There is no doubt that the adoption of cryptocurrency is on the rise in Nigeria. The number of crypto transactions and ‘bitcoin’ searches coming from Nigeria are on the rise.
This implies that the number of people looking to buy bitcoin in Nigeria is rapidly increasing.
With lots of crypto assets out there, newbies may find it challenging to choose one to buy. Naturally, the first choice that comes to mind is BTC. While Bitcoin is great, several other altcoins also have the potential of being a success.
Instead of sticking to bitcoin only, why not diversify your portfolio with these alternatives.
You can also find out – Bitcoin trading or Bitcoin Investing, which is more profitable?
Here are the top 5 alternatives to Bitcoin.
1. Ethereum (ETH)
Ethereum is the second leading crypto in terms of market cap. It was launched 7 years ago and since then, ETH has grown to become the center of the Decentralized finance revolution.
Unlike other crypto assets that were created to function as a P2P digital asset, Ethereum is the pioneer project for the creation of smart contracts, which allows developers to create decentralized apps (dApps). Ether is the cryptocurrency of Ethereum and with a market cap of over $250B, it is sitting only behind bitcoin.
Ethereum recently launched an upgrade (ETH 2.0) and the crypto community expects the upgrade to make Ethereum more efficient.
Earlier this year, Ethereum witnessed a price boom, but right now the price has retraced a little. If you do not want to buy Bitcoin, this is a good time to start accumulating ETH, the next best option.
2. Polkadot (DOT)
DOT is a crypto that is gradually making its way into the limelight. DOT was established by Gavin Wood, a co-founder of Ethereum. While creating the ETH network, Wood was already looking at the shortcomings of the blockchain network.
This was what brought about the idea of Polkadot. DOT was launched last year and since then it has risen through the ranks and now has a spot in the top ten cryptos in terms of market capitalization. Polkadot allows for the sharing of data and tokens between two or more blockchains.
It is created to unite side chains and public blockchains and connect different chains in a single network. Some weeks ago, DOT reached an all-time high of $49.69 but has now retraced to the $20 range.
Doesn’t that sound like a good investment? Some Investors predict that DOT will reach the $100 price mark in a few months because of its amazing use case.
3. Chainlink (LINK)
Chainlink is a decentralized oracle network that runs on the Ethereum blockchain. LINK had a successful 2020 and is now among the top 10 cryptos by market capitalization. Chainlink seeks to provide a solution to the shortcomings of smart contracts, which is “connecting blockchain to external data”.
The network aims to bridge the gap of blockchain’s inability to connect with information from the outside world. Due to its progress in fulfilling its purpose, it has attracted interest from many Defi firms, investors, and big names in the tech industry.
LINK has a market cap of over $9 billion and the price is currently above $20. LINK is expected to yield an incredible ROI, so it would be nice to add it to your portfolio.
4. Uniswap (UNI)
Unlike centralized crypto exchanges like Binance, Coinbase, etc., Uniswap is a decentralized exchange (DEX) built on the Ethereum blockchain.
Uniswap was launched in Nov 2018 but broke into the scene in 2020 due to the Defi boom and relative increase in trade of its native token, UNI. The token is currently trading on major crypto exchanges at over $20.
The price of UNI has been quite impressive, increasing rapidly in months. If you are looking for a crypto asset with great potential, UNI is worth keeping tabs on.
5. Binance coin (BNB)
BNB is the native crypto of the Binance exchange. The token continues to draw interest as the centralized exchange is now the largest crypto exchange in the world. You can use BNB to trade crypto and pay fees on the Binance exchange. The more Binance continues to make waves in the crypto industry, the higher the chances of BNB rising.
Well, it is almost natural for any crypto investor to want to buy bitcoin, but there are other impressive coins that are destined for success. However, before you buy any crypto asset, it is important to do some research about the asset.
Additionally, there are some undervalued coins with great potential you can also decide to look into. An example of such crypto is TRON.
TRON is a content sharing platform that uses P2P technology. TRON is a decentralized content sharing platform that allows anybody to put their content on its blockchain platform. While TRON gives a kind of protection to its users, it also allows content providers to monetize their content using Tronix (TRX).
TRX is the currency that people use on the platform to pay for these services. It requires low fees for users that want to access the content on the platform.
More firms continue to adopt TRON and with a continuous adoption, comes a gradual rise in the price of TRX. Interestingly, the platform currently holds a significant number of Dapps.
This is making many investors keep tabs on this asset in 2021. TRX currently has a market cap of over $5 billion and the current price stands at about $0.07.
The purpose of this article is to show that there are several cryptocurrencies you can invest in aside from bitcoin. An attribute of a good crypto investor is the ability to diversify his portfolio.
All the crypto assets mentioned in this article are unique in their own way and they are gems for professional crypto traders and investors alike.
Of course, buy bitcoin in Nigeria if you want but you should also add these gems to your investment bag and then watch your ROI soar to new heights.