The best cryptocurrencies to invest in this year
While these are only a few examples of cryptocurrencies that are doing well this year, there are several other options that you can choose from.
When it comes to cryptocurrencies, most people generally think of bitcoin. People who are recently showing interest in cryptocurrency must understand that while bitcoin is by far the most popular cryptocurrency, there are many other interesting and profitable investment options out there.
Since its inception, bitcoin has taken the world by storm and has inspired the creation of many other cryptocurrencies. While it is true that all of the 7000 other cryptocurrencies that exist may not have the same potential as bitcoin, they are also quite productive.
So, with so many options to choose from, those who have limited knowledge in this field may often need some more help trying to understand which other cryptocurrencies can be considered.
Here is a list of the most profitable cryptocurrencies that you must look into:
- Bitcoin: No conversation about cryptocurrencies is complete without the mention of bitcoin. Bitcoin is volatile and often unreliable, undoubtedly. However, since it was first founded in 2019, the market for Bitcoin has been an enjoyable space. The value of Bitcoins soared in 2017 while it crashed by the end of the year 2018 which marks the volatility of this cryptocurrency.
However, in the year 2021, the value of bitcoin had been soaring reaching as high as $40,000. It occupies almost 69% of the cryptocurrency market and is the biggest name when anyone thinks of cryptocurrencies. While the price remains high and sometimes drops down, this is true for almost all currencies no matter where you are.
- Litecoin: Cryptocurrencies often feel too complicated for those who do not delve into this subject. Litecoin was made taking into consideration this aspect of other cryptocurrencies like bitcoin to make it more accessible even to those who are not very familiar with cryptocurrencies. This is a “lite” version of the more well-known bitcoin and was introduced in the year 2011.
The founder tried to model this cryptocurrency in the light of bitcoin, taking into consideration its best features and giving it an innovative twist. Litecoin transactions are not only faster but also easier in a way and make the cryptocurrency market more accessible to one and all. Litecoin can also be mined using less sophisticated systems without any complications.
- Bitcoin Cash: Bitcoin mechanism rests on a blockchain where each block in the chain stores all the transactions that take place using Bitcoins. The problem that has taken place with this is that, with more accumulation of data in these blocks with the use of bitcoin, the system has become much slower. This means that bitcoin transactions now come with higher fees and at the same time they also take more time to make transactions.
An effort was made into making sure that the data consumption at each block was less which led to the development of bitcoin cash. Bitcoin Cash makes transactions much faster and also requires a minimal fee for the transaction. This is a novel cryptocurrency and is yet to become famous. However, it is already quite accessible and is doing well in the market.
- Ethereum: Decentralisation of currency is one of the main reasons why cryptocurrencies have become so famous in today’s day and age. Ethereum has taken this plan a little further and is trying to decentralize the internet. This is being done by replacing the various internet servers using nodes that are accessible all around the globe.
The main goal here is to have one computer that is being operated by and in the entire world. This is truly a great plan and something that has influenced and inspired engineers and thinkers. This is software that is mostly based on blockchain technology and the currency is called ethers. Ether has a market cap of about $139 billion and is one of the very popular cryptocurrencies in the world.
While these are only a few examples of cryptocurrencies that are doing well this year, there are several other options that you can choose from. Other examples include Binance coin, chainlink, Tron, and more which are superb contenders for being bought and sold this year. With Bitcoin Digital, you will be able to make transactions with bitcoin in a safe and organized fashion which is one of the biggest goals with any cryptocurrencies.