Cryptocurrency trading has experienced huge growth over the past few years. As a result, many people are eager to invest money in cryptocurrency. If you are one of those falling for the cryptocurrency craze, then you can invest in some of the cryptocurrencies mentioned here.
Best Cryptocurrencies To Invest
1. Bitcoin
Bitcoin (BTC) is by far the most popular cryptocurrency. After so many years it still manages to hold its position as one of the most profitable and safe cryptocurrencies to invest in. It is the original cryptocurrency and uses distributed ledger verification using cryptographic puzzle which is difficult for fraudsters to crack. In May 2016, the price of a Bitcoin was USD 500. Right now its price is USD 30,850, which is a 6,070% growth! Which other investment can give you such incredible growth? So, it is worth investing in Bitcoin today.
2. Ethereum
Ethereum (ETH) like Bitcoin is a blockchain platform. Ethereum has a wide range of applications which makes it a favorite among cryptocurrency traders. You can use it for smart contracts and decentralized applications. Like Bitcoin, Ethereum has also experienced tremendous growth. From April 2016 to July 2023, its price increased from USD 11 to USD 1,937 which is a 17,509% growth.
3. Tether
Tether (USDT) is one of the most stable cryptocurrencies as it’s backed by USD and Euro. So, the users can easily convert the cryptocurrency back to USD or Euro. Many people are afraid to invest in cryptocurrencies due to their volatile nature. However, Tether is different and so people feel more confident about investing in Tether.
4. Binance Coin
Binance Coin (BNB) is also a popular crypto exchange. It was launched in 2017 and within a few years, it expanded impressively. You can use it for trading, booking travel tickets, hotels, or even payment processing. You can trade it for other cryptocurrencies like Bitcoin and Ethereum. Initially, it’s price was USD 0.10. Now it is around USD 245 which is a 245,22% growth! Currently, it has a market capitalization of $37.3.
5. XRP
XRP was launched by a payment processing company called Ripple. You can use XRP on this network for exchanging currencies. In 2017, its price was USD 0.006 and today it has reached USD 0.74. This is equivalent to a growth of 11,395%.
6. Solana
Solana (SOL) cryptocurrency supports decentralized applications. It can perform more transactions than Ethereum at a lower fee. It can be used in smart contracts, non-fungible tokens (NFTs), and decentralized finance. It has shown tremendous growth over the years. Its market capitalization is now USD 8.4 billion.
7. Cardano
Cardano (ADA) can be used in decentralized applications and smart contracts. It allows proof-of-stake validation which reduces energy usage. It can be used for smart contracts and decentralized applications like Ethereum. It has shown promising growth compared to the other cryptocurrencies available today. Its price was USD 0.02 in 2017 and now it’s USD 0.30, indicating a 1,425% growth.
Conclusion
According to the CoinMarketCap report, there are about 22,932 cryptocurrencies which constitute a total capitalization of more than USD 1.1 trillion. This shows that there is a huge opportunity to earn from cryptocurrency trading. However, the overwhelming number of cryptocurrencies available can be confusing. The list of cryptocurrencies provided here can be your guide for cryptocurrency trading this year.
