The cryptocurrency market is becoming one of the new investment platforms with good experiences and growth. It is an exchange market without intermediaries, speedy trade, and with no or low brokerage costs. So even if individuals invest small amounts of money in cryptocurrency investment at the right time and make the right choice, they will get big rewards.
Undoubtedly, individuals can earn many rewards from cryptocurrency investment, but it does not mean that risks are not involved in this market. So before investing, take suggestions from crypto traders so that you can know about options you have and make the best choice for yourself. Cryptocurrencies are also interesting and have become famous because they offer speculative traders a volatile asset to earn daily profits.
Many cryptocurrencies exchanges offer traders to deal in various cryptocurrencies. For example, the wazirx cryptocurrency exchange provides trade-in cryptocurrencies like Bitcoin, Etherum, Tether, Dogecoin, etc. The crypto market recently got a position of $2 trillion. However, several investing investors sometimes feel it is challenging to select cryptocurrency to invest in now. So in this article, we carefully and after study suggests seven best cryptocurrencies in which investors can invest now.
What Is Cryptocurrency?
Cryptocurrency is a medium of internet-based exchange that uses cryptographic functions for conducting financial transitions. Cryptocurrencies leverage blockchain technology for gaining transparency, decentralization, and immutability. In simple or other words, a cryptocurrency is a form of payment used to buy goods and services online.
Today, many companies issued their currency such as tokens. These currencies are mainly used for the trading of goods and services that specific companies provide. For example, suppose you would use arcade casino chips or tokens, so you will need to exchange your real money for cryptocurrency to buy or access the goods and services. Cryptocurrency’s work is handled by blockchain technology.
In a blockchain, decentralized technology is spread across many computers, which records and manages all transactions. This technology is mainly famous for its security. One of the features of cryptocurrencies is that they usually are not issued by any central authorities; it is free of government manipulation or interference.
- The word cryptocurrency is acquired from encryption techniques, which are used to secure the network.
- A cryptocurrency is a kind of digital asset based on a network divided around many computers. The decentralized structure of the crypto market allows them to exist free from central authorities and governments.
- Cryptocurrencies get praised and become famous for their divisibility, portability, transparency, and inflation resistance.
- Cryptocurrencies face criticism for many reasons, such as the use of illegal activities, infrastructure vulnerabilities, and exchange rate volatility.
Why Is Cryptocurrency So Famous Or Popular?
- Some people like cryptocurrency because it removes the role of the central bank, which manages the money supply. For many years these central banks have been reducing the value of money through inflation.
- Some people like cryptocurrency because it increases the value up, and in this, there is no interest in currency’s long-term acceptance ( way to move money).
- Most people buy cryptocurrencies like Bitcoin because they think that this currency will raise its value much in the future.
- Many people prefer cryptocurrencies because of the technology blockchain used behind it. In blockchain technology, the decentralized system of processing and recording is more secure than traditional methods or systems of payment.
Top Seven Best Cryptocurrencies To Invest In Now
Bitcoin is one of the most famous and used cryptocurrencies in the world. The creator of the bitcoin cryptocurrency was Satoshi Nakamoto in 2009; then, bitcoin has changed the way money returns. The reason behind its success is that bitcoin was the first that showed up on the scene. It is the first cryptocurrency that was born thanks to new technology and network called a blockchain. Blockchain is a technology that opens a new door of possibilities for the world in which many start-ups and companies can invest.
Five years ago, the price of bitcoin was $500, and now according to 30 September 2021 records, its price is $43000 (growth of about $8600%). It is one of the cryptocurrencies which has been tried and tested by all types of industries till now. Bitcoin’s first mover and blockchain technology give it a massive advantage.
Ethereum is the second most used cryptocurrency after bitcoin. It is a cryptocurrency and a decentralized platform where ether currency is used for smart contracts. In both cryptocurrency trade and a blockchain platform, the ethereum cryptocurrency is the favorite of program developers because of ethereum potential applications such as smart contracts, which are automatically executed when trade conditions are met, and NFTs (non-fungible tokens).
The founder of the mind behind the creation of ethereum is Vitalik Buterin, who is also involved in the bitcoin project. The ethereum cryptocurrency came into the market in 2015 and slowly became the center of cryptocurrency investment. Even slowly, ethereum got the place of bitcoin’s share in the market. Five years ago, the price of ethereum was just $11, and now it is $3000 (about 27000% growth).
Cardano’s innovative Ouroboros algorithm has become a faster platform for separating small contracts and transactions into two blockchains. It is also famous for its early embrace of proof of stake validation. This method of Cardano transaction is done speedy and reduces environmental impact and energy usage by removing problem-solving, competitive aspects of transaction verification.
It was launched in 2017, and it is the youngest cryptocurrency available in the market now. It works like ethereum means decentralized application and smart contracts powered by ADA (native coin). It comes in the list of best cryptocurrencies because of its sustainability and scalability. Cardano is a highly profitable and affordable cryptocurrency with low transaction costs. In 2017 its price was $ 0.02 and now it is $2.10 (about 10,500% growth).
According to trading volume and market capitalization, XRP is the third most used digital currency. XRP (Ripple) was born mainly to work together with banks to change sending money worldwide. The XRP is used for networks for the exchange of various currency types like fiat currencies. Jed McCaleb and Chris Larsen founded the XRP (Ripple). The digital payment processing company Ripple introduced the XRP as a cryptocurrency for the first time. They allow exchanges between cryp[to acting like PayPal and fiat currencies for crypto. The price of XRP in 2017 was $0.006, and now its price is $0.94 ( about 15,700% growth).
From other cryptocurrencies opposite, the tether is a stable coin. Fiat currencies back tethers like the Euro and the US dollars. It makes it possible to keep denominations equal to those currencies. If you want to trade in stable cryptocurrency, the tether cryptocurrency is best. The value of this tether currency is more consistent than other cryptocurrencies who fluctuate very quickly. Because of the volatility of cryptocurrencies, most investors prefer to invest in the tether.
Because of billionaires like Elon Musk’s Moniker, dogecoin is getting importance and will become famous in 2021. This cryptocurrency was formed in 2013. Dogecoin is quickly becoming a prominent cryptocurrency because of creative memes and a dedicated community. Like other cryptocurrencies like bitcoin and ethereum in dogecoin, there is also no limit on the creation of dogecoins which means that there is no decrease in the supply of coins.
As a result, this is one of the reliable and cheapest cryptocurrencies. Five years ago, its price was $0.0002, and now its price is $0.20 (about 1001,800% growth).
Binance coin is a type of cryptocurrency used for paying fees and trade-in Binance cryptocurrency exchange. Binance cryptocurrency exchange is one of the largest exchanges and mainly makes trade in its binance coins. Binance coins were launched in 2017. In binance exchange, it is used for trading, booking travel arrangements, and payment processing.
This binance coin became famous in the past few years. If you invest in this cryptocurrency, it is a worthwhile investment for you. In 2017 the price of a binance coin was $0.10, and now it is $382 (about 382,000% growth).
Nowadays, most people do trade or investment in cryptocurrency because of its growth and transparency. New investors or beginner traders can’t decide which cryptocurrency is best for them today. For them, we discussed the top seven best cryptocurrencies to choose the best one according to their budget. There are many cryptocurrencies exchanges available nowadays. For effective services and the best deal, you can make your investment in the Wazirx cryptocurrency exchange.