While some people are still arguing how Bitcoin is going to be a passing fad, Bitcoin has shown them how ludicrously wrong that idea was. The increased market value of Bitcoin in the current year has reached up to 6.35%. Those who considered it a dumb investment are regretting their decision now. However, investors have started pondering about other opportunities as substitutes or auxiliary investments for Bitcoin. In this vein, crypto consultants see a sprawling altcoin industry developing, and believe that it will go on to hold a significant position in the mainstream cryptocurrency market.
What Should I Be Looking for in New Cryptocurrency?
These are some important characteristics which must be considered when making new cryptocurrency:
- An Experienced Team: The cryptocurrency development team should have some prior experience in their respective domain. You should evaluate the level of expertise their team possesses.
- Current Status Positive: You need to check the status of their process. What features are they working with? Are they actually making any progress?
- Price point: Most Altcoins have shifting prices. You should check whether their prices are high and avoid highly priced Altcoins.
New Crypto Currencies for the Upcoming Year
In the light of the aforementioned points, here is an overview of different cryptocurrencies that might be worth watching in the year ahead. These cryptocurrencies, like Bitcoin, are subject to high risk and extreme volatility – so your diligence is required for future investment.
Market Cap: $13.95 billion
Current Performance Rate: +6,025%
Creator: Notable star of the crypto industry Charlie Lee (former Google employee)
Lee created it in 2011 as an alternative to Bitcoin. Mainly, Lee wanted to reduce the time that is required to process and confirm transactions plus and restructure the process of mining cryptocurrency to ensure broader participation in it. Lee designed Litecoin to produce more coins. Currently, Litecoin has a limit of 84 million coins out of which 54 million coins are in circulation. Contrast this with Bitcoin, which has a limit of 21 million coins with a current circulation of 16.7 million.
Market Cap: $5.95 billion
Current Performance Rate: +2,596%
The distinctiveness of Monero lies in its anonymity. All transactions made via Monero remain completely untraceable. Though the data of receiver and sender is recorded, it cannot be accessed by anyone. The feature is quite appealing to cybercriminals. This is why, when the Wannacry ransom hacking software infected around 230,000 computers, the criminals demanded payments via Monero. However, investors who favor Monero believe that it is not only attractive for cybercriminals, but would also be an option for corporations that do not want to make their transactions and balance public.
Market Cap: $5.86 billion
Current Performance Rate: +83,570%
Creator: CEO of Onchian, Da Hongfei
Since Ethereum clearly stands on number two position after Bitcoin in China, Neo has still a long way to go. The founder, Da Hongfei, is confident about Neo as a new, rapidly rising cryptocurrency and predicted it as the foremost choice for investors in coming year. Neo currently has about 65 million out of 100 million coins in circulation.
Market Cap: $20.21 billion
Current Performance Rate: +3,296%
Creator: Input-Output Hong Kong (IOHK) Blockchain developer
With a dedicated team and considerable financial resources, Cardano could be a real contender for other cryptocurrencies, especially Ethereum, in the future. Though Cardano was only launched recently, it has exploded with a massive number of coins, called ADA. It has reached its place among the top 10 cryptos with its significant market cap. Cardano is, however, still relatively unknown and apparently has a big private transaction system. It makes sure to respond to all the needs of regulators, and that gives it a good chance to be adopted by the masses.
Overall, replacing Bitcoin is a challenge, considering its position as a high payment network among other cryptocurrencies. However, at the same time, the volatility of Bitcoin makes it vulnerable to be replaced by the mentioned cryptocurrencies. Some of them have tremendous potential to rock the massive crypto markets and industry as a digital asset in 2018.