Bitcoin's growth has always played a crucial role in boosting the cryptocurrency market. In a nutshell, cryptocurrencies are interesting, to begin with. Unlike the mundane dollars, rupees, pounds, or yen, top cryptocurrencies inject a more substantial element of speculation into the financial market. Since Bitcoin made its debut in 2009, the stock market and national currencies were widely threatened. Besides being a source to double or triple your investment, digital tokens are currently used as a trading medium every day. Other factors like set regulations and institutional adoption are expected to trigger the cryptocurrencies' prices to new highs in the coming days. But for now, top cryptocurrencies including Bitcoin are going through a severe storm. Fortunately, that doesn't make many investors back up from their initiatives. This article features the top 10 cryptocurrencies to benefit the most from bitcoin's growth.
Polygon is the most valuable and most promising layer-2 scaling solution for the Ethereum blockchain. It seeks to increase Ethereum's efficiency by cutting down on gas fees while increasing transaction processing speeds. It has already received a roaring welcome from the crypto community with a growing number of on-chain brands like Uniswap and Open Sea as well as off-chain brands like Stripe, Adobe, and DraftKings.
Solana is still a top-10 cryptocurrency, and it has its blockchain, which means it doesn't have to rely on another network's design and limitations. The longer Ethereum takes to complete The Merge, the more Solana, an Ethereum competitor with decentralized apps and Defi products of its own, should benefit.
Uniswap represents the popular decentralized exchange that enables users to buy and sell digital currencies without requiring communication with third parties. While all other cryptocurrencies have failed to prove their worth to investors, Uniswap surpassed its market capitalization in the early part of 2022. Hence, Uniswap is one of the top cryptocurrencies to benefit the most from bitcoin's growth.
Ethereum was the first major project to introduce smart contracts. These smart contracts allow developers to launch mobile and desktop decentralized applications (dApps) on top of the blockchain. Thousands of tokens run on the Ethereum network, and it is these tokens that spurred the initial coin offering (ICO) movement.
What started as a meme now serves a purpose. Dogecoin's main usage has now become a mode for tipping people online who share useful information or are just hilarious. Over the past year, Dogecoin has been in news for several reasons, be it the Reddit fiasco or Elon Musk becoming a 'Dogefather'. This popularity is predicted to continue, boosting its price slowly but surely. It is one of the top cryptocurrencies to benefit the most from bitcoin's growth.
In the world of blockchains, Chainlink is one of the first to allow the integration of off-chain data into smart contracts with an Oracle network. This enables blockchains to connect with external data and transactions securely. On account of its applications, experts predict an upward chart for this cryptocurrency as Chainlink's technology is crucial for the advancements of smart contracts.
Dogecoin emerged out of a meme, but quite rapidly it became something that could gather a growing community of loyal supporters. Despite its whimsical beginnings, SHIB emerged as one of the top cryptocurrencies in the market with big selling points. The community also created an NFT project back in 2021 about SHIB that has enabled it to gain more attraction from investors. It is one of the top cryptocurrencies to benefit the most from bitcoin's growth.
The future of BNB is dependent on the growth of the Binance Exchange platform. And as per the current scenario, Binance Coin's future looks bright which could pump prices to new highs. And hence as per the BNB price prediction, the BNB price might cross US$610 by the end of 2023.
Tether is a blockchain-based cryptocurrency that is backed by the U.S. dollar. This means there are actual dollars in reserves at financial institutions to serve as collateral. Stablecoins, when fully backed by the dollar, have a 1:1 relationship with USD. You can expect stablecoin prices to stay stable, as the name suggests, unlike popular cryptocurrency counterparts Bitcoin and Ethereum. It is one of the top cryptocurrencies to benefit the most from bitcoin's growth.
USD Coin has a set value of US$1 per coin, and each USD Coin is backed by a US dollar in a separate bank account. This makes USD Coin a popular choice for crypto investors who want to avoid the volatility and price risk associated with big currencies like Bitcoin and Ethereum.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.