Thousand of cryptocurrencies are available on the market right now. Hundreds are being created every day for investors to catch the next important coin. With thousands of coins in the market right now, it can be a daunting task to select and buy the best cryptocurrencies.
While many use crypto as a way to make payments, right now most people are seeing it as a long term investment plan. However, the volatility of the market in crypto can make many problems for many investors. Therefore it is important for you to know what coins are doing well before investing in them.
Here are some examples of cryptocurrencies that you should think of buying right now.
7 Cryptocurrencies You Should Buy Right Now
The largest cryptocurrency in the world is basically a must have coins for many investors right now. Currently having a market cap of over $390 Billion dollars, Bitcoin still is the king of crypto.
With many businesses already accepting BTC as form of payment, this is the reason why investing in Bitcoin is a smart move for now and the future. Although Bitcoin is a volatile asset, seeing it drop from a high of $69,000 to now, around $20,000, it is still on of the most sought after coin in the market. Over the last ten years, it is still the best performing digital asset and it will be a more valuable coin in the future.
The country of El Salvador already seen how Bitcoin has helped tourism in the country. For long-term investors, BTC is a sensible choice for holding.
You can say the second must own crypto is non-other than Ethereum. The second largest cryptocurrency has a market cap of over $194 Billion dollars. One of the reasons why many people invest in this coin is because of Ethereum, the coin’s blockchain network. Ethereum basically introduced DeFi or decentralized finance to the world and is currently adopted by many people.
Soon ETH is going through “The Merge”, which is to improve sustainability of the network. The current Ethereum Mainnet will merge with the Beacon Chain POS system. This will mark the end of proof-of-work for ETH. It is said to reduce energy consumption my 99.95%. Many analysts said that The Merge could increase the value of ETH.
There are two phases for ‘The Merge’ to complete, Bellatrix and Paris. Bellatrix will take place on September 6th, and Paris will happen between September 10th and 20th.
Solana is a pretty new coin, which the first block was created in early 2020. It started to gain traction in early 2022 with many other coins as well. Right now it has established itself as a top 10 coin in the world. It has a market cap of over $11 Billion dollars, having its own blockchain is one of the reasons why many people are investing in this coin.
People who do not like ETH, tends to invest in SOL due to its similar applications and functions. ETH uses POW (proof-of-work) blockchain which is more energy intensive as compared to SOL which uses POS (proof-of-stake) blockchain. Even the founder of FTX, Sam Bankman-Fried thinks SOL is one of the most underrated coins right now.
Binance Coin (BNB)
Similar to many crypto coins in the market, BNB took off in early 2021. It rose from around $40 to an all time high of around $670. Being a native coin of the world’s largest cryptocurrency exchange in the world, it helps to assure many investors in investing in BNB. It is also one of the more stable coin in the market right now. It is the world’s 5th largest crypto by market cap of around $46 Billion dollars.
It has the potential to be a next big important coin due to Binance being a huge influence in the world of digital currency.
Polygon (matic) is a protocol that serves as a link between several blockchain networks and all of them are compatible with Ethereum. This product is able to provide solutions for slow speeds and high gas fees without compromising user safety.
To keep the amount of coins stable, MATIC tokens are burned and deducted from the overall supply. This helps in maintaining the overall value of the coin. Currently it is the 12 biggest coin by market cap of around $7 Billion dollars.
Recently the Polygon Founders raises $20 Million dollar for a WEB3 Venture Fund.
Cosmos is the 23rd largest coin by market cap of around $3 Billion dollars. Cosmos aims to solve some of the problem with the current ecosystem. It focuses on trying to connect different blockchains and help in improving scalability. If it is able to solve some of these problems, many people will definitely buy in into the project.
Cosmos uses a proof-of-stake system, with ATOM tokens earned through staking. Due to its innovative technology, it is definitely a coin to look out for
Avalanche could be one of the best long-term cryptocurrencies to buy and hold. It was first introduced in 2019 and right now is the 16th biggest cryptocurrency with a market cap of $5.7 Billon dollars. Ava Labs is the developer of the Avalanche system and they aim to be the “AWS” of the crypto world.
Avalanche is a blockchain that improves the base protocol to make a system more scalable. In the case of ETH blockchain, each node must all validate each transaction, in Avalanche case, 3 individual blockchains can validate transactions independently.
Many crypto coins are being created every single day, who’s purpose are trying to improve the ecosystem. Some crypto are better to hold it long term while some have really good projects that investors should be on a lookout for. So those are the best 7 cryptocurrencies that you should buy right now.