The last decade has put cryptocurrency in the limelight. Cryptos has proved to be one of the best investments a person can make. But with over 7,000 cryptocurrencies in the market today, it can be challenging for investors to know which crypto to put their money in. From the most popular cryptocurrency like Bitcoin to other lesser-known currencies, here is a list of the best currencies you can consider investing in this year 2021.
Of course, everyone expects this giant crypto to make the list, having dominated the crypto market since it was first mined in 2009. Beyond being the most popular crypto, Bitcoin is that crypto that commands the crypto market. What this means is that Bitcoin's fall or rise can influence or dictate the trends in the crypto market. After reaching a high of around $20,000 in 2017, it collapsed to reach a bottom of $3,234 by the end of 2018. However, Bitcoin has been moving up steadily since then and in January this year, it surged to a new all-time high of more than $40,000 for a market cap of more than a trillion dollars, which means it accounted for above 69% of the crypto market.
Bitcoin, like other currencies, is volatile. After reaching its new high, Bitcoin prices have pulled back. With Bitcoin being a crypto that has acceptance where lesser-known cryptos does not, you should consider investing in it if you are new to the asset class.
The main philosophy behind cryptos is the decentralization of currency. However, Ethereum goes a step further as it aims to decentralize the internet by replacing internet servers with a global system of nodes. Ether, the cryptocurrency of the Ethereum software platform has a market cap that is approaching $139 billion. The Ethereum software platform is host to other cryptocurrencies and as such, investors are likely going to benefit from not just Ether (which is the second most popular crypto - Bitcoin comes first), but also from the vast use of the Ethereum platform itself.
Using blockchain technology, Sonergy will make data accessible through a decentralized smart contract with companies wishing to initiate research and data collectors over a time period. Companies and any person looking for certain information would be able to access from actual people and not bots in real-time via the Sonergy platform. The platform is available to students, companies, government, and non-governmental organizations who wish to initiate or conduct market research and surveys in a decentralized manner.
Bitcoin Cash (BCH)
The need for Bitcoin Cash (BCH) stems from the fact that blocks of bitcoin on blockchain (the technology that stores information about every transaction of crypto) was getting filled up based on the numerous transactions of the coin. Bitcoin Cash allows for more frequent and faster transactions with lower fees as a result of its blocks that can store up to 8 MB of data. Bitcoin Cash is a new and less popular cryptocurrency compared to its predecessor Bitcoin, but it is one of those cryptocurrency you should consider investing in this year. The scalability of this crypto means it has great growth potential; this is a good reason for you to invest in it.
Litecoin was created in 2011 by Charlie Lee, in an attempt to fix the obscure and complex nature of the underlying technology of cryptocurrencies. Charlie Lee's aim was to create a "lite" version of Bitcoin and one cannot argue that he did that successfully. For example, Litecoin transactions are confirmed in less than three minutes whereas it takes about ten minutes for a Bitcoin transaction to be confirmed. Also, the system requirements for mining Litecoin is much lower compared to Bitcoin. Litecoin can be mined using ordinary PCs whereas Bitcoin can only be mined with specialized computers that have great computing powers. Litecoin is a pretty affordable coin to invest in and because it is incredibly fast, you should consider investing in it this year.
If you are looking at investing this year, consider investing in cryptocurrencies. Like every other investment, there is risk attached to investing in cryptocurrencies – due to their volatility. However, the rewards of such investments can be mind-blowing. While the list above may not be an exhaustive one, it is a good place to start from if you are looking at investing in crypto this year. Other cryptocurrencies you can consider investing in this year include: Binance Coin (BNB), Tron (TRX), Chainlink (LINK), and Ripple (XRP).
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