CoinMarketCap suggests that the current cryptocurrency market has over 9,000 options of digital currencies through which investors are trading. The value that each of the alternatives has on the market is the determining factor when choosing. Their value increases with an increase in market value.
Ethereum has become a market leader, with the highest number of users thus far. The platform has around 2,300 active developers monthly. Today, Ethereum has registered over a 215% increase in the number of users within three years. However, several other networks have also been performing well in the market, growing tremendously. Here some of the leaders.
Recently, the closest competitor to Ethereum has been the Polkadot. The network started under the leadership of Gavin Wood, one of the co-founders of Ethereum. It employs the approach of merging several blockchains, treating them as one. 2020 marked a successful year for the Polkadot, after expanding its developer count, twice its original value. The number rose close to 400. In some instances, the network proved to be superior to Ethereum.
Among the trading networks that have registered the admiration of traders is Filecoin. Its number of developers went up three times between 2019 and 2020. Factors that fueled its growth included the launch of its main net project in October 2020.
Riding behind Filecoin, the DeFi was proud to announce its tripled figures in the number of developers. The network ranked among the fastest developing in the market. It is one of the most reliable among the decentralized options as it has attracted the highest users within one year.
The giant network has demonstrated a market value closer to Ethereum. The platform has numerous features that merge well with those of the leader, Ethereum, making the two compatible. Near Protocol ting with Ethereum.
As one of the latest networks in the market, Avalanche has registered noteworthy development. It features a flexible platform where traders produce personalized blockchains and Apps. It has proven to overcome most challenges experienced in its forerunners by accelerating the operation speed and accommodating more features.
With the number of trading networks continuing to rise, it is an indication of a widening market. Technology has created room for more traders to join the camp. That way, competition has increased, leading to improved service delivery.