by Apoorva Komarraju
May 29, 2021
Here are the best cryptocurrencies to buy and invest in.
Cryptocurrencies are getting more attention than ever. As a result of the recent crypto market crash, the cryptocurrency dip is inviting investors to buy cryptocurrencies and diversify their investment portfolios. As each day passes, we are seeing the hype around cryptocurrencies grow in real-time.
While Bitcoin continues to dominate the crypto sector, other promising altcoins are also making headlines as they are becoming investor favorites. So obviously, Bitcoin is not the only crypto option to invest in. So if you are planning on buying cryptocurrencies this weekend, to start off your crypto journey, here are the 10 best stocks you should consider.
Bitcoin is the gold equivalent of cryptocurrencies. From retail investors to prominent businessmen, everyone is putting their trust in Bitcoins. The main reason behind the value is scarcity. Only 21 million Bitcoins exist and out of that, about 19 million have already been mined.
A lot of cryptocurrencies have innovated using the “smart contract” concept. In fact, most of DeFi, which is built on smart contracts, runs on the Ethereum network. This utility feature has made Etherum the second-highest valued cryptocurrency. In a way, it’s the silver equivalent of cryptocurrencies.
Cardano was created as a “third-generation cryptocurrency” that can solve common crypto problems like scalability and security. While other cryptos borrowed codes from existing projects, Cardano was built from code by code. Its network can handle smart contracts, DeFi, NFTs, and anything else that exists in the crypto world.
Polkadot was created with an intention to use the “proof of stake” network verification system which is touted as a better system than the “proof of work” that Bitcoin and Etherum uses. Polkadot can process multiple transactions which makes it scalable. The versatility of this network allows it to be used for smart contracts, file storage chains, and IoT chains to allow device-to-device communication.
XRP, made by Ripple, aims to create a fast and secure payment system that works globally. One of the oldest cryptocurrencies, it has a huge loyal investor base. According to the company, many financial institutions prefer this cryptos RippleNet service which uses the XRP crypto coins. XRP’s payment system has the capability to compete with legacy systems like SWIFT.
Uniswap has its own reward token called the UNI that works on the Ethereum network. The USP of these tokens is the fact that they can be exchanged among crypto users without trading them on centralized crypto exchanges like Binance. The USP is a hit as traders have been using the tokens, making it the best DeFi token by market cap.
Chainlink’s purpose was to make a decentralized oracle network that can serve as a middleman between smart contracts and data sources. Basically, it makes smart contracts trustworthy by providing a secure, reliable link. It’s also a core part of the DeFi system and many projects use it, including Aave and Synthetix. Due to its utility, The World Economic Forum named Chainlink one of the 100 most promising tech pioneers of 2020.
Stellar’s mission is to simplify cross-currency transfers. For that, this crypto network has partnered with International Business Machine Inc to create IBM World Wire. This collaboration enables fast currency transfer services to financial institutions across the world.
Elon Musk’s tweets revived this meme coin that was supposed to be forgotten by the world. Dogecoin didn’t have any purpose until billionaire Mark Cuban, owner of Dallas Mavericks, decided that the NBA team would accept Dogecoin as payment. Such celebrity incidents now made Dogecoin one of the most anticipated cryptos.
Aave’s purpose is to complete the lack of borrowing and lending applications on Ether’s network. For this utility, Aave has now become a DeFi pioneer. This crypto has nearly US$5 billion worth of locked assets, which amounts to a third of the total market.
Share This Article
Do the sharing thingy
This news is republished from another source. You can check the original article here