Cryptocurrency Investing - The cryptocurrency has experienced a brutal bear market since peaking in November 2021. The once-popular asset classs cumulative value has fallen by nearly two-thirds in less than a year to just under $3 trillion last November. End of August.
The decline reflects a sell-off in the stock market due to rising inflation and interest rates that saw stocks fall into bear market territory.
Cryptocurrency is a more dangerous field than the stock market but has a lower reputation because it is less regulated and the mysterious technology behind it can lead to carpet-pulling scams and the sudden collapse of so-called stablecoins.
Yes in short crypto is not a market to avoid risk. But which cryptocurrency is best to buy for those who can withstand extreme volatility?
Here are the top 7 cryptocurrencies to invest in
1. Bitcoin (BTC)
Any list of the best cryptocurrencies to buy should start with Bitcoin which is a must-have for those looking to dip their toes into the waters of this asset class.
Bitcoin created in 2009 is the first and largest cryptocurrency by market capitalization: BTC alone made up 39 percent of the total market at the beginning of September.
Bitcoin is sometimes called digital gold deriving its value from its rarity and historical ability to be a store of value.
Only 21 million bitcoins out of 191 million or 91 percent of the supply are already in circulation. Bitcoin fell below $20000 in August after a broader market selloff.
Although some critics claim that Bitcoins heyday is the growing number of trust funds and exchange-traded assets Bitcoin is unlikely to disappear until the entire asset class collapses.
2. Ether (ETH)
September seems to be the most anticipated month for Ether as the Ethereum blockchain takes a big leap from Proof of Work to Proof of Stake or PoS algorithms.
The shift to popular decentralized finance for a Proof of Stake or DeFi blockchain should facilitate scaling reduce business demand and ultimately reduce high ethergas fees that act as a barrier to entry. They work with clothes.
The event called The Merge is expected to begin on September 6. With the final procedure between 10 September. and September 20.
The switch to PoS should consume more than 99 percent of the networks power making Ethereum - already a popular block to build a blockchain - in line with its ethos.
3. Solana (SOL)
Solana runs its own blockchain similar to Ethereum and Bitcoin. And just as Ethereum Solana was built from the ground up for DeFi the rapidly growing field of finance includes smart contracts.
DeFi is a huge field attracting many winners with the potential to eventually disrupt all types of transactions with brokers laden with centralized exchanges and other complex and expensive intermediaries.
Ethereums core in PoS will strengthen Solanas biggest rival SOLs low fees and fast network have already made it a top 10 cryptocurrency with stable power and an impressive ecosystem of decentralized applications or dApps. . A growing presence in games with non-volatile tokens or NFTs has increased SOLs share of the overall market from 0.01 percent in January 2021 to 1.1 percent today.
4. Avalanche (AVAX)
5. Binance Coin (BNB)
With a market capitalization of around $45 billion Binance Coin is the third largest volatile cryptocurrency after Bitcoin and Ether.
Binance is the worlds largest crypto exchange dedicated to developing the cryptocurrency ecosystem with BNB as the source currency on the Binance blockchain. As of Aug.
30 Binance had a 24-hour trading volume of more than $16 billion demonstrating its market dominance over its closest rival Coinbase Global Holdings Inc.
(COIN) worth $2.3 billion. BNB is actually one of the oldest coins in this small space that was first introduced in 2017.
Another thing to like about BNB is that it engages in quarterly coin burns which are more deflationary than Bitcoin and reduce supply.
Current circulation is over 80 percent of the maximum supply of 200 million coins but it aims to reach 100 million in supply over time through a burn-in mechanism.
6. Cosmos (ATOM)
The next best cryptocurrency to buy is Cosmos. The ATOM token helps protect the underlying Cosmos Hub chain with new tokens created through staking and is a so-called governance token that gives owners a prorated voice on how the project should proceed.
Cosmos is one of the top 25 cryptocurrencies with a trading history of 2017 with a current market cap of over $ 3 billion.
The projects goals are commendable with the goal of making the growing blockchain ecosystem more developer-friendly and hassle-free.
Communication between different blockchains today leaves a lot to be desired. As rising interest rates continue to swing cryptocurrency markets long-term cryptocurrency investors should occasionally consider gaining exposure to some ambitious projects like Cosmos.
7. Filecoin (FIL)
Among the best cryptocurrencies to buy at the moment is Filecoin which is the smallest by market cap at $1.5 billion out of the top 30 cryptocurrencies excluding stablecoins.
While all the cryptocurrencies on this list have peaked FileCoins fall from its peak has been brutal: FIL which is under $6 is down more than 97 percent from its all-time high of $237 in April 2021. Filecoin is A compelling project: It is a decentralized blockchain-based digital storage system that allows people to publicly store important information.
Transactions use the local currency FIL. Filecoin is promoting data storage with its FIL token as an alternative to centralized data storage and making the audit process more difficult.
As well as Starling Lab an academic research center at Stanford University that has used FileCoin to document Russian war crimes in Ukraine in real time to combat disinformation maintain an accurate record of history and hold war criminals to account. The FIL hit a 52-week low of $4.82 in June.
Check Also: Top 10 Cryptocurrency
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