Top 10 Trusted Cryptocurrencies
The financial world is changing, and one of the most significant game changers is the rise of cryptocurrencies. Consider the possibility of sending money to a buddy on the opposite side of the planet in less than 5 seconds, but sending money through a bank would take three to five days. It is impossible to overstate the significance of blockchain technology for global commerce.
Apart from the fact that cryptocurrencies allow for quick money transfers, several of them have also experienced exponential price increase that has far beyond even the most optimistic predictions.
While Bitcoin was the first cryptocurrency, there are now a slew of other cutting-edge technologies poised to take the sector to the next level of development. Aside from serving as a means of transferring wealth, many organizations are adopting fascinating new applications of blockchain technology that have the potential to fundamentally alter the way the world runs.
Cryptocurrencies have, on the whole, retreated from their all-time highs reached in late 2022. Nonetheless, there are a number of companies that, depending on what they have to offer, are offering some good investment prospects. A number of commentators are drawing parallels between the current retracement and the year 2014, when knowledgeable investors had an opportunity to buy the first significant decline in Bitcoin prices when it was available.
1. Ripple (XRP)
The XRP coin, issued by Ripple, has been a long-time favorite of ours. Although the price has dropped from its all-time high, it is still more than double what it was in 2017. Take a look at this daily Ripple chart provided by eToro, a fantastic cryptocurrency (and social) brokerage firm:
Ripple Daily Chart
Even if there has been a widespread sell-off in cryptocurrencies, Ripple's XRP coin has maintained its popularity.
As a result of this significant price increase, ripple has risen to become the third most valuable cryptocurrency in terms of market capitalization (after bitcoin and ethereum).
When compared to the other main cryptocurrencies, Ripple is extremely powerful in terms of relative strength. This is especially true for Bitcoin, which has plunged by about three-quarters from its highs.
Other advantages of Ripple (XRP) include the fact that it is extremely fast and inexpensive to conduct transactions. The Ripple network is also significantly more robust and trustworthy than the Bitcoin network, and it has excellent scalability. There are no transaction bottlenecks or delays in the settlement of transactions when using Ripple.
As a result, Ripple was founded with the goal of enabling banks, other financial institutions, and other businesses to make real-time worldwide payments while also providing the on-demand liquidity that is required to do so.
Financial institutions and payment companies are increasingly incorporating Ripple's technology into their own platforms, which is encouraging.
An important factor to consider when investing in Ripple is its exceptional utility in the banking business, which has the potential to have a favorable impact on the cryptocurrency's price for a long period of time.
However, it remains to be seen whether XRP will be categorized as a security, which would have a significant impact on its future value moving forward.
2. NEO
The NEO cryptocurrency, which is located in China, has gotten the most recent media attention of all of the cryptocurrencies discussed in this article.
NEO is frequently compared to the cryptocurrency Ether (ETH) and the Ethereum network, however it is actually significantly more advanced than Ethereum in terms of technology. While both Ethereum and NEO networks allow for the execution of smart contracts, NEOs are far more secure, scalable, and simple to utilize.
Simply put, NEO's network is quicker, smarter, and more adaptable than the Ethereum network, to keep things simple. The fact that NEO supports numerous programming languages, whereas Ethereum only supports Solidity, makes it easier for developers to collaborate on projects using NEO than than with Ethereum.
NEO is presently listed as the 13th largest cryptocurrency, a slight drop from its previous position but still a solid coin. Make sure to keep an eye on this outstanding coin!
3. Ether/Ethereum (ETH)
Despite the fact that it is a new technology, ether (Ethereum) has the appearance of being one of the classic stagers. That is not to argue that it is not a worthwhile investment, as its functionality and user base are only growing. The Ethereum network is more useful than the Bitcoin network, and it also processes transactions more quickly.
Regarding financial worth, it appears that Ether (Ethereum) has a greater future potential than Bitcoin. This exchange has a higher trading volume as well as a larger market capitalization (Ether is currently the second-largest crypto in terms of market capitalization).
While many of the smaller and younger cryptocurrencies have experienced a retracement, Ethereum has maintained its position as a leader in the sector. Find out how to trade ether (ETH).
4. Litecoin (LTC)
Litecoin is a reliable cryptocurrency that has maintained its value at levels close to those seen in late 2017.
Bitcoin's predecessor, Litecoin, was launched in 2011 and has performed admirably ever since. It is presently the sixth most valuable cryptocurrency in terms of market capitalization, yet it is still behind the major two (Bitcoin and Ethereum).
The transaction processing speed of Litecoin is significantly faster than that of Bitcoin, and the network is designed for maximum scalability and flexibility. It is true that Litecoin is slower than Ripple in terms of transaction processing, but it does not suffer from any bottleneck issues.
Because Litecoin's API is compatible with Bitcoin's, it can be simply integrated into systems that use the cryptocurrency. This significantly increases the popularity of Litecoin as a reliable and convenient alternative to Bitcoin.
