The cryptocurrency space is developing at a rapid pace. Thousands of different cryptocurrencies and tokens can be traded on various exchanges, with many new ones coming out each month. While most of these new cryptocurrencies will have no impact on the space whatsoever and may even disappear completely, some of them have the potential to become significant projects in their own right.
Here are three of the fastest-growing cryptocurrencies to keep an eye on this year:
This is a project which aims to scale the blockchain to 50k TPS. Solana also has some of the most innovative developers in the world working on it, including people from Google and Qualcomm. It aims to provide a fast and secure blockchain for dApps, one of the fastest-growing cryptocurrencies in Q1 2021, with a price increase of more than 8,000%. The coin reached an all-time high market cap of $9 billion.
This is another high-performance, very scalable protocol. Avalanche is an expansive framework for decentralized finance (DeFi) applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. This is a consensus protocol that has been used to create an open-sourced public network that can potentially scale to thousands of transactions per second, with confirmation times under two seconds. AVAX was launched in September 2020 and gained over 10,000% in value during the first quarter of this year. Its market cap hit an all-time high value of $3.3 billion on March 30.
Stellar is a payment network that acts as a bridge between fiat and cryptocurrencies. The native asset of the network is XLM. It operates on the open-sourced Stellar Network, similar in design to Ripple. While Ripple is designed to be a private blockchain for financial institutions, the Stellar Network is more of a hybrid blockchain, designed to focus on facilitating cross-asset transfers of value through its decentralized blockchain network. Jed McCaleb and Joyce Kim founded it in 2014 as a non-profit organization. In Q1 2021, its price increased by 900%, with an all-time high market cap of $13 billion recorded on April 1.
In the first half of 2017, the IOTA Foundation, a Germany-based non-profit organization, launched its cryptocurrency called IOTA.
IOTA is a cryptocurrency that aims to support the internet of things, connecting devices around the world to each other and enabling them to trade data and financial value. It is used to support machine-to-machine (M2M) transactions. IOTA has several features that differentiate it from other cryptos. The most notable of these is that it uses a “tangle” rather than a blockchain.
It does this by allowing users to make micropayments without any transaction fees. It also has no blocks or miners, which bitcoin requires being secured, so IOTA relies on its users verifying and approving transactions. The system is called Tangle, and it has proved controversial.
Cardano’s blockchain was launched in September 2017, with ADA as its native token. It uses two layers — one for settlement and one for computations — and allows programming in Haskell, a strongly typed language that minimizes code errors. Its primary goal is to develop an innovative contract platform that can be modified without forking into new blockchains or networks.