Which cryptocurrency has the best chance to dethrone Bitcoin?

Through many trials and tribulations, not to mention infamously volatile price movements, Bitcoin continues to dominate the crypto space. Over the years, it has gradually garnered acceptance in the mainstream and made a name for itself in the world of finance. While the price fluctuations remain erratic, many still regard it as a solid investment. Not just for swing traders but also for those interested in buying and holding long term.

However, two key factors could potentially lead to this big-name digital currency being overtaken. One is formidable competition in the form of other cryptocurrencies. The other is recent deep declines in value. The latter proves that Bitcoin is not immune to disaster, regardless of its level of severity.

An argument can be made that Bitcoin can always recover from these fallbacks, but what about rivals? For that matter, what about rivals who demonstrate to be on the same level as Bitcoin? There are plenty of names in the crypto space that could hypothetically take Bitcoin’s place as the front-runner. After all, the field of cryptocurrencies is always expanding. Perhaps the next big-name digital token will be released tomorrow or next week.

Ethereum: the runner-up

Ethereum is known for always coming second place to Bitcoin, but playing second fiddle has not prevented it from becoming just as well-known. Ethereum epitomizes the natural progression of the crypto ecosystem. First, Bitcoin emerged and offered a proof of concept that an economy consisting of virtual currencies can operate without a centralized intermediary. Later on down the line, Ethereum proved that you can take this model and effectively apply it to other transactions. Notable examples of this include legal and/or professional contracts, hence the “smart contract” term.

Starting in April 2021, Ethereum has started entering the mainstream thanks to its appearance in a handful of new ETFs on the Toronto Stock Exchange (TSX). This big step has given Canadians the ability to purchase this digital currency. People could already buy bitcoin in Canada, so this adds another perk to crypto investors in the country.

In regard to price, taking everything into account, Ether could potentially continue to outperform Bitcoin this year. And this is despite Ethereum not yet realizing the advantages stemming from the increasing popularity of DeFi, NFTs, and DApps.

Litecoin: the silver to Bitcoin’s gold

Launching in 2011, Litecoin was one of several cryptocurrencies that were the first to follow in Bitcoin’s footsteps. Its system is based on an open-source global payment network that’s not under the control of any central authority. Additionally, it uses “scrypt” as a proof-of-work, which can be decoded by utilizing consumer-grade CPUs. Litecoin shares various similarities with Bitcoin, but it has an advantage over the latter. Its block generation is comparatively faster, meaning that it provides a much faster transaction confirmation time.

In essence, what makes Litecoin so fascinating is its primary focus as a peer-to-peer payment system that is borderless and frictionless.

While it is a popular choice next to Bitcoin and Ethereum, it had hit the same recovery as those coins last year. Be that as it may, its credibility and technical benefits make it a conceivable long-term contender in the crypto space.

Cardano: the mathematical creation

For a long time, Bitcoin and Ethereum have been the center of attention when it comes to cryptocurrencies. However, another altcoin has been quietly making its way up the ranks. Following an extraordinary debut and eventually leading to it breaching $1 in January 2018, Cardano only slipped to a minimum of roughly 2 or 3 cents. With the price once again surpassing a buck, investors are eagerly wondering if there are more surprises ahead.

Ethereum and other blockchain projects are making the transition to proof-of-stake, but what sets Cardano apart from them is the fact that it has already done that. In a way, one can easily consider this crypto as an environmental, social, and governance (ESG) play due to its maintainable architecture. This achievement, as well as its blockchain supposedly being capable of more, earned the digital currency the title of the “Ethereum killer.”

With that said, it is important to keep in mind that Cardano is still in its infancy. While it has managed to beat Ethereum to the proof-of-stake consensus model transition, it still has a long way to go regarding decentralized financial applications.

Who will be the champion?

There is an array of Bitcoin alternatives that could take the leading cryptocurrency’s place, but these three are the top contenders. The question that remains is which has a better chance? Generally speaking, Ethereum is the best bet as it has been in second place for a long time. However, Litecoin and Cardano – among others – show just as much promise, too. Only time will tell who will overthrow Bitcoin. 

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