Well, if that’s what you’re thinking, here’s a post that you must read till the end to have a 360-degree view of cryptocurrencies!
After conducting great research and learning, we've brought you a list of top cryptocurrencies that you must put your hands on to have tremendous gains in return.
But before we head to the list, answer a few questions!
Ever thought: What leads a crypto coin to climb or fall from the ladder?
Is it fair to randomly invest in a coin that’s ranking on the top?
Not really! Isn’t it?
There’s a whole world that you must explore to get a hold of cryptocurrencies but for now, let us dig into the parameters that let you access the market value (standing) of any coin.
So, let’s head to some of the most important tips that you must keep in mind before investing in any cryptocurrency.
Firstly, it is important to see how long the cryptocurrency has been in existence. The longer it exists, the better it is. Not only it assures its credibility but affirms that the given coin has successfully been able to surmount the challenges and adversities that market forces have thrown over it.
The next parameter is to see the technological advancements and updates that a cryptocurrency is bringing in its evolution. If a certain coin has improved on its shortcomings and has proven itself with its performance, it certainly has a promising future, no matter what figures depict for now.
Furthermore, the activity of a coin says a lot about its scope.
So, here’s how ‘persistence’ to ‘transaction time’ and ‘structure’ to ‘community’ activity it’s everything that’s taken into consideration for a coin to rank anywhere from the top to bottom.
Now let’s proceed to the list of cryptocurrencies that seem promising for investment.
Bitcoin is the first-ever cryptocurrency that was invented. The soaring value and highest adoption rate among the top companies have made it the number one choice of every investor ever since! Agreed?
Moving on to our second entry, Ethereum! Utilizing the concept of blockchain, it is Ethereum that got in place a phenomenon like smart contracts and decentralized apps. The coin performed well in the market and so is expected in the future.
Maintaining separate blockchains for ordinary transactions and smart contracts along with less transaction time is what has given a VIP pass to a much younger coin like Cardano.
Due to such instances, Cardano, a cryptocurrency working on the lines of Ethereum, is sometimes even called the ‘Ethereum killer’.
Started on a satirical note, Dogecoin gained a lot of popularity when founder and CEO Tesla Inc. Elon Musk backed Dogecoin over Bitcoin.
Such instances lay a huge impact on the market standing of a coin as it has a lot to do with its adoption and expansion worldwide.
With SpaceX accepting it as a mode of payment, be rest assured that ‘Dogecoin’ has managed to secure a reasonable place in the market for you to invest and gain from it.
Facilitating inter-bank transactions, a cryptocurrency like Ripple not only is operating on a different model but seems promising on the grade of investment.
Collaborating with some of the largest bank chains (like Bank of America), Ripple set an example of how to utilize blockchain technology in the existing systems to bring further efficiency.
This way, Ripple fulfilled its entry as a contender to altcoins.
Wondering, how Litecoin managed to pull itself into the category of promising cryptocurrencies?
Based on its large market capitalization and faster transactions!
Litecoin and Bitcoin made their debut at the same time. The superiority of Litecoin over Bitcoin is its transaction at the speed of lightning. Worth a try, when it managed to pull a capital of whale-size, i.e. $13.8 billion.
Polkadot was invented by one of the Ethereum founders. The motive was to create a better network to reward the genuine investors, following which separate blockchains were put in place to distinguish between the seasonal and real investors.
Its upgraded technology and wider application are helping it reap the extra brownie points!
There is no hard and fast process as to what contributes to a coin’s better performance in the market.
Sometimes, a high-tech coin can fail and not show up as expected while the other times, even a non-serious entry can steal the show!
It’s all about studying and analyzing market behaviour from time to time that can help you learn the art of investing in cryptocurrency.
So far the basics are concerned, it’s always good to see the factors like transaction time, transaction fee and usability of a coin if you’ve decided to invest in any of’em.
Post your suggestions and views in the comments below!