Cryptocurrency, which is still in its early stages has gained a lot of momentum in the past few years. It is a profitable long- term as well as short- term investment and has attracted young investors’ attention. There are thousands of cryptocurrencies out there which may confuse you about which ones to buy. But don’t worry we have brought you a list of top 5 cryptocurrencies in which millions have trusted and invested in .
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What Are Cryptocurrencies?
Cryptocurrency are one of the most convenient era of exchange ever. It is a decentralized network based on blockchain technology. Allowing for secure payments online, cryptocurrencies are denominated in terms of virtual “tokens” ,represented by ledger enteries. But why has this system gained so much importance and popularity?
Cryptocurrency is a system that will protect you from inflation which has otherwise caused many currencies to decline their value. One of the main advantags is that the transactions whether international or domestic are lightning- fast. But there are also some risks like risk of data loss and illegal transactions.
In today’s date there are somewhat 1583 cryptocurrencies. You must have heard about Bitcoin, Dogecoin etc. because these are the most used and popular cryptocurrencies. We have listed down top 5 cryptocurrencies bsed on their market capitalization.
Top 5 Cryptocurrencies To Invest In
1. Bitcoin (BTC)
I know you must have expected this cryptocurrency in the list right? It was created in 2009 by Satoshi Nakamoto and is the first crypto being founded. Many businesses have already accepted Bitcoin as payment. As of today 7th December, the price of BTC is ₹40,78,270 with a market cap of ₹72.8T. It has increased by 1.72% in the last 24 hours. It is one of the most trusted cryptocurrencies as it uses secure cryptotography. And as the data is publicly available it is almost impossible to hack it. Bitcoin might be good choice if you are thinking of investing in it.
2. Ethereum (ETH)
Ethereum is the first alternative to Bitcoin. It is not just a cryptocurrency but also a network that allows developers to create their own crypto utilizing the Ethereum network. Conceived in 2013 by Vitalik Buterin , Ethereum has established its place in the market due to its unique technology. Today the price of Ethereum is ₹3,45,794 with a market cap of ₹39.2T. It has increased by 1.47% in the last 24 hours. It is predicted that the price of Ethereum may skyrocket to over $50,000 by 2030. Ethereum will eventually become one of the main financial settlement layers of the world.
3. Binance Coin (BNB)
Binance Coin was launched in 2017 by the Binance exchange as an ERC- 20 token on the Ethereum blockchain. It allows users to pay for transactions and trading fees at a lower rate than they would be with other tokens. By November the price of Binance Coin had risen to over $628, with a gain of approximately 627,000%. It has a market cap of over $104 billion. The best part about this Coin is that it can be traded or exchanged for cryptocurrencies like Ethereum or Bitcoin.
4. Solana (SOL)
One of the best performer in 2021 has to be Solana Cryptocurrency. It rose through the ranks of altcoins to become the fourth- most valuable cryptocurrency in the world. Solana is the world’s first web- scale blockchain and is a Practical Byzantine Fault Tolerance- based (PBFT) proof- of- history (PoH) system which is designed to inimise the risk of malicious nodes. As of today the price of Solana Coin is $196.01 with an increase of 3.76% in the last 24 hours.. It has a market cap of $60,254,943,052. It is predicted that by the end of 2022 could reach $861.585.
5. Cardano (ADA)
One of the biggest cryptocurrencies by market cap has to be Cardano. Launche in September 2017 by Charles Hoskinson, it aims to be the a third generation blockchain project. As of today the price of Cardano is $1.40 USD and has increased by 4.01% in the last 24 hours. It has a market cap of $46,685,756,716 USD. According to some predictions the value of Cardano could exceed $10 within the next few years. Its main aim is to be the most environmentally sustainable blockchain platform.
The Future Of Cryptocurrencies.
Since it is a new and speculative investment, it does not have much history on which to base predictions. So it is important to only invest what you are prepared to loose. In India a Cryptocurrency Bill is supposed to pass in the winter session which is most likely to prohibit all the private cryptocurrencies in India, with certain exceptions. So it is very difficult to predict the future of cryptocurrency in India.
Note: “Kindly take advice from your financial adviser before taking any financial risk. Evedonusfilm do not provide any financial, legal, or accounting advice”
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