The total value of all cryptocurrencies as of March 2, 2021, was more than $1.4 trillion and the total value of all bitcoins, the most popular digital currency, was pegged at about $910.1billion.
As cryptocurrencies have skyrocketed in value, with so many coins out there, here are my picks of cryptocurrencies with possible growth potential in 2021:
- Bitcoin (BTC): The first successful cryptocurrency continues to lead the pack. Its prices surged to more than $48,000 in March 2021 for a market cap of more than $910 billion – meaning bitcoins accounted for more than 69% of the cryptocurrency market.
- Ethereum (ETH): This newcomer launched in 2015 is more technologically advanced. It is blazingly fast, making a transaction takes just a few seconds. As of March 2, it is the second-largest cryptocurrency in the world with $173.52 billion market capitalization and a market price of $1,514.67. In 2020, this cryptocurrency climbed up to around $600 starting from $125, which is a 380% surge in 12 months.
- XRP RIPPLE: Ripple was created with the aim of facilitating cross-border payment. According to a report by the Official Monetary and Financial Institutions Forum, Ripple could “position itself as an alternative to SWIFT”, solving five major issues: security, speed, traceability, cost, transparency and risk management. In 2020, it expanded to more than 300 providers across 40 countries, including Banco Santander and American Express Morgan and HSBC Holdings.
- Litecoin (LTC): Litecoin, launched in 2011, is often referred to as the “silver to Bitcoin’s gold.” It has a faster block generation rate and hence offers a faster transaction. In January 2021, its market capitalization was $10.1 billion and its market price was $153.88, making it one of the best cryptocurrencies.
By Dr. Pooja Lekhi
Author bio
Dr. Pooja Lekhi is professor at University Canada West teaching finance courses like Financial Management, Global Finance Institutions-Risk Management Approach. She holds a PhD in management discipline with a specialization in finance and an MBA with a finance specialization. She has more than seven years of in-depth experience in teaching and research. Her research interest lies in analysing asset quality management in the banking sector.
