The numerous bankruptcies among cryptocurrency platforms and exchanges failed to hurt Bitcoin (BTC) and Ethereum (ETH) by much. Although they are down from their all-time highs, both coins held their value.
After FTX filed for bankruptcy, countless fraudulent activities should deter crypto investors from the market. The fear in the sector has yet to peak.
Bitcoin traded at around $16,500. Ethereum is holding in the $1,600 range. Its strength could help many alternative cryptocurrencies. Ripple (XRP) offers money transfer and currency exchange network transactions globally.
Ripple has fast settlement and low fees. Institutions like PNC Bank, a top ten bank in the U.S., support it.
Litecoin (LTC) is similar to Bitcoin. However, it offers faster transactions. LTC traded at $105 in December, bottomed at $86.42 on Dec. 19, and is climbing.
Solana (SOL) is an open-source blockchain. Its platform fits decentralized applications.
Solana was formed in May 2020. SOL/USD peaked at over $250 in Octo. 2021. It held the $31 – $40 range in the summer before falling again. SOL/USD traded recently at around $10.00.
Are those alternatives better than Bitcoin and Ethereum? This is not likely. Crypto investors will pick those two first. For diversification, they may consider LTC, XRP, and SOL.