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- It is crucial to recognize the potency of each of the cryptocurrency before making investments.
- Although the fact that Bitcoin this year faced many hurdles, it has revived its value and stands at the top position of most successful cryptocurrencies.
- Alarming one’s self with the most knowledge can help make the right cryptocurrency decision for investment
The continuous development of numerous cryptocurrencies has given rise to a more competitive domain for all the existing and newbie coins. Each one of them has been striving to be the best of all with the employing of innovation. This has eventually posed a tougher choice for investors regarding what to invest in. But it is crucial to recognize the potency of each of the cryptocurrency before making investments.
Looking forward to investing in cryptocurrency this year? Below is a glimpse of the most successful ones. The most successful cryptocurrencies are listed below to help understand the mark each of it has created and the underlying capability they own.
Bitcoin (BTC)
Bitcoin has been retaining the top position over a long time. It is the first cryptocurrency that came into existence and has undoubtedly remained the successful one. Although the fact that this year it faced many hurdles, it has revived its value. Its value at present stands at $6,905.76 though it had dropped to $4000 in March from $10,000.
Furthermore, it currently has the highest market cap of around $126 billion. Bringing to notice the potential of Bitcoin that makes it the King of cryptocurrency are: Bitcoin is scarce: Bitcoin has a limited circulating supply of about 18 million coins. This being the fact, the price of Bitcoin is promising to own an increased value. Bitcoin supply scarcity is one of the driving factors that make BTC price probable to get higher and higher. Bitcoin is the most secured: Having fallen under the category of large-cap crypto, it offers the most security. This cryptocurrency presents all that an investor seeks in a cryptocurrency.
Ethereum (ETH)
Ethereum follows bitcoin to be the second most successful cryptocurrency. This coin has always been ambitious and continues striving to come off as a profitable cryptocurrency.
Throwing light on its circulating supply, it is currently around 110 million ETH which is six-fold greater than the circulating supply of BTC. It offers numerous applications and is the most widely adopted platform based on its ranking. It is the most chosen DApp development platform. Its price has escalated largely to $174 per coin.
Ethereum offers a platform based on smart contracts helpful for numerous projects in digitizing transactions. The currency value possesses a tendency to increase because of the increased demand for its functionality and the innovation its developer pool offers.
XRP
XRP by Ripple is another top preference for investments following Bitcoin and Ethereum. It is one of the favored investment choices, especially amongst modern traders. Its price is currently $0.184169 per coin. The reality of its low prices has never set a barrier for this coin to attract adoption. It was designed to be a payment alternative to banks and henceforth has been working with the world’s largest banks. Some of the innovative features it offers include instant money transfer and its efficiency.
Ripple XRP just costumes around 5 seconds to perform a money transfer. Also, the fee charged for the transfer is relatively very low in comparison to that charged by a local bank. Its efficiency is because of its holding over 1,500 transactions per second. The level of adoption by banks this token has experienced is one of the reasons why investing in this coin will prove a good idea.
Litecoin (LTC)
Litecoin has been a successful cryptocurrency as a reason for its technicality and high adoption. Litecoin employs a source code similar to that of the Bitcoin’s except a little difference. Its source code similarity to BTC is enough reason LTC is an attractive asset and a superior coin to make payments with. This is in terms of technicality. Its design is to offer transaction time and costs much more efficiently than Bitcoin itself. The current price of LTC per coin is $40.75, it is expected to take the mark of $200 at the end of 2020. ATH of Litecoin stands at a value of $363.60. Its current market supply is four-fold greater than the BTC supply.
Binance Coin (BNB)
This new token developed by the Binance crypto exchange is less probable to lose its value in the nearing future. Its current market cap stands at $2 billion with its price above the $15 level for 6 months now. Also, the fact that for as long as Binance continues to flourish as an exchange, the BNB coin will simultaneously hold considerable value. It is also worth bringing to attention that though many people consider this a choice for profitable investment some choose BNB because Binance is their regular exchange choice. Its ATH (All-Time High) value stands at $39.10. Its distinctive attribute is that the fees paid in BNB on the Binance exchange gain a discount.
Final Take
Alarming one’s self with the most knowledge can help make the right cryptocurrency decision for investment. Market Capitalization is one of the factors success of a coin depends on. Therefore it must not be mistaken to determine the overall success of a crypto coin.
With the rate at which the crypto industry is growing, it is sure to experience a few downfalls as well. But that must never be the reason to stop one from investing in crypto. The consideration of making investments in crypto can help one earn undeniable profits and will ultimately prove as a good choice.
