These Cryptocurrencies show a Promising Growth Potential
Cryptocurrencies are still attracting investors with regular headlines around the values and insane profits that crypto investors are making. If you are looking to invest in the cryptocurrency market, it is not too late. Firstly, here’s a guide that will help you understand the process of purchasing cryptocurrencies. Once you are ready, watch out for these 10 cryptocurrencies that are showing promising growth potential.
What’s all the hype around Ethereum lately? The second-largest cryptocurrency by market cap (US$225.19 billion) is expected to receive some blockchain upgrades that are fueling its price. Etherum’s network was the first to introduce smart contracts and other altcoins in the crypto market are built on Ethereum’s network. Along with that credibility, Etherum is increasingly being used by DeFi applications that is, making this crypto coin an investor’s favorite.
One of the best performing cryptocurrencies, in the market and one of the most stable coins, best surviving the unpredictable volatility of the cryptocurrency market is Cardano. Unlike most other cryptocurrencies that have no real-world applications, Cardano’s platform is built for diverse use cases in education, retail, finance, and healthcare. Earlier this year, the company that owns Cardano, IOHK, announced that its blockchain technology will be used to reform Ethiopia’s education system. The logic behind this is that Cardano’s technology will create a secure system for storing information about five million students across 3,500 schools in the region. These utility cases make a strong case for Cardano and its value in the cryptocurrency market.
The craze about Dogecoin has not budged. Though its value right now is just US$0.2327, you would’ve become rich if you had invested in this coin during its inception. Dogecoin can be used for purchases or can be traded for other currencies. Elon Musk was a vocal advocate of Dogecoin and made headlines whenever Dogecoin’s value fluctuated. And now, Ethereum’s co-founder Charles Hoskinson has joined the pro-Dogecoin club.
Binance Coin is a digital coin owned by Binance exchange, one of the largest cryptocurrency exchanges in the world. It ranks 4th according to its market cap of US$45 billion. Binance Coin earns the trust of many investors as its value will remain bullish as long as there is activity on the Binance exchange. Following Ethereum, Binance Coin is also looking to play a key role in NFT trading.
Tether is the leader of stable coins. Stable coins are unique cryptocurrencies whose value is pegged to a traditional currency, like the US Dollar for Tether. For investors, this means the best of both worlds, blockchain technology, and native currency. Tether, is one of the crypto coins that is built on the Ethereum network.
XRP is the fastest digital asset, facilitating the fastest speed for global payments. Hence, many payment portals are using XRP to cut down time and lower foreign exchange costs. Created by a company called Ripple, XRP recently won a lawsuit against the US Securities and Exchange Commission which gave it a price boost.
Tether is ranked at 3rd place on CoinMarketCap and USD Coin, a fellow stable coin is ranked 8th. Stable coins undergo minute fluctuations compared to other cryptocurrencies. Compared to Tether, USD Coin is more transparent, creating a better sense of trust within investors. If you are investing in USD Coin, you can be sure that you are getting the value of a US Dollar with every USD Coin.
Amidst the ongoing crypto market sell-off, Polkadot’s value shot up more than 70%. Over the past few weeks, Polkadot has become a powerful cryptocurrency. This digital coin aims to completely decentralize the web, giving its users all the control. Its blockchain technology also has the ability to stitch different blockchains together, enabling the systems to exchange information and transactions and operate in sync. This is the right time to invest in Polkadot.
With a market cap of US$9 billion, Bitcoin Cash holds no similarity to Bitcoin, except for the fact that its existence has stemmed out of Bitcoin. Bitcoin Cash had a dodgy history. In 2018, it reached a high of US$4,000 and then dropped to settle at the US$300 mark. But recently, it saw a huge spike and the price shot up to around US$1,500. As of now, its value is around US$483, but when it comes to transaction and market value, Bitcoin Cash has the potential to be one of the market leaders.
It won’t be wrong to call Litecoin a Bitcoin clone. Litecoin’s network focuses on speed, efficiency, and coin distribution. Compared to Bitcoin, Litecoin transactions happen every two and a half minutes, which is four times more than the largest cryptocurrency. Right now, Litecoin is trading at a value of US$131.34 and that low price opens a window of opportunity for potential investors.
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