There’s always something exciting happening in the cryptocurrency world. The crypto sector is, at its core, a realm of capital “B” Big ideas. The Bitcoin white paper, describes a decentralized, per-to-peer, electronic global money that eliminates print-happy central banks as well as moral-hazard-ridden financial institutions and intermediaries. After a decade, the cryptocurrency industry is worth more than $2 trillion, with thousands of digital currencies and projects to pick from. However, not all cryptocurrencies are made equal. Below are the top cryptocurrencies to invest in right now! Keep in mind that this is a volatile asset class, so only invest with money you can afford to lose.
Bitcoin’s inception in 2009 forever transformed money and opened the door to a plethora of variations and refinements to blockchain technology. It is easily the top crypto to invest in right now. In addition, it’s difficult to overstate the importance of Bitcoin and the underlying blockchain concept that accompanied it, yet 12 years later, Bitcoin’s first-mover advantage has compounded to bring its market worth past $1 trillion. As the dominant “blue chip” cryptocurrency, BTC is not only tried and true, but it is also breaking new ground: Tesla’s decision to include Bitcoin on its balance sheet and El Salvador’s decision to make it legal tender are both 2021 milestones that demonstrate how popular BTC has become.
Although Bitcoin has been the dominant cryptocurrency from its inception, Ethereum emerged in 2015 as a force to be reckoned with and is possibly the only other token with any business being recognized as blue-chip crypto.
Furthermore, Ethereum’s market share in the embryonic and rapidly growing sector of decentralized finance, or DeFi, is progressively taking over Bitcoin’s crypto market share. Bitcoin accounted for 70.7 per cent of the market at the start of 2021, while Ethereum accounted for only 10.8 per cent. Today, the margin has shrunk substantially, with BTC accounting for 45.1 per cent of the market and ETH accounting for 18 per cent. This shows that Ethereum is one of the top cryptocurrencies to invest in right now!
Solana swiftly rose from obscurity – SOL had a 0.01 per cent market share at the start of the year – to become one of the top ten cryptocurrencies by market cap by September 2021. Solana, like Ethereum, has emerged as a leader in DeFi, where users can build decentralized applications, that bypass traditional financial gatekeepers such as exchanges, brokers, and banks themselves.
The Ethereum-like network has been quick to attract great engineering talent due to the underlying Rust programming language, which is incredibly straightforward to use. SOL also offers two advantages over ETH: it has faster speeds and substantially reduced transaction fees. Solana’s price has more than tripled in 2021, rising from $1.51 to over $180.
Axie Infinity Shards (AXS)
Axie Infinity Shards is the governance token for a blockchain-based game similar to Pokemon. AXS serves as the voting mechanism in this player-owned game. Axie Infinity, built on the Ethereum blockchain, is a remarkable illustration of the unconstrained innovation that may occur on the blockchain these days.
The ecosystem is unusual in that it has demonstrated that an incentive-based game can be designed and effectively sustained on a decentralized network. Aside from pure enjoyment, play-to-earn options encourage continuing use. Each character is its own non-fungible token that can be levelled up through gameplay. This year, AXS has gone parabolic, increasing from 57 cents to more than $120.
While not quite in the league of Bitcoin or Ethereum, Cardano is an unavoidable contender for the best cryptocurrency to buy. It is the third-largest by market capitalization after Bitcoin and Ethereum. It is younger than both Bitcoin and Ethereum, with the first ADA – the Cardano blockchain’s native currency – debuting in September 2017.
Cardano has a wide range of appeal: One of Ethereum’s co-founders, Charles Hoskinson, lending it instant credibility. Unlike ETH, it has a cap on the number of coins that can exist, set at 45 billion. Cardano also has the edge over many other cryptocurrencies. It employs a proof-of-stake protocol to motivate users to produce new blocks. Some experts believe it is 20,000 times more energy-efficient than Bitcoin’s proof-of-work algorithm.
Binance Coin (BNB)
While Coinbase receives the majority of media attention regarding cryptocurrency exchanges, Binance is the largest global exchange in terms of volume. Binance was first issued as a token on the Ethereum blockchain but later migrated to its very own blockchain. BNB, like other popular cryptocurrencies, has a limited supply of 200 million coins. There are currently around 168 million in circulation. Binance’s goal of reducing total supply by 50% has been a driving force in the coin’s rise over the years.
Furthermore, Binance conducts quarterly “burns” of coins to restrict supply to this aim. The three burns announced this year had destroyed 6,016,504 BNB — the equivalent of around $2.5 billion at today’s values. Since the original coin launch in 2017, the price of BNB has risen from 10 cents to over $400.
Polkadot is a proof-of-stake coin that aims to provide interoperability with other blockchains. Its protocol connects permission and permissionless blockchains and oracles, allowing systems to collaborate under one roof. Polkadot’s essential component is its relay chain, which enables network integration. Futhermore, it also permits the creation of “parachains,” or alternative blockchains with their native tokens for specialized use cases.
Polkadot differs from Ethereum in that instead of only establishing decentralized applications on Polkadot. Developers can design their blockchain while still utilizing the security that Polkadot’s chain already provides. In addition, developers can develop new blockchains with Ethereum, but they must create their security mechanisms, leaving new and smaller projects vulnerable to attack. Thus, by utilizing Polkadot’s, “parachains” the blockchain can be made more secure and safe.