It is hard to believe that Bitcoin and other cryptocurrencies didn’t exist a little over a decade ago. These valuable digital assets were a direct response to the devastating financial crisis of 2008.
The will and motivation to create an alternative currency grew on fertile ground, and here we are today with more than 4,000 cryptocurrencies in existence. But if you’re planning to invest in crypto, how do you know which currency to choose?
Perhaps you’ve already created an anonymous Bitcoin wallet, yet most of them support other currencies too. And if you haven’t created yet, you could consider downloading a free Bitcoin wallet app. Here are five top digital assets to consider right now.
Some say that Bitcoin’s time has passed, but others swear it’s the only digital currency they consider valid.
There’s no denying that Bitcoin has been the dominant force ever since it entered the scene in 2009. The adoption rate of this digital coin is mainly what makes it impossible to ignore.
In fact, for many, Bitcoin and cryptocurrency are synonymous. This fact gives Bitcoin even more power, and that’s why it’s still the number one cryptocurrency to invest in.
Bitcoin leads in all metrics, and the £619 billion market cap speaks volumes. Bitcoin is a household name, and its value has increased close to 9,000% in the last five years alone.
Plus, Bitcoin is an excellent choice as many hot and cold wallets cater to it first and foremost. You can open an anonymous Bitcoin wallet for free and start buying coins in a matter of minutes.
Whenever someone starts a conversation about Bitcoin, mention of Ethereum quickly follows. This cryptocurrency has been in a firm second place for many years.
Ethereum has a £256 billion market cap which is certainly impressive. However, Ethereum is more than digital currency.
It’s a blockchain platform and a favourite within the developers’ community. It offers so much potential for decentralised apps (dApps) and non-fungible tokens (NFTs.)
In terms of growth, Ethereum surpasses even Bitcoin, as its value has increased over 27,000% in five years. Another feature that makes Ethereum exciting is its real potential to cut out third parties such as banks and brokerages and turn into a real money-saving platform.
Similar to Ethereum, Cardano runs on a decentralised blockchain system and has its native digital currency. Cardano offers very secure peer-to-peer transactions, which is why so many users choose to invest.
It has been around since 2015 and was founded by one of the creators of Ethereum. Unlike Bitcoin, Cardano doesn’t use a proof-of-work protocol that utilises high energy consumption.
Instead, it relies on proof-of-stake that doesn’t incentivise enormous energy expenditure. The market cap for Cardano currency is close to £50 billion, and it has seen a 10,000% increase in value in less than four years.
Binance Coin (BNB)
The Binance Coin is a cryptocurrency associated with Binance, one of the biggest crypto exchanges globally. You can trade and pay transaction fees on Binance using BNB.
It launched in 2017, which was pretty late in the crypto game but has seen remarkable growth since. The market cap for Binance Coin is a little over £50 billion, which places it firmly in the top five cryptocurrencies.
It started with a £0.08 price and reached £303 in less than four years. With Binance Coin, you can trade, pay for items online, and even make travel arrangements. Plus, you can exchange it for other currencies, such as Bitcoin or Ethereum.
The measure of cryptocurrency’s value is often associated with subjective aspects, such as who started it. In the case of Polkadot, the digital asset had the advantage of being the brainchild of the co-founder of Ethereum.
One of the most important advantages of Polkadot is that it can be utilised as a network connector. If you build an application on Polkadot, it will work on Bitcoin, Ethereum, and many other networks.
The current market cap on Polkadot is £18 billion, and in one year, the price of this currency increased by 775%.
Invest in What You Feel Is Right
These digital currencies are on top of the world right now, but things are never definite when it comes to crypto. Even though Bitcoin is still number one, it’s also consistently volatile, and its value constantly changes.
However, it’s so big that even Ethereum hasn’t been able to surpass it. But Bitcoin is not your only option.
As the other digital coins we’ve mentioned have demonstrated, they promise exponential growth. Crypto enthusiasts could benefit from considering them.