Crypto Best Buys Now – Top 10 Cryptocurrencies
Great for the Savvy Investor
The digital asset, cryptocurrency, has exploded in popularity as an alternative to regular currency and can also be used by investors as a tool to grow wealth. Unlike traditional currency, cryptocurrency is a type of asset that is not subject to any regulation by a formal entity, like a government or a bank. This lack of regulation is considered an advantage because it allows for user privacy.
Cryptocurrency is a very volatile type of asset, which means that it can make substantial gains, just as easily as it can be subject to substantial losses.
Below are several examples of the top 10 cryptocurrencies that you may want to buy. (Note that these are not in ranking order but are all in our top 10. We recommend diversifying your cryptocurrency investment.):
Bitcoin is a cryptocurrency created in 2008 by the alias Satoshi Nakamoto. It is the most popular cryptocurrency with a market cap of approximately 366 billion that may vary on a day-to-day basis, peaking at 896 billion in January 2022 It is traded frequently and has high liquidity, which may make it appealing to potential investors.
Although Bitcoin has instability seven times that of gold and has had some ups and downs, the environment is still developing and there are most likely going to be more progress and changes in the next few decades until all 21 million Bitcoins are mined.
Approximately 5 years ago, on October 6, 2017, the price of one Bitcoin was $4,425. Most recently, on October 4, 2022, the price of a single Bitcoin has increased over 240% to $20,351.70.
Ethereum was created several years after bitcoin, in 2013, by Vitalik Buterin, a Russian computer programmer. Ethereum is not a coin per se. Rather, it is a network that works on a blockchain and is meant to be much broader in scope than a coin of cryptocurrency, such as bitcoin.
While bitcoin is strictly a cryptocurrency, Ethereum has greater implications, as a ledger technology. As such, Ethereum acts as a network in which apps and other programs can be built and hosted.
Ether is the cryptocurrency within the Ethereum network. As stated, another way, ether is the type of token that runs on the Ethereum blockchain. So, while the ether is the actual digital currency, the Ethereum is the network where it can be bought.
It has the second largest market cap, second to only bitcoin. Ethereum has also experienced significant growth. From October 2017 to the end of September 2022, its price went from about $338.37 to around $1,355.63, with a growth of over 300%.
The creation of Litecoin was because bitcoin was becoming too centralized. The creator, Charlie Lee, wanted to create an alternative cryptocurrency that could be used for everyday payments and transactions. Litecoin is often referred to as the silver to bitcoin’s gold, and it's a viable cryptocurrency option.
It is one of the first altcoins to be introduced and has proven its worth in the market. It is very similar to bitcoin, with both having similar codes of construction but differs in the speed at which transactions can be made. Litecoin processes transactions much faster than bitcoin, especially when the transactions are small and so it's especially useful for modest transactions.
The market cap of Litecoin is around $3 billion, and it has a current price of around $55. Since November 2016, Litecoin has grown by over 1,000%.
Created in 2017 by Changpeng Zhao, Binance is an online trading exchange, where users can trade cryptocurrencies, like bitcoin, ether and litecoin. In all, it offers about 500 coins and tokens to trade on its platform and is considered the largest currency exchange in the world. As an option, it also offers its own type of coin for trade, called the Binance coin (BNB).
Binance charges some of the lowest transaction fees in the cryptocurrency exchange market, with an additional discount on transaction fees when BNB coins are used. Binance also has high liquidity and on its exchange, it even offers a type of coin that is less volatile than many of the other cryptocurrencies, BUSD.
In the last 5 years, since December 15, 2017, Binance has substantially increased over 6,000% from $4.61 to most present-day price of $294.90.
Ripple’s XRP was created by San Francisco-based fintech company Ripple Labs, which aims to provide an alternative payment solution for banks and other financial institutions. In other words, it allows them to transfer money anywhere in the world within seconds rather than days or weeks. XRP has a total supply of 100 billion tokens, but only about 50 billion in circulation as of September 2022. Ripple’s XRP is one of the most popular and stable cryptocurrencies in the world.
