Best Crypto To Invest In Now – You are not alone in your quest for the best crypto to invest in now. Ever since cryptocurrency came on board over a decade till currently when its popularity has become widespread, scores and scores of people every day want to know the best cryptocurrency to invest in. This is a result of the high volatility that characterizes the cryptocurrency market.
Recently a lot of cryptocurrencies have come on board which has seen the rise of over 7,000 cryptocurrencies in the market as we speak. Owing to this, newcomers into the world of cryptocurrency will definitely get confused about where to pitch their tent and make their investment. This is quite understandable seeing that a lot of cryptocurrencies are being offered in the market daily.
In order to help you out, we have decided to outline some of the best crypto you can invest in now, to help you know what step to take.
Cosmos (ATOM)
Over the past three to four years, Cosmos has gained prominence amongst cryptocurrency traders. Its platform allows for sovereign, independent blockchains on the Cosmos Hub where assets can be transferred and communication made with one another via a breakthrough known as Inter Blockchain Communication, or IBC. Currently the Cosmos platform secures over $120 billion in digital assets.
As compared to other networks, the Cosmos platform has a very low carbon footprint. The native coin of the Cosmos Hub is ATOM. According to. As the Cosmos Hub launches new value-added services such as network-specific decentralized exchange, it is expected to provide a boom for ATOM holders who secure the network.
Bitcoin Cash (BCH)
The concept of Bitcoin Cash was borne out of the desire of some Bitcoin developers who proposed a solution that would effectively reduce the amount of data which is needed in each block. This was because as the Bitcoin currency grew more popular, these data blocks were filled up and this slowed down bitcoin transactions and increased transaction fees.
However, others were of the opinion that this would compromise the integrity of the cryptocurrency. As such, they created their own version of Bitcoin in August of 2017 and called it Bitcoin Cash. Bitcoin Cash comprises of blocks which can store 8 MB of data, which allows for faster and more frequent transactions with lower fees.
Even though Bitcoin Cash may be newer and less popular than its predecessor, it’s scalability implies that it has incredible potential for growth. This puts it in the running for the best cryptocurrency. In 2021, Bitcoin Cash started trading for less than $500 but of recent it jumped to more than $1,500.
Compound (COMP)
Compound is a lending platform on Ethereum. This platform has moved the space forward because users no longer need to sell their crypto assets in a bid to gain liquidity for other activities. The native token on the platform is Compound or COMP, which is used in determining governance functions on the platform like interest, rates, collateralization ratios as well as other properties which are important to the network.
Apart from Compound representing huge innovation in DeFi, it is the transparency of its founding team in stating their intentions to begin with more core centralized functions and offload the responsibilities and governance management to token holders over time.
Dogecoin (DOGE)
The Dogecoin cryptocurrency has surged more than 13,000% this year which puts it in the fourth rank of the largest cryptocurrency by market cap. The Dogecoin price peaked in early may at over 70 cents, even though it has since pulled back. However, it’s price remains less than a dollar owing to its larger circulation.
While Bitcoin is capped at 21 million coins, Dogecoin has 129 billion coin in circulation already with new blocks available to mine each year. Most people attribute Dogecoin’s success to what has been coined the (Elon) Musk Effect. Now, DOGE’s price has doubled as a result of tweets from the Tesla (ticker: TSLA) CEO, who has tagged Dogecoin his favorite crypto.
Polkadot (DOT)
Created by Ethereum leaders, Polkadot was designed to reward genuine investors and fizzle out people who are just trading on the stock market to make fast money. Investors in the company also help in making decisions like – network fees, network upgrades and establishing or removing parachains.
However, Polkadot was first introduced in 2016 by the founder, Gavin Wood, through a whitepaper. As at the end of 2020, Polkadot started trading on stock market. Now with such a short history, Polkadot does not have a track record for comparison. This makes it a riskier investment for potential buyers.
Stellar (XLM)
The Stellar Lumens, otherwise known as XLM, was created to serve a niche need within the world of cryptocurrency. This platform, is essentially the PayPal of cryptocurrency networks which serves as a bridge between banks and blockchain networks.
Stellar Lumens is a decentralized network which can convert any currency and trade it across channels. This makes these transactions cheaper and faster than they would be with a traditional bank.
However because Stellar (XLM) caters to a niche market, it is likely that other companies will try to compete against it. On the other hand, if another cryptocurrency network were to create a better platform and take the traffic from Stellar, it could affect the company’s stock value.