- Bitcoin remains the crypto king, despite the thousands of crypto coins
- Ethereum is the second most popular crypto, while Solana and Cardano are ranked 7th and 8th, respectively.
Whenever it comes to the future of cryptocurrencies, decentralized apps and interoperable platforms win the battle. There are thousands of cryptocurrencies running for the number one spot. Most of them are scalable, effective, and more secure options than Bitcoin. This raises the question of whether cryptocurrency will rule the market. Let’s find out!
Why Is Bitcoin Still A Crypto King?
Among thousands of cryptocurrencies, Bitcoin remains the king. It’s the most scalable, efficient, and secure cryptocurrency in the world. As a popular notion, BTC is considered a little bit older and it even takes a lot of time to complete the transaction. Despite all these issues, bitcoin still rules the market.
Here are three reasons why Bitcoin will always remain superior:
- Mainstream Currency
Bitcoin is widely accepted. It’s a cost-effective, secure, high-value cryptocurrency with the highest market capitalization.
- Decentralized
Bitcoin is truly decentralized. BTC gives power back to people and no organization has the power to take control.
- Innovations around Bitcoin are Permanent
Even though Bitcoin is now a bit older, the innovations around it are permanent. There is a large scope for other currencies.
What Do Solana, Ethereum And Cardano Bring To The Table?
Bitcoin is based on proof-of-work( PoW), leading to high energy consumption and more time for transaction completion. This is one of the downsides of Bitcoin. To solve the crypto’s trilemma, which is scalability, security, and decentralization issues, several alternative crypto coins were introduced.
Ethereum, Solana, and Cardano were a few of them. Each one has its advantages. Ethereum introduced smart contracts to the blockchain world. Solana works on proof-of-history (PoH) and proof-of-work (PoW), which makes it a faster and more efficient crypto solution. Cardanoo is an ecosystem that allows users to create decentralized applications (dApps). All three cryptocurrencies have established themselves as powerful cryptocurrencies.
Comparative Study: Ethereum Vs. Solana Vs. Cardano
Here’s a brief comparative study of Ethereum, Solana, and Cardano
| Ethereum | Solana | Cardano | |
| Definition | Ethereum is a decentralized blockchain network and its native cryptocurrency is Ether. | Solana is a cryptocurrency popularly known for creating NFTs and digital artworks. | Cardano is designed as an alternative to proof of work ( PoW). It’s an efficient and scalable solution for running smart contracts. |
| Ranking | The second most popular cryptocurrency | Solana is ranked 8th in cryptocurrency | Cardano is ranked 7th in cryptocurrency. |
| Strengths | Ability to update successfully as per requirements | Cost-effective and high transaction speed | consumes less energy and is cost-effective. |
| Weakness | High transaction fees. | Security issues and decentralization issues | Lowest DeFi and NFT trade volume. |
| Market Capitalization | $230 Billion | $ 8 Billion | $ 13 Billion |
| NFT Trade Volume | $43 Billion | $ 4 Billion | $ 580 Million |
| TPS | 29 | 4760 | 250 |
| Fees | $1.68 | $0.00025 | $0.15 |
Conclusion
Despite the surge of different types of cryptocurrencies, Bitcoin remains the king. It’s a crypto coin with the highest market capitalization. BTC’s wide acceptability is the reason it still holds the top position.
On the other hand, other coins like Ethereum, Solana, and Cardano are gaining popularity. But it will take time to become a mainstream coin.
