If you’re someone like me who’s interested in investing in cryptocurrencies today, then the market has thousands of options to offer. Personally, I found it difficult to find the right cryptocurrency to invest in.
Bitcoin is a good option, but there are a lot more in the market that I can explore. And who can tell, maybe one of those cryptocurrencies is the best one for me. In this article, I’ll give you the top 10 cryptocurrencies that I have on my list. Learn more about them below.
10. Polkadot (DOT)
Polkadot is a document-oriented, hybrid multi-chain model that enables network and tailored level 1 “parachains” to link, resulting in a blockchain network. Polkadot has a market capitalization of more than $21 billion as of this writing.
Furthermore, this cryptocurrency aspires to unite them by establishing a cryptocurrency network connecting the many blockchains so that they may collaborate.
After Polkadot’s introduction in 2020, this combination has sparked impressive growth and may revolutionize how cryptos are administered. Its price increased 615% from $2.93 to $20.95 from September 2020 to June 2021.
Cardano is a multilateral proof-of-stake decentralized cryptocurrency that was created as a more expensive option to proof-of-work systems. The network load of rising prices, energy consumption, and sluggish transaction times limit growth, usability, and stability for networks like Ethereum.
Cardano’s Ouroboros consensus protocol, used to run the network, was the first to be proven safe and the first to be influenced by sophisticated academic study when it was still in its infancy. As of writing, Cardano’s price today is $1.75. Since Cardano’s launch in 2015, it has been a major participant in the crypto industry.
The bulk of the cryptocurrency’s traders are Japanese which has lead to its branding as the “Japanese Ethereum” since it uses the Proof of Stake algorithm that Ethereum has been exploring for years.
Ripple provides establishments with trade agreement solutions that enable immediate and quick trading over national borders. Over the years, it has collaborated with major financial institutions around the world, including Bank of America.
The cryptocurrency’s token, XRP, is pre-mined and has the headline sign XRP. Ripple is a peer-to-peer information systems network that enables the smooth movement of money in any form, including dollars, yen, euros, and cryptos such as Litecoin and Bitcoin.
Ripple is a worldwide transactions platform with a customer base that includes major banks and other financial institutions. XRP is utilized in the company’s products to allow for fast exchange rates.
7. Uniswap (UNI)
Uniswap is a distributed financial system for trading digital currency. The system uses smart agreements to manage trades between cryptocurrency tokens on the Ethereum blockchain.
Uniswap is powered by two contracts: an ‘Exchange’ contract and a ‘Factory’ agreement that operate in parallel. When particular criteria are satisfied, they are basically automated software programs that perform specified functions. It’s a highly autonomous liquidity method.
It runs on the Ethereum blockchain and is driven by a system of non-upgradable smart contracts. The code for Uniswap’s platform is free software, so anybody may use it to build their own exchanges. As of this writing, Uniswap’s market capitalization has surpassed $13 billion.
6. Binance Coin
Binance Coin’s value is determined by its usage and expenditure, which is produced by dealers purchasing other cryptos on the Binance platform with Binance Coins.
Binance Exchange is indeed note-worthy among the world’s fastest-growing crypto exchanges, and it’s just getting bigger with every single transaction on the site utilizing Binance Coins.
A total of 200 million BNB tokens are available in the Binance coin. Binance Exchange is the world’s largest decentralized cryptocurrency as of April 2021 with over 1.4 million transactions per second.
TRON is a cryptocurrency that is based on the TRX coin. It’s a digital currency that uses the Proof of Stake technique to execute transactions. Tron has a market worth of $4,406,488,234 and is expected to grow.
In September 2017, a Singapore-based nonprofit organization, the Tron Foundation, established TRON crypto. The company is led by CEO Justin Sun. They also have an in-house development team that ensures the quality of TRON and its competitiveness.
TRON is gaining popularity since it can run more independent programs than Ethereum. As of this writing, TRON is trading at $0.142.
Litecoin, unlike Bitcoin, has an 84 million coin maximum and a transaction incentive of 12.5 LTC. It is way more than other cryptos.
As I researched Litecoin, I found out that eventually, traders will discover that processing Litecoin is easier than generating any other cryptos since it takes less than two minutes on average. Litecoin is the greatest of all cryptocurrencies due to its increasing popularity.
Unlike other currencies, the quantity of Litecoin is restricted. There will never be more than 84 million Litecoins circulating for purchase. Every 2.5 minutes, the Litecoin system generates a new block, which is a log of previous Litecoin activities all worldwide.
Tether is backed by monetary systems like the dollar and euro and has a critical calculation comparable to all of those currencies. Tether began as RealCoin in July 2014 and was renamed in November by Tether Ltd., the business in charge of maintaining fiat currency backup quantities.
It began trading in February 2015. Tether’s worth is intended to be more stable than that of other cryptos, which is why traders who are concerned about the excessive volatility of other currencies prefer it.
As I was researching Tether, I discovered that it is currently the third-largest digital cryptocurrency.
2. USD Coin
USD Coin is a cryptocurrency that is linked to the U.S. dollar and is developed on Ethereum, and Solana, and other networks. It’s administered by a group called Centre, founded by Circle and includes Coinbase members, a digital currency company, and Bitmain, a Bitcoin mining company that’s also a Circle partner.
USDC is based on Ethereum, and it may be used to make international transactions. USD Coin, in a nutshell, is a service that tokenizes U.S. dollars and allows them to be used on the internet and on public blockchains.
Furthermore, USDC tokens can be converted to USD at any moment. The ERC-20 smart contract ensures the issuing and redemption of USDC coins.
Ethereum is a digital currency with its own coin and a programming language. It is the first digital currency coin, allowing programmers to build self-contained desktop and mobile apps using blockchains.
Since then, it has remained one of the most popular cryptos of all time, with a loyal following of investors to support the claim. Following Bitcoin, this means Ethereum has a better chance of being steady compared to other cryptos in the market.
Vitalik Buterin developed Ethereum in 2013. The platform’s construction was financed in 2014, and it went online on July 30, 2015. Developers may utilize the platform to create immutable autonomous apps that people can access. Ethereum has exploded in popularity with its price increasing by more than 22,000% in five years, from around $11 to over $2,500.
How to Choose a Cryptocurrency to Trade
When it comes to deciding which cryptocurrency is ideal to trade, I examine a number of factors. I begin by conducting research looking at historical charts of cryptos before deciding to trade them.
I would also recommend keeping an eye out for potential initial coin offerings (ICOs). When it comes to deciding which crypto to invest in, ICOs are a fantastic option. Finally, when it comes to cryptos, I’d rather be cautious than ignorant.
Once I’ve decided on a coin to invest in, I’ll be alert and keep a careful eye on my portfolio. I keep an eye out for any updates on my investment and continue to perform the same research that I did before investing.
Why You Should Invest in Cryptocurrency
The need for a solid, long-term means of exchange is one of the factors why I am considering investing in cryptocurrencies. Most cryptocurrencies, unlike conventional cash, have a finite supply that is controlled by complex formulas.
It makes it very difficult for any central government organization to lose value adjusted for inflation. Furthermore, owing to the encrypted structure of cryptocurrencies, a government entity cannot tax or seize tokens without my consent as the owner.
Cryptocurrency has shown great improvement through the years. However, despite the good sides of crypto, it’s always best to consider several things.
Cryptocurrencies, more than stock markets, are subject to hacking and other types of criminal behavior. Additionally, cryptocurrencies are much more difficult to store safely than equities or bonds. These are just a few of the things to consider before investing in cryptocurrency.