In today’s dynamic cryptocurrency market, we hear the most about two types of cryptos: the established market leaders, and the newcomers around the corner. In the former category, it is primarily four cryptocurrencies — bitcoin, ethereum, ripple (XRP), and litecoin — that dominate the conversation.
And regarding the newcomers, most of the talk these days is still about Facebook’s libra; Financial Times called it “just another PayPal” recently, highlighting concerns that it may wind up being something of a disappointment, but it’s still poised to be the biggest news in the crypto world when it’s finally released – 3 Cryptocurrencies That Are on the Rise.
In between the market leaders and the impending newcomers though, there continues to be movement among other cryptocurrencies. Below, we’ll update you on three in particular that are distinctly on the rise.
Tether is not exactly a secret at this point, but it’s still on its way up in the crypto ranks. In the past, it’s been known primarily for its status as the preeminent “stablecoin” on the market (due to the fact that its value is tied to U.S. currency), and something of a trendsetter. Now, however, it is becoming a formidable asset beyond its reputation. Just recently, our article titled ‘Tether Surpasses XRP to Turn out to be the Third-Largest Cryptocurrency’ pointed out that the famed stablecoin now has a market cap greater than that of almost every other cryptocurrency on the market. Demand for Tether has been up early in 2020, resulting in a valuation of some $7.5 billion (next to XRP’s $5.5 billion). It should unquestionably be thought of as a major player among the top-tier cryptocurrencies for the foreseeable future.
Like Tether, NEO is not exactly a newcomer. In fact, it first emerged back in 2014, and so has been around since the early days of cryptocurrency. For the most part though, it’s been a small player in the market and a relative non-factor (save for when it briefly surged, like most cryptocurrencies, late in 2017). For the last 18 months or so though, NEO has shown stability that appeals to some investors, and as a result it made Plus500’s list of the most traded cryptocurrencies. It describes NEO as a technologically superior version of ethereum, which appeals to some traders even if ethereum is still more popular by virtue of having come first.
Monero is known as a crypto that’s all about privacy. Its signature claim to fame is essentially that it encrypts user data during transactions more effectively than bitcoin does. Recently though, it’s also become a strong performer — so much so, in fact, that Forbes praised it for outperforming bitcoin earlier this year. Indeed, while Monero hasn’t fully recovered as of this writing from the initial, worldwide economic crash in mid-March, it had previously more than doubled its price from the beginning of the year through mid-February. It’s certainly another rising crypto to remain aware of.
As of now, bitcoin and ethereum remain quite strong atop the crypto ranks; bitcoin cash, XRP, and litecoin are also firmly entrenched as competitive options. If any existing cryptocurrencies are to establish themselves as part of that tier anytime soon though, these look to be the primary contenders.
3 Cryptocurrencies That Are on the Rise