The Current Value of Ethereum
The current value of Ethereum is $1818(at the time of writing). The ATH of Ethereum was almost $4,812 in the first half of 2021.
Ripple (XRP)
XRP is a cryptocurrency that is used by the Ripple payment network. The Ripple network is a real-time gross settlement system (RTGS) utilized by banks and financial institutions.
Pros of Ripple(XRP)
- Ripple is much faster than other digital currencies like Bitcoin and Ethereum, with transactions taking only a few seconds.
- It is safer than other payment systems.
- Very low fees
Cons of Ripple(XRP)
- It is not decentralized like bitcoin and is controlled by a central authority.
- A lawsuit against ripple by SEC. This brings fear among holders in the cryptocurrency market.
The Current Value of Ripple(XRP)
The current value of Ripple(XRP) is $0.40 (at the time of writing). The ATH of Ripple was almost $3.40 in early 2018.
Binance coin (BNB)
BNB is the fastest-growing cryptocurrency that is used by the Binance exchange. It is considered among the best crypto exchanges. The Binance exchange is a global cryptocurrency exchange that provides a platform for trading various digital currencies. It is also one of the people’s favorite crypto and is used most in the cryptocurrency industry.
Pros of Binance coin(BNB)
The Binance exchange is one of the most popular cryptocurrency exchanges making BNB very valuable.
BNB has a lot of utility as it can be used to pay trading fees and get discounts on the Binance exchange.
BNB has seen a lot of growth since it was first created.
Cons of Binance coin(BNB)
- High regulations in the crypto industry can affect the price of BNB highly.
- Trading fees increase over time.
- The Current Value of the Binance coin(BNB)
- The current value of BNB is $290,02 (at the time of writing).
- The ATH of the Binance coin was almost $686 in the first half of 2021.
Polkadot (DOT)
Polkadot is the fastest-growing cryptocurrency with a decentralized network that allows for scalability and interoperability between different blockchain protocols.
Pros of Polkadot (DOT)
- Polkadot is very scalable as it can handle thousands of transactions per second.
- It is very interoperable as it can connect different blockchain protocols.
- Polkadot has seen a lot of growth since it was first created.
Cons of Polkadot (DOT)
- The issue with the distribution of DOT supplies.
- It has been the target of hackers in the past, and millions of dollars have been stolen.
- The Current Value of Polkadot (DOT)
The current value of DOT is $9.23 (at the time of writing).
The ATH of Polkadot was almost $54 at the end of 2021.
Solana (SOL)
Solana is the fastest-growing cryptocurrency, with over $14 billion in market capitalization. The purpose of Solana is to provide a high-performance decentralized infrastructure and the fastest transaction speed with the lowest fees.
Pros of Solana
- Fastest transaction speed (up to 65,000 TPS)
- Low fees
- Decentralized infrastructure
Cons of Solana
- Network instability
- The Current Value of Solana
The current value of Solana is $41.53 (at the time of writing).
The ATH of Solana was almost $54 at the end of 2021.
Polygon (MATIC)
Polygon is also another fastest-growing cryptocurrency. It is a layer two scaling solution that achieves high transaction throughput while maintaining low fees. Matic is available in most big crypto exchanges to buy and sell.
Pros of Polygon (MATIC)
- Fast transaction speed
- Low fees
- Staking rewards
Cons of Polygon (MATIC)
- The total Value Locked Ratio is high. This can cause the asset to be overvalued.
The Current Value of Polygon (MATIC)
The current value of MATIC is $0.62 (at the time of writing). The ATH of MATIC was almost $2.92 at the end of 2021.
Elrond (EGLD)
Elrond is a high-throughput public blockchain platform that achieves fast transaction times and low fees. Elrond solves a critical problem faced by many developers and traders on Ethereum’s network. It uses sharding technology to achieve high scalability, due to which it has become the fastest-growing cryptocurrency. It is available in major crypto exchanges like Binance and Kucoin.
Pros of Elrond (EGLD)
- Highly advanced blockchain technology. Fast transaction speeds up to 250,000 TPS, making it a significant cryptocurrency.
- Elrond is the most developer-friendly project.
- Low transaction fees.
- It has a Secure Proof of Stake consensus mechanism.
Cons of Elrond (EGLD)
- It doesn’t have a massive community compared to Ethereum and Solana.
The Current Value of Elrond (EGLD)
The current value of Elrond (EGLD) is $62 (at the time of writing). The ATH of EGLD was almost $510 at the end of 2021.
BH token (BHAT)
BH Network is a project with an aim to build Freelance Marketplace on top of Elrond Network with its own fully legal and licensed launchpad. BHAT Token is the epicenter of the BH Network web3 hub. It allows access and interaction with all Defi modules within the hub, whether using it as a freelancer, online services buyer, or investor.
Pros of BH token (BHAT)
- $BHAT token will be the governance of the marketplace, providing holders and stakers with continuous perks and voting rights for changes within the platform for an even safer, more fair community.
- It has multiple use cases ranging from web3 freelancing marketplace to crypto launchpad.
- Highly audited Smart Contracts (SC).
- You can stake BHAT and get up to 25% APY while getting tickets to participate in Bhero launchpad projects.
- Highly educated and supportive community.
Cons of BH token (BHAT)
- Since it is a new token, it has less liquidity than other cryptos.
The Current Value of BH token (BHAT)
The current value of the BH token (BHAT) is $0.23 (at the time of writing). The ATH of BHAT was almost $0.35 at the end of May 2022.
Shiba INU (SHIB)
SHIB is a meme-based cryptocurrency created as a fork of the famous Dogecoin. It had no IDO or ICO and is entirely decentralized. However, SHIB has a very active community and is constantly being developed.
Pros of Shiba Inu (SHIB)
- Completely decentralized
- Active community
- Fast transaction speed
Cons of Shiba Inu (SHIB)
- Extremely volatile
- No use case
The Current Value of Shiba Inu (SHIB)
The current value of Shiba Inu (SHIB) is $0.0000106 (at the time of writing). The ATH of Shiba Inu (SHIB) was $0.00008845 in October 2021.
FAQ
What is Cryptocurrency?
Cryptocurrency is a digital or virtual asset using cryptography to secure transactions. Cryptocurrencies are decentralized and often anonymous, making them difficult to trace.
Why is Cryptocurrency Important?
Cryptocurrency is essential because it allows for secure, decentralized transactions. Cryptocurrencies are often used as a store of value or investment, and their popularity has continued to grow in recent years.
Should You Buy the Fastest-Growing Cryptocurrencies?
This is a difficult question because it depends on your investment goals and budget. You can invest in the fastest-growing cryptocurrencies with proper use cases like Egld and BHAT. Still, it’s always recommended to do your own research.
How Does the Cryptocurrency Market Work?
Cryptocurrency markets work similarly to traditional markets, with buyers and sellers trading based on the current market price. However, some key differences exist, such as the lack of central regulation and the use of cryptography to secure transactions.
Conclusion
The article discusses some of the fastest-growing cryptocurrencies like Bitcoin (BTC), Elrond (EGLD), BH token (BHAT), etc. All these cryptocurrencies have their pros and cons. Doing your research before investing in any cryptocurrency is always recommended. However, it is not investment advice.
