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Cryptocurrencies are doing rounds more than ever for the past few decades. With the far reaching benefits that it offers, more and more people around the world are taking an interest in cryptocurrencies. There are tons of different cryptocurrencies, ranging from Bitcoin and Litecoin to Ethereum and Dogecoin, making it difficult for beginners to decide which cryptocurrency to invest in.
Today, in this post, we shall share with you the top contenders for cryptocurrencies to help you maximize your dimensions.
Let's get started…
Let’s first take a look at what cryptocurrency is?
Here we go...
What is Cryptocurrency?
A cryptocurrency or crypto is a digital or virtual currency that acts as a medium of exchange. Crypto is protected by cryptography, making counterfeiting and double-spending practically impossible.
Most cryptocurrencies are built on blockchain technology, a distributed ledger enforced by a decentralized network of computers. Cryptocurrencies are not issued by any central authority, which makes them potentially impervious to government intervention or manipulation.
Want to know which cryptocurrency to invest in?
Well, here is a Top cryptocurrency list for you to ponder on while deciding Top Cryptocurrency to invest…
THE MOST PRONOUNCED CRYPTOS
Here's taking a look at the most pronounced Cryptocurrencies to Invest in 2021.
Market cap: Over $974 billion
Bitcoin cryptocurrency is a decentralized digital currency that may be sent from user to user on the peer-to-peer bitcoin network without the use of agents. It has no single administrator. Network nodes utilize cryptography to validate transactions, which are then stored on a blockchain, which is a public distributed ledger. The cryptocurrency was founded in 2008 by Satoshi Nakamoto, a pseudonym for an anonymous individual or group of people, and it was put into use in 2009 when the currency's implementation was released as open-source.
Cryptocurrency bitcoin price has soared as it has grown in popularity. Five years ago, a Bitcoin was available at $500. Today, a single Bitcoin is worth $ $51,776.17. That's an increase of around 10,355%.
Market cap: Over $464 billion
Ethereum is an open-source, decentralized blockchain that enables users to build smart contracts. It is the second most valuable cryptocurrency next to Bitcoin in terms of market capitalization. Vitalik Buterin, a programmer, invented it in 2013. The development of Ethereum was crowdfunded in 2014, and the network launched on July 30, 2015. Anyone can use the platform to develop permanent and immutable decentralized applications that users can interact with. Decentralized finance (Defi) applications enable cryptocurrency holders to borrow against their holdings or lend them out for interest without the use of traditional financial intermediaries such as banks, brokerages, or exchanges. Ethereum has also taken the world by storm. Its price increased by about 29,000% in just five years, from around $11 to over $3,299.38.
Market cap: Over $41 billion
Dogecoin was established by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer as a joke at first. They sought to make a peer-to-peer digital currency that might appeal to a larger audience than Bitcoin. They also intended to separate it from the contentious history of other coins. Dogecoin was formally launched on December 6, 2013, and over a million people visited Dogecoin.com in the first 30 days.
Elon Musk frequently mentions Dogecoin on Twitter, which has resulted in a massive growth in its popularity in recent years. The price of Dogecoin in 2017 was $0.0002, and in August 2021, it was $0.32, a 160,000% increase.
Market cap: Over $92 billion
Cardano is a distributed ledger technology that is open to the public. It's open-source and decentralized, and it uses proof-of-stake to achieve consensus. Its internal coin, Ada, can help enable peer-to-peer transactions.
Charles Hoskinson, a co-founder of Ethereum, started Cardano in 2015. It's also the most popular cryptocurrency to employ a proof-of-stake blockchain, which is considered a more environmentally friendly alternative to proof-of-work protocols. Like other crypto coins, Cardano's ADA currency has also grown from $0.02 per share in 2017. It was priced at $2.90 in August 2021, which is a 14.500% rise.
Market Cap: Over $85 billion
Binance Coin is a utility cryptocurrency. It can be used to pay for fees related to trading on the Binance Exchange - the world's largest cryptocurrency exchange by daily trading volume. Users that utilize tokens to pay for the exchange can trade at a lower cost. Binance's decentralized exchange is built on top of the Binance Coin network.
Launched by Changpeng Zhao, the Binance exchange was previously based in China but eventually relocated its headquarters due to the Chinese government's increased control of cryptocurrencies. It was only $0.10 in 2017; since then, it has climbed to roughly $506, a gain of nearly 506,000%.
Market Cap: Over $15 billion
Litecoin is a cryptocurrency and open-source software, which was distributed under the MIT/X11 license. Starting in October 2011, Litecoin was an early bitcoin offshoot or altcoin. Litecoin is essentially comparable to Bitcoin in terms of technical specifications. In 2017, it was listed as the third most profitable coin. It is regarded as one of the greatest Bitcoin alternatives since it offers faster transactions, lower transaction costs, rapid adoption of new technology, and security. It was $0.12 in 2017 and is now $231, a 192,500% growth.
Market cap: Over $24 billion
Polkadot is a one-of-a-kind proof-of-stake coin that is intended to provide interoperability between different blockchains. Its protocol connects both permissioned and permissionless blockchains and oracles, allowing systems to collaborate under one roof.
Polkadot's essential component is its relay chain, which enables network interoperability. It also allows for "parachains," or alternative blockchains with their own native currency for specific use scenarios. Polkadot's first token sale ended on October 27, 2017, with 485,331 ETH raised (Ether, the currency of the Ethereum blockchain).
Market cap: Over $66 billion
Tether is a cryptocurrency with its tokens issued by Tether Limited, which Bitfinex's owners own. Unlike other cryptocurrencies, the tether is a stable coin because it is backed by currencies such as the US dollar and the Euro. It was created to always be worth $1.00, with $1.00 in reserves for each tether issued. Tether's value is intended to be more consistent than other cryptocurrencies, which is why it's appreciated by investors who are frightened of other coins' excessive volatility.
Market cap: Over $41 billion
Solana is one of the best Cryptocurrencies to invest in now. It is an open-source project that utilizes the permissionless aspect of blockchain technology to create decentralized financial (DeFi) solutions.
The concept and first work on the project began in 2017; however, it was launched by the Solana Foundation, based in Geneva, Switzerland, in March 2020. Solana uses a hybrid proof-of-stake and proof-of-history technique to speed up and secure transaction processing. SOL, Solana's native cryptocurrency, powers the platform. SOL began trading at $0.77 and is currently trading at $142.53, a gain of 18,441%.
Market cap: Over $64 billion
XRP, a digital technology and payment processing company founded by some of the same people who founded Ripple, can be used on that network to ease the exchange of many currency kinds, including fiat currencies and other major cryptocurrencies. The price of XRP was $0.006 in 2017, and now it is $1.36, there is an increase of about 22,666%.
Wrapping it up…
So these are the best cryptocurrencies to invest in today, which could give you much larger return than conventional trading apps like Robinhood. These are the most well-known Cryptocurrency stocks and Profitable cryptocurrencies to consider investing in. Understand that there is no fixed trend in the Cryptocurrency market; the Cryptocurrency prices and trends keep changing every day. Hence, you need to be well-versed with those changes for successful Investing in bitcoin.
The COVID-19 outbreak has severely impacted the worldwide economy. However, Bitcoin, Ethereum, and many other digital currencies have gotten a lot of attention even during COVID times. For the first time, banks have begun to purchase cryptocurrency. Many banks in the US are developing their own blockchain-based systems. Even PayPal intends to allow bitcoin to be used as a funding source by 2021.