Litecoin is becoming increasingly popular around the world, particularly in the East. Litecoin will be added to the offerings of two major cryptocurrency exchanges in Hong Kong and South Korea in 2018, and more shops around the world are beginning to accept Litecoin payments.
In the future, it is projected that Hong Kong would purchase more Litecoin.
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5. Dash
Dash is the fourteenth most valuable cryptocurrency in terms of market capitalization. Given the general decline in the stock market, it has fared rather well.
Aside from the strong bull trend currently in action, other reasons to invest in Dash include the fact that Dash is both faster and less expensive than Bitcoin, as well as the fact that an increasing number of shops are beginning to accept Dash payments. Dash (DAS) has proven to be a capable runner in the past. Let's wait and see what it will create in the future!
6. Cardano
Since the beginning of Cardano trading in early October 2017, the cryptocurrency has increased by almost 7 times in value. At the time of writing, this fairly young cryptocurrency is the ninth most valuable cryptocurrency in terms of market value.
Cardano's fundamentals remain strong and indicate that the cryptocurrency will be profitable in the long run.
7. NEM (XEM)
NEM is a cryptocurrency that is currently ranked as the 17th largest cryptocurrency in terms of market capitalization. It is one of the cryptocurrencies to keep an eye on. Although NEM has fallen from its highs in early 2018, it has received a great deal of media attention in recent months.
In addition to being significantly more efficient than Bitcoin, NEM has a much wider range of applications than many other cryptocurrencies, including Bitcoin, and may be accessed by programmers who are not necessary experts in the cryptocurrency field.
8. Bitcoin (BTC)
While Bitcoin may not be our top cryptocurrency to invest in right now, it is certainly one that should not be overlooked. The fact that Bitcoin is well-known, even among those who are unfamiliar with cryptocurrencies, is a significant benefit for it. Many beginners to the cryptocurrency market begin their journey by acquiring Bitcoin, which is considered to be the "big brother" of all cryptocurrencies.
Although the price has fallen significantly, one of the most important aspects to remember is that there is still a restricted quantity of only 21,000,000 units available. Price rise is projected to be stimulated by this aspect for many years to come, making it an important issue to consider. What exactly is Bitcoin?
Bitcoin remains the most valuable cryptocurrency, not just in terms of market capitalization, but also in terms of price. Bitcoin trading volume is also at least twice as large as the total volume of any other cryptocurrency at this time.
Beyond these features, Bitcoin is accepted by hundreds of businesses and merchants throughout the world and has a futures contract that can be traded on the stock exchange. Learn how to trade Bitcoins in this tutorial.
9. Stellar (XLM, Stellar Lumens)
On a comparative viewpoint, Stellar Lumens had a fantastic year in 2018. Its market capitalization has increased to the point that it is currently the seventh largest cryptocurrency. This is an improvement over previous year's tenth place finish. Similar to Ripple (XRP), is capable of dramatically increasing the speed with which cross-border payments are processed.
Stellar has already signed up some major clients, such as IBM, who will benefit from the company's faster and more affordable international payments. XLM has already demonstrated remarkable performance, and it is expected to continue to do so in the future, particularly if the Stellar system is adopted by more institutional players in order to optimize their payment processing.
10. OmiseGo (OMG)
OmiseGo is an Ethereum-based system or payment channel that allows consumers to pay merchants in a variety of fiat and cryptocurrency currencies. It is currently in beta testing. The merchant receives payments in the currency of his or her choosing and has no way of knowing which currency its customers are paying with. McDonald's in Thailand is presently collaborating with OmiseGo to improve their payment operations.
The OmiseGo initiative intends to make it possible for people who do not have access to credit or debit cards, particularly in Southeast Asia, to make inexpensive and easily accessible payments.
The value of the OMG token has increased since its introduction and has continued to rise since 2017, indicating that it is strong on a relative basis when compared to the broader cryptocurrency market. Given that it is currently ranked 20th in terms of market capitalization, it remains a little more speculative, but its application continues to grow.
Conclusion
The cryptocurrency market is volatile, but it is also full of chances for investors. Every day, large sums of cash are channeled into this asset class, helping to keep the overall long-term positive trend going in its favor.
People who want to invest in cryptocurrencies have excellent chances, but they must apply prudent risk management in order to keep their money safe.
Those who feel that cryptocurrencies are the wave of the future should adopt a buy-and-hold strategy in their investment decisions. Instead of deciding which cryptocurrency to invest in, you can consider diversifying your risk by purchasing a portfolio of several different digital assets, such as bitcoin. In the same way as an investor with a varied stock portfolio would do.
Take a look at these best bitcoin brokers if you want to get started with cryptocurrency trading right away. Exciting things await those who invest in cryptocurrencies! Participate in the cryptocurrency market right now.
