Cryptocurrency has come a long way since it was first brought into existence in 2009. While these digital currencies have had their ups and downs, people widely recognise them as legitimate currencies. You can buy products such as cars, jewellery, and even your morning coffee using cryptos. However, which cryptos should you be paying attention to?
The Top Five Cryptos
This guide first examines the best cryptos in the market today. While various factors are used to determine which crypto is the best, the market cap and current value are vital.
Bitcoin (BTC)
Bitcoin is the father of all cryptos and is still reigning supreme as the best cryptocurrency worldwide. Its market value is $1.85 trillion (₦3,237q if you use this currency converter), and it has also reached record-breaking levels recently, with one bitcoin worth $99,655.50 (₦174,19m). However, Bitcoin remains a volatile currency, which means its value can drop at any time without warning.
Ethereum (ETH)
Ethereum is the only digital currency that has even come close to challenging Bitcoin. Despite that, it’s not even close to having the value Bitcoin has, with a $420.19 billion (₦735,33t) market cap. Its current value is $3,488.94 (₦6,105m) per ETH. It was also the first crypto to utilise the concept of smart contracts in its blockchain, which placed it on the map. It’s also one of the most traded coins, with around $37.78 billion (₦66.115t) in trades in the last 24 hours.
Tether (USDT)
Tether is one of the relatively cheap cryptocurrencies, making it ideal for microtransactions and everyday use. It’s a stablecoin, which means its value anchors at around $1 (₦1,750) per coin. The actual value is a bit different, however, which means its real-world value is around $0.99997 (₦1,749.95) per USDT. For this reason, it has an impressive market cap of $132.67 billion (₦232,17t), as more people can use it.
Solana (SOL)
Solana used to be rated under Binance, but it’s been growing exponentially to have a market cap of $111.54 billion (₦195,195t), pushing it up to land below Tether. It has a recent low-medium value of $234.91 (₦411,092.50) and is considered one of the best currencies to invest in currently, especially if you’re a new investor. It boasts a robust web-scale platform and has only been around since 2020.
Binance (BNB)
BNB is Binance’s coin and holds a market cap of $89.95 billion (₦157,41t) in the industry. Its value is currently on the medium-high side at $624.63 (₦1,09m), and it has one of the largest cryptocurrency exchanges worldwide. This token wasn’t created for everyday use, as it was meant for use with discount trades. However, it’s grown in popularity, and now you can even use it to purchase goods.
The Three Current Fast-Gaining Cryptos
While it’s a good idea to invest in the top cryptos, they’re often too expensive for the average person. That’s why it’s a good idea to check out which small-time cryptocurrencies are on the rise and a good way to become part of the crypto community.
●Tornado Cash (TORN): This crypto might have a rank of 440 in the crypto world, but it’s increased its worth by 444.89% in the last 24 hours. Now, it’s worth $19.443 (₦34,029.25).
●LCX: While not as big of a jump as TORN saw, LCX is impressive with its 41.10% increase in value recently. However, its current value stands at $0.26985 (₦472.24).
●Vita Inu (VINU): This crypto might not be worth much now, but that means it’s the ideal coin to buy in bulk. It saw a 37.88% increase in the last 24 hours and is now worth $0.000000036114 (₦0.000068).
However, remember that all cryptocurrencies are volatile, so it’s also a good idea to check which ones are the most volatile and how much their price increases over a longer period.
Four Cryptos With the Most Transaction Activity
Maybe the best way to check out which cryptos are the best to invest in is to look at which ones have the most transaction activity. Below is the transaction activity for the four coins leading in this category:
●Tron (TRX): 8.36 million
●Ripple (XRP): 2.7 million
●Stellar (XLM): 2.07 million
●Algorand (ALGO): 1.72 million
Two Modern-Day Uses for Cryptos
The last thing is what you can use cryptos for. They have many different uses in your everyday life, like purchasing groceries.
Investment
The most obvious use is for investment. If your timing is right, you can make thousands when investing in cryptos. For example, people who bought one bitcoin when it was worth less than $100 (₦175,000) have now gained more than $99,655.50 (₦174,19m) in returns. While investing isn’t always successful, such as when you consider that the price of Bitcoin dropped drastically in 2014/15, investors continue to keep an eye on lucrative cryptos.
Online Casinos
The other steadily increasing use of cryptos is online gambling. Online Bitcoin gambling sites have become all the rage, and many platforms even support other decentralised currencies. You can deposit, play, and withdraw with cryptos at crypto casinos like the Bitcoin casino, with some casinos even allowing you to buy cryptos through them.
Enter the Future of Finance
Cryptos might still be a controversial topic, but it’s clear they’re here to stay and make an impact on the market. If you’re interested in dealing with cryptocurrencies, then ensure you thoroughly do your research before you invest.
