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Four Best Cryptocurrencies to Start Spot Trading

Currencies / cryptocurrency Jun 28, 2021 - 03:27 PM GMT

By: Umer_Mahmood

Currencies

Cryptocurrency refers to digital money. It is a decentralized currency, which the government does not monitor. Crypto is instead dependent on blockchain technology. One cryptocurrency that all of you must know about is Bitcoin. However, it is not the only one available. With the popularity of digital money on Wall Street, there is an array of options available. As of today, there are over 5000 cryptocurrencies in the market. Typically you can use crypto to make purchases, but you can most certainly utilize it as a long-term investment option. So, which are the best cryptocurrencies in the world? Here is a quick rundown of some of the best cryptocurrencies in the world. Let us get started and address them one by one. 


Bitcoin

‘In January 2009, the first bitcoins were mined. Ever since then, bitcoin has practically dominated the crypto market. It is indeed one of the most widely popular and highly volatile cryptocurrencies. This comes after the massive volatility of the coin across the history,’ comments David, an educator who offers java homework help services. 

Back in time, bitcoin was developed as a medium of the digital payment system. However, experts believe that it is too volatile for use. Despite that, many countries have begun accepting bitcoin as a legal tender in 2021. In April 2021, the price of bitcoin was at its all-time high, when it went to over 60000 USD. 

Surprisingly, all the other most prevalent cryptocurrencies account for only fifty-five percent of the market cap, wherein bitcoin alone represents forty-five percent of the total market cap with a market capitalization of more than $1 trillion. 

However, before investing in bitcoin, you must know that the price of bitcoin might go up and down by several thousands of dollars in a month. If these gigantic fluctuations are problematic for you, then you are better off without investing in them. But, if you are in for the long-term, these fluctuations should not bother you. 

Ethereum (ETH)

‘Ethereum or Ether is another widely prevalent cryptocurrency. It belongs to the Ethereum network, which is an open-source blockchain, and this is what makes it different from Bitcoin. However, it is more than a cryptocurrency. On the Ethereum blockchain, many developers build various other cryptocurrencies and applications. By market cap, it is the most second-largest crypto, only after Bitcoin. Its ATH was a little over 4000 dollars, which is not even 10 percent of the bitcoin’s ATH price of 60000 USD. Despite that, it is much ahead of its competitors,’ comments Rayan, an educator who offers do my homework for me services. 

Well, we agree with Rayan, and this is even though Ethereum entered the market years after many other cryptocurrencies. Now, the problem with Ether is that even though it employs blockchain technology, it has just one lane for executing transactions. Consequently, when there is an overload, the transactions take longer to process. Unfortunately, there was a hack on the Ethereum network in 2016. This resulted in a loss of over 60 million dollars Ether. Although the company has continually worked towards improving the security loopholes over the years, the risk is persistent. 

Binance Coin

BNB is one of the very few cryptocurrencies that went to their peak position in 2017. There was a massive bull run in the year, wherein all the cryptos reached their ATH, acquired a peak position, before plateauing, and finally falling in value. The coin was introduced by the largest cryptocurrency exchange platform in the world, Binance. However, even when others were falling, BNB continued its rally and maintained a gradual upward trend even after the bull run was over. Hence, despite all odds, it is regarded as one of the most stable coins out there,’ comments George, an educator who offers ‘Assignment help services. 

You can use the BNB coin as a crypto asset or pay the transaction fee on the Binance exchange. Moreover, Binance Coin serves a purpose beyond its sheer value. We are well aware of the burgeoning NFT craze, thanks to Ethereum. This craze has further aggravated with BNB rolling their NFT. 

What really sets BNB apart from others is that it was developed by a company and not a group of developers. So, even though BNB’s persistent commitment to establish a robust blockchain has always won over investor’s skeptics, many investors still show hesitancy towards this crypto because of the security issues.

Tether

It is one of the most stable crypto coins out there. It is stable because it is majorly tied to the US dollar. For every single Tether unit, there is a dollar in the Federal Reserve Bank. As a result, investors can avail massive benefits of traditional currency and open blockchain technology. Launched in 2015, Tether functions on the Ethereum network. Speaking of the performance history of Tether, one Tether coin is equivalent to one USD. It has always been like this, and in the future, the trend will be the same. 

So, these are the top four best cryptocurrencies that you can invest in. Other coins worth your money are DOT, SOL, Cardano, XRP, and Bitcoin Cash. 

By Umer Mahmood

© 2021 Copyright Umer Mahmood - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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