Love it or hate it, there is simply no escaping cryptocurrencies. Bitcoin and alternative coins have left their mark on the world and billions of dollars are flowing into the digital currency world as investors are hoping to make big gains. In addition, there are hundreds of coins one can invest in which makes it difficult to choose only a few. We take a look at the top 10 cryptocurrencies and whether or not it is a good idea to invest in them.
Why one should consider investing in the top 10 cryptocurrencies
Whilst the thrill and gains of day trading can be very rewarding, investing in solid coins with longevity, can make serious cash for you. The top 10 cryptocurrencies are all solid projects in top spots and can reward long-term investors handsomely. There are many other solid projects to invest in that are not in the CoinMarketCap top 10. One should be open to learning about new tokens and what they aim to accomplish. New and exciting projects are being introduced on a daily basis while the world of cryptocurrencies is fast-paced.
One blogger recently wrote about the gains to be made as a result of investing in the top 10 cryptocurrencies for the long run. He turned $10 000 into more than $204 000 in 12 months. Watch the video here.
Overview of the top 10 cryptocurrencies
Bitcoin is the oldest cryptocurrency and is known as the golden standard of the crypto world. A man called Nakamoto Satoshi created Bitcoin in 2009. His true identity remains a mystery to this day. Bitcoin is a digital currency that allows for anonymous and peer to peer transactions on its blockchain.
Price: $11 860
Market cap: $199, 470, 220, 820
In 2014, Vitalik Buterin introduced the world to Ethereum. It is famous for its “smart contracts.” The Ethereum blockchain allows users to create and maintain contracts. It is a safe way of storing contracts and other valuable information, as it eliminates the possibility of contracts being tampered with.
Price: $1 081.68
Market cap: $105, 070, 489, 928
Ripple is used by banks to easily exchange fiat currency into Ripple and back into fiat. Banks make use of Ripple since it has a good remittance system. It was introduced in 2012 and has a rather large circulation figure of more than 38 billion.
Market cap: $54, 314, 602, 570
Bitcoin Cash (BCC/BCH)
Bitcoin Cash is a result of a Bitcoin fork that took place in 2017. It aims to solve Bitcoin’s scalability issues and allow transactions to be verified faster. The biggest difference between Bitcoin and Bitcoin Cash is that Bitcoin allows investors a long-term investment option whilst Bitcoