This document outlines the top 5 cryptocurrencies to consider during the bear market:
1. Bitcoin - Issues of scalability were addressed through the Lightning Network which allows for off-chain transactions and increased transaction speeds.
2. Ethereum - It is transitioning to a proof-of-stake model through Ethereum 2.0 to reduce costs and increase scalability.
3. Bitcoin Cash - It undergoes scheduled bi-annual network upgrades but a recent hard fork resulted in two blockchains, Bitcoin Cash ABC and Bitcoin Cash SV.
4. Litecoin - It had a short-lived hard fork called Litecoin Cash and now has partnerships with payment processors and the UFC.
5.
2. BITCOIN (BTC)
P O S I T I O N : 1
C U R R E N T P R I C E : $ 7 9 8 0 . 9 5
A protocol known as the Lightning Network was
established on the Bitcoin Blockchain to address all
the problems that were associated with its scalability
schemes. Released in January, the Lightning Network
was fabricated atop the Bitcoin Blockchain and
sanctioned transactions that took place off-chain
just to thrive on multiple payment channels.
After the transactions are done with, the Bitcoin
network records all the changes indicating that the
issues have been averted owing to the high number of
transactions being carried out per second. In the
same year, the Lightning Network managed to cross
$2M worth of only BTC transactions by the end of
2018 showcasing that at least people still used
Bitcoin as an asset for transactions.
3. ETHEREUM (ETH)
P O S I T I O N : 3
C U R R E N T P R I C E : $ 2 5 1 . 3 3
The first major update that took place regarding
Ethereum was the version upgradation that
converted Ethereum to Ethereum 2.0.
Caspar i.e. a Proof-of-Stake (POS) algorithm was a
far cry from Ethereum's existing Proof-of-Work
(POW) algorithm was initially made to lessen the
cost of consensus. Other than that, the secondary
mechanism was Sharding that would possible
resolve every problem that Ethereum has ever
encountered since its inception.
However, a newer version of Caspar will be released
soon known as Caspar 2.0 that will highlight all POS
and Sharding issues that started right from the
initialization of the Beacon Chain.
4. BITCOIN CASH (BCH)
P O S I T I O N : 2
P R I C E : $ 4 1 4 . 0 5
The Blockchain system of BCH is timed for network
upgrades that occur twice every year. The network
updates demand the miners and developers to comply
with the agreement during which the main chain
remains unhindered and the utilization process of soft
fork is kickstarted. In November, however, two
Blockchains were created but one of the Blockchains
did not turn out potent enough and come out as it
was intended to ensuing a hard fork to follow so the
only way out was a split giving way to two new
Blockchains to be introduced - Bitcoin Cash ABC and
Bitcoin Cash SV.
5. LITECOIN (LTC)
P O S I T I O N : 4
P R I C E : $ 9 8 . 9 8
The Litecoin hard fork known as Litecoin
Cash (LCC) came out in February but the
fire that it ignited only lasted for a little
while. Although, the month of March saw
Litepay being released as an alternative
to Bitpay making Bitpay to draw back its
forces and receive a public apology on
the behalf of Litecoin for the
unnecessary promotion of the former. In
December, Litecoin released a public
announcement revealing its partnership
with UFC 232 that was essentially also
the very first cryptocurrency to be
sponsored by UFC.
6. MONERO
P O S I T I O N : 5
P R I C E : $ 8 4 . 6 7
As Monero had become a top
cryptocurrency, it found out ways to
implement multisignature support
techniques that could benefit brokers and
service providers. To top it all off, Monero's
bulletproofs lessened the overall transaction
fees and also sized up Monero's block by
80%.
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