Since the past few years, cryptocurrency has become a regular topic among people in the finance field as well as among people who invest. Investors of cryptocurrency became very worried when china made an announcement of it banning cryptocurrency. But the crypto markets have started recovering. This article will talk about the best cryptocurrency to buy at present but before that, it is important to know a little more about cryptocurrency.
Cryptocurrency And Its Types
A virtual or crypto markets that has been protected by cryptography because of which is almost impossible to double-spend or counterfeit is known as cryptocurrency. As these currencies are decentralized, they have the permission to have a presence outside the central authorities and government controls. On one hand this digital currency face criticism for volatility in exchange rates, involvement of illegal activities, and infrastructure vulnerabilities associated with it. On the other hand, some people praise this currency for its transparency, resistance, inflation, divisibility, and portability.
Many countries have banned cryptocurrency but there are few countries where it is legal including:
- USA
- South Korea
- Japan
- Canada
- Australia
- European Union
Bitcoin was the first founded cryptocurrency and Cardano, Litecoin, Etherum are among the few other best cryptos to invest in. ZOOToken, SafeMoon, Graviton, Snoop Doge, Shiba Inu, and Polygon are the few new upcoming cryptocurrencies.
What Cryptos Should One Consider Buying Now?
After a recent crash in cryptocurrency, people often have the question, what are some of the best cryptocurrencies to buy (now in 2021). Most people think that bitcoin is the only crypto that is safe to invest in as it was the first-ever cryptocurrency but today the market has more than 7000 cryptocurrencies. Below is a list of few cryptos that one can consider buying in 2021. But before taking a step further, make sure to check the market trends then and their performance.
1. BTC or Bitcoin
The first-ever cryptocurrency is bitcoin that was founded in 2009 by Satoshi Nakamoto and has been dominating the market since then. In April 2021, bitcoin reported that 45% of the digital currency market was bitcoin with USD 1 trillion market capitalization. In the decentralized world of finance and investment, bitcoin is becoming the gold standard literally. Today in the U.S.A at least bank and hedge fund managers recognized bitcoin as a hedge counter to macroeconomic instability and inflation. This is one of the digital currencies one can consider because of its fair volatility and worldwide acceptance.
2. BCH or Bitcoin Cash
Bitcoin Cash was developed in 2017 to avoid using a lot of data in each block and not compromising cryptocurrency integrity. The block of BCH can store around 8GB of data that makes the transaction frequency increase and faster at a lower cost. Despite being new in the market and less popular, it is one reliable crypto one can invest in because of its scalability and growth potential. In 2021, it started with less than USD 500 but now jumped to more than USD 1500.
3. ATOM or Cosmos
For the past four years, Cosmos has secure a place on a road map that is ambitious. Independent blockchain and sovereign in CosmosHub can communicate and transfer assets with one another through IBC or Inter Blockchain Communication that is a breakthrough. ATOM, today in the digital asset world secures assets worth more than USD 120 billion. The carbon footprint of this currency is a lot lesser when compared to other cryptos.
4. DOGE or Dogecoin
Bein Weiss, co-founder, and CEO of CoinFlip envisaged this crypto as light-hearted. When comparing through the market cap, Dogecoin is the fourth largest crypto this year as it surged a lot more than 13,000 percent. In the first week of May 2021, the price increased to around 70 percent. Because of the larger circulation, the price of DOGE is less than a dollar. Even today, when there are 21 billion capped bitcoins, there is 129 billion DOGE already in circulation. It is believed that one reason for Dogecoin being successful is the Musk effect. A few months back, Elon Musk tweeted saying that DOGE is his favorite cryptocurrency.
5. ETH or Ethereum
ETH is special because not only it is a decentralized currency but aims for getting the internet decentralized by using a worldwide system of nodes instead of servers. Ether is the currency that can be exchanged in Ethereum which is a software platform. With a USD 400 billion market cap, ETH has become very popular in the digital currency world. This year it gained more than 500 percent and upgraded its system to which made it so popular. A further update named London Hard fork is due this year.
6. Cardano
Whenever going through cryptocurrencies, Cardano news will always be at the top. It is one of the best performing digital currency which is preferred by a lot of investors and companies. The blockchain technology platform of Cardano lays out how a platform is being built by them for accommodating usage in healthcare, finance, retail, and education. Cardano stock had the highest value of USD 2.20 as of now but Cardano’s future is predicted to be a success.
7. DOT or Polkadot
Few Investors like Greg King believes that Polkadot is one of the best cryptocurrency ones can invest in this year. Osprey Fund, the company owned by Greg is so in favor of DOT that they recently launched a trust named Osprey Polkadot Trust. This trust invests specifically in Polkadot that is further available to investors who are accredited.
But even today, the answer to the question, what the future holds for cryptocurrencies is not clear. So, before making an investment one should be ready to take the risk and should do a thorough research of the same.
