Top 10 Altcoins in June 2022 – Forbes Advisor UK

0

Since its introduction in 2008, bitcoin has inspired an explosion of other cryptocurrencies. These “alternative” cryptocurrency coins – altcoins – now number over 5,000.

If you want to invest in cryptocurrency, one option is to diversify by holding a selection of coins beyond bitcoin, considering the features they offer.

Keep in mind that cryptocurrency trading is unregulated in the UK and there is no provision for compensation should something go wrong. Your capital is 100% at risk, which means you could lose some or all of your investment.

1. Ether (ETH)

Ether is the native cryptocurrency of Ethereum, the global software platform that runs applications such as smart contracts, games and financial transactions via blockchain technology, as well as minting and storing NFTs (non fungible).

It was launched in 2015 and has accumulated a market cap of over £189 billion, as of June 2022. Each Ether token is worth £923.61. The crypto hit its all-time high of £3,815.79 in August 2021.

2. Litecoin (LTC)

Launched in 2011, Litecoin was an early competitor to bitcoin. It was developed by entrepreneur and computer scientist Charlie Lee.

Like bitcoin, Litecoin is a proof-of-work cryptocurrency, meaning new coins are created to reward miners for verifying and processing transactions on its blockchain.

However, Litecoin transactions are processed faster than transactions made through Bitcoin because they use a newer algorithm called Scrypt.

In June 2022, one Litecoin was worth £43.33. The crypto hit its all-time high in May 2021, with each coin valued at £326.41.

3. Dogecoin (DOGE)

What started out as a tongue-in-cheek meme currency soon became a crypto asset.

Dogecoin was created in late 2013, using blockchain technology derived from Litecoin, and comes with a Shiba Inu dog logo. The coin is known for its humorous origins and unlimited supply, which has made it an attractive entry point into crypto for new investors.

Dogecoin recently saw its value surge to an all-time high of 58p, partly in response to Elon Musk’s tweet about buying Tesla goods with Dogecoin.

In June 2022, the value of Dogecoin fell to around 5p.

4. Bitcoin Cash (BCH)

Bitcoin Cash spun off from the original bitcoin in 2017 when a group of users wanted to increase the size of blocks in the blockchain, allowing them to hold more transactions.

Other than this change, Bitcoin Cash operates similarly to bitcoin itself, using the same proof-of-work mechanism to process transactions and capping the number of coins that can be in circulation at 21 million.

In June 2022, one Bitcoin Cash token was worth £97.49.

5. Tether (USDT)

Launched in 2017, Tether is one of approximately 200 stablecoins.

A stablecoin is tied to fiat currency, in this case the US dollar. For every Tether coin issued, its creators keep $1 in reserve, and for every dollar collected, one Tether coin is destroyed.

In theory, Tether retains a value of around $1 (79p Sterling) at all times. This stability makes Tether a good option for transferring value between exchanges, as Tether holdings are more likely to hold stable value than other more volatile coins.

However, stablecoins are not infallible. In early May 2022, another stablecoin, Terra USD, crashed – dropping from $1 to a low of just $0.30 a coin. In response, investors cashed out millions of dollars they had invested in other stablecoins, including Tether.

Over the following weeks, Tether’s market capitalization fell from $83m (£65.6m) to $73m (£57.7m).

6. Gimbal (ADA)

Cardano was created by Ethereum co-founder Charles Hoskinson in 2017. It is the native cryptocurrency of the Cardano blockchain platform, and uses proof-of-stake, rather than proof-of-work , to verify and process transactions.

Proof-of-stake blockchains require considerably less energy than their proof-of-work counterparts because this process uses an algorithm to select a single device from the decentralized network to verify each block of transactions, rather than putting each device into competition every time.

At the end of June 2022, a Cardano was worth 41p. Its all-time high was £2.45, which it reached in September 2021.

7.XRP (XRP)

XRP is a cryptocurrency best known for its use on the global money transfer network, Ripple.

The cryptocurrency was first launched in 2012 on its own ledger. Unlike bitcoin, XRP transactions are not verified by proof of work or proof of stake. Instead, transfers are processed by network participants called validators.

Doing a transaction through Ripple incurs minimal fees – a tiny fraction of an XRP token, which is destroyed.

In May 2022, XRP had the sixth highest market capitalization of any cryptocurrency. Each coin is worth around 27p in June 2022.

The number of CRP tokens that can be in circulation is capped at 100 billion.

8. Monero (XMR)

Monero is a cryptocurrency known for its privacy features.

Launched in 2014, the coin runs on what is known as an opaque blockchain. This type of blockchain keeps the transactions it records anonymous through measures such as masking user addresses and even the amount transferred.

The room is so privacy-focused that it fails to follow anti-money laundering procedures.

Monero was worth around £98.87 in June 2022. The coin reached an all-time high of £409.86 in May 2021.

9. Avalanche (AVAX)

Launched in 2020, Avalanche is the native cryptocurrency of the Avalanche blockchain.

Like Ethereum, Avalanche is best known as a blockchain platform that uses smart contracts, but it also supports a wide range of other applications.

The main advantage it has over Ethereum is its focus on transaction processing speed and efficiency. The network claims to be able to process 4,500 transactions per second.

Avalanche users can also stake their coins and receive a small reward in exchange. Each coin was worth £17.86 in June 2022, and the crypto peaked at £115.78 at the end of 2021.

10. Solana (SOL)

Much like Ethereum and Avalanche, the Solana blockchain platform was built for the purpose of hosting decentralized applications. The platform and its cryptocurrency were launched in 2020.

One of the main advantages of Solana is the platform’s low transaction fees, which are considerably cheaper than its competitors. The platform can process up to 65,000 transactions per second, largely thanks to their verification through a new “proof of history” process.

This method of processing adds a “timestamp” to each block, creating a permanent record of what transactions were made in what order.

In June 2022, Solana was worth £30.87.



Share.

About Author

Comments are closed.