In terms of overall market capitalization, Ripple’s XRP cryptocurrency placed sixth in May of 2022 and is one of the fastest-growing cryptocurrencies on the market today. Currently, it also has a current very low price of $0.476223 USD, which makes it an appealing investment for those who are just starting out with cryptocurrency. Ripple is a cryptocurrency that’s great for diversifying one’s portfolio and testing coins that provide a unique take on the idea of digital currencies.
Cardano is another blockchain technology, designed in 2017 by the co-founders of Ethereum, who wanted to create a blockchain that could be used for more than just cryptocurrencies and utilize a combination of scientific philosophy and engineering. It is the third generation blockchain technology, after bitcoin and Ethereum. Cardano is also considered to be more secure than other cryptocurrency alternatives because it uses a technology called “Shelley” that helps protect against hacking attempts.
It is also more scalable than some other cryptocurrencies, which means that it can process more transactions at once without slowing down or crashing.
Since the year of its launch in 2017, it has grown almost 300% with a market cap of $14.82 billion.
Solana is an open-source design, which the creators, the non-profit Swiss Solana Foundation, would like to be adopted by other projects. Currently, the Solana blockchain is designed to handle at least 50,000 transactions per second enabling Solana to be one of the fastest blockchains in the world, if not the fastest.
It’s built on a Proof-of-History (PoH) consensus algorithm that enables fast and secure transactions while maintaining high throughput and low latency. SOL is a young cryptocurrency launched in 2020 and has estimated growth of 1,900% as of September 2022 at current price of $34.
Dogecoin was created by Billy Markus, a programmer from Portland, Oregon. He used the popular Doge meme as its logo and mascot because of its popularity in 2013. The coin’s name is a combination of “doge” and “coin.” The coin has a strong focus on community involvement and charity work. It has also sponsored several events in the cryptocurrency space, including NASCAR driver Josh Wise.
It is an open-source peer-to-peer cryptocurrency, favored by Shiba Inus worldwide and uses a proof-of-work mining algorithm. This allows it to be mined with consumer-grade hardware while still being resistant to ASIC mining rigs.
It entered the digital currency market in December 2013 and currently has a market cap of over $8.6 billion. Dogecoin is based on the same source code as Bitcoin, with a few minor differences. It was initially launched on December 8, 2013, and most recently increased by about 280% since then to $0.065.
Tether is a type of cryptocurrency that is thought to be pegged by the US dollar, though that is debated. Nonetheless, it (supposedly) being pegged by the US dollar is what makes it a less volatile cryptocurrency option to invest in-hence, the stablecoin name.
Also, unlike other forms of cryptocurrency, Tether cannot be mined. Other coins that can be mined can ultimately decrease the coin’s value, while allowing the person facilitating the mining to make a profit.
For those looking to mitigate risk, this is a great cryptocurrency to invest in. It can even be purchased using a debit or credit card, or apple pay. The downside of this coin is that the diminished volatility also means less chance for sudden spikes in value.
USD Coin (USDC)
The USD Coin is a stablecoin that is based on the Ethereum network and was created by Circle Inc., a financial services provider based in Boston, Massachusetts. The USD Coin is an ERC-20 token, which means that it can be stored in any Ethereum wallet. The less volatile nature of this coin is reassuring for the risk-averse but ultimately limits the amount of potential growth in value.
Like tether, the USD Coin’s value is also reputed to be pegged to the US dollar, cannot be mined, and can be bought using a debit or credit card, or apple pay. Note it does not have any backing from the US government. Instead, its value is based on an algorithm that tracks movements in the price of other cryptocurrencies.
The coin’s value is also determined by market forces rather than being fixed by a central authority like tether. Some people prefer USD Coin because it is more transparent than Tether. Unlike tether, which is operated by a private company and its operations are not audited by an outside source, USD Coin is open source.
USD Coin (USDC)
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