What is Cryptocurrency?
Cryptocurrencies are the digital assets based on blockchain that has introduced a decentralized system for transactions without the hindrance of any central player. It is an alternative to the traditional banking system that is manipulated by the Government and the central banks. The blockchain technology is an emerging shift to an innovative financial management system that took a long time to get adapted. However, now the concept is well accepted, and some big stakeholders and Governments have regulated it to increase adoption. Starting with the Bitcoin alone, now there are thousands of digital crypto coins in the market, and it is hard to make a choice. To make it easy for the newbies we have listed 5 most credible cryptocurrencies for long-term holding:
1.Bitcoin (BTC): Bitcoin, the first ever cryptocurrency was developed by Satoshi Nakamoto (pseudonym) in 2009. Its price skyrocketed in the last few years. Five years ago, you could have bought one Bitcoin for around 500$ that has now touched its all time high on November 9, 2021, reaching 68, 789$ with a market cap of ?1.2 Trillion dollar. The increased adoption and the acceptability among the key players among the rich community have given a way forward to Bitcoin that is predicted to hit over 100,000$ or even more in this bull run. If you are new to crypto or a big investor, then Bitcoin should be your first and foremost priority.
2.Ethereum (ETH): All cryptocurrencies except Bitcoin are called altcoins. The best altcoin to look upon is Ethereum, launched in 2015. Ethereum is leading the market after Bitcoin with a market cap of 537 Billion dollar. Launching at a price of less than a dollar, it also had made its all-time high on November 9, 2021, reaching a maximum of 4859$.
3.Binance Coin (BNB): BNB is the coin of Binance exchange which is one of the biggest crypto trading exchanges in the world. BNB can be used to trade, pay fee, stake, and earn interest on the assets. It was launched at a price of 0.10$ in 2017, that has hit its all-time high six months ago on May 10, 2021, spiking to 690$. Currently, it has a market cap of 102 Billion dollars. Its a reliable option to be considered for long-term because of being backed by a big exchange.
4.Solana (SOL): Intended to facilitate the decentralized finance (DeFi) and development of decentralized apps (DApps), Solana has the potential to carry out fast and secure transactions. It was launched at a price of 0.77$ in 2020 and hit its all-time high recently on 6th of November 2021 with a price of 260$ with a market cap exceeding 68 Billion dollars. Solana is trending in the market and expected to rise more in coming days.
5.Cardano (ADA): Cardona is based on the proof-of-stake validation that speeds up the transactions with less energy dissipation and elimination of complexities in transaction verification process like in Bitcoin. ADA was launched in 2017 at a price of 0.02$ and has reached its ATH 3.1$ on 2nd September 2021. Its market cap these days is above 68 Billion dollars. This coin has a potential to break its ATH again within next few months.
A Million Dollar Advice: If you want to get rich in crypto, make sure you go with the trend. NFTs have been trending in recent times and people made millions out of it, meme coins were in trend and gave 1000X plus profits to their holders. Now, the metaverse concept is in hype and the related coins are ready to blast. Always look for coins with strong fundamentals (either backed by a valid concept or a big exchange/brand), always buy in parts and average your entry price if you want to invest for long-term.
Note: Crypto market is highly volatile, do your own research before investing.