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A cryptocurrency is a virtual form of currency that uses cryptography and is difficult to counterfeit because of this security feature. It ensures security while making financial transactions, controls the creation of additional units, and verifies the transfer of assets from one source to another. Cryptocurrencies use a decentralized control system, dissimilar to the centralized digital currency and central banking systems. The decentralized control works using a distributed ledger technology, like blockchain.
Presently, there are 4,000 cryptocurrencies in existence and the field is ever-expanding. With all the benefits that cryptocurrencies provide, it is now more than ever that people have become enthusiastic about investing in the cryptocurrency world. However, picking the most profitable ones amongst the crowd can become a mighty task. Thus, here is a list of the five best cryptocurrencies to invest in 2021!
Bitcoin is the first known cryptocurrency to come into existence. With being an ancient member of the cryptocurrency world, Bitcoin’s power, market dominance, and importance have not faltered in the cryptocurrency ecosystem. Bitcoin holds 65% of the market cap. As of March 2021, a single bitcoin was valued at over $60,000, only proving how high it stands in the market. An investment made in this cryptocurrency can yield you back the highest profit. Prediction goes that bitcoin will hit the mark of $100,000 by the end of 2021.
Thus, even if the value of bitcoin dips, the chances of it beginning still on the top of the market are unbeatable. Moreover, traders consistently benefit from high liquidity from bitcoins irrespective of how the rest of the market performs. You can even have a look at some of the best bitcoin alternatives.
Talking about the most influential cryptocurrency in the market, it has to be Ethereum. If you are someone looking to build upon a blockchain, there is what you should invest in as its blockchain gives a wide variety of applications. It stands at the front of the DeFi revolution making it the second-largest cryptocurrency in terms of market capitalization and volume. Ethereum’s market cap increased by 60% back in September 2020 and is presently showing a good trend in the market. It is a smart investment option if you are trying your hand at the cryptocurrency market for the first time.
The start of ADA in the crypto-world was slow but steady. Presently, it is one of the most promising cheap cryptocurrencies which one can invest in. The boost in ADA’s popularity has come after its ability to create smart contracts on its network. By the beginning of 2021, ADA was a massive shift in its market cap from being $0.182 on January 1 to $1.45 on February 27. Presently, its range keeps shifting from $1 to $1.4 in the market.
Litecoin can be called an early spinoff of bitcoin, before Bitcoin Cash (BCH) came into existence, around October 2011. It is critically analysed that Litecoin is almost identical to Bitcoin. If Bitcoin is valued in terms of gold in the crypto-industry then Litecoin is the silver. And just like Bitcoin, Litecoin is capped at 84 million, with approximately 75% already mined. As for how beneficial it is to invest in Litecoin, well, it surged by more than 630% from its lowest level in 2020, which brought its total market cap to more than $12 billion. Thus, making it the 9th largest cryptocurrency in the world. Predictions go that its value could move beyond $200, which is a promising insight for one to invest in this cryptocurrency.
Ripple is ISC licensed and is a real-time gross settlement, currency exchange, remittance type form of cryptocurrency. It is the second-largest coin ranked by market capitalization. At the start of 2020, the cryptocurrency did face a fall but has risen steadily thereafter. Additionally, several financial giants like JP Morgan, HSBC and MoneyGram have shown their faith in Ripple by investing in it.
The reason why Ripple might be the best cryptocurrency to invest in, in 2021 is that it offers to facilitate a global transition away from the traditional financial system to one using blockchain at an institutional level. Additionally, it has a lot of potential, solid technology and a rapidly expanding network.
Hopefully, these valuable insights will help you determine and narrow down the cryptocurrency in which you want to invest. As the growth of cryptocurrency is inevitable and imminent, it is a wise choice to invest in it sooner rather than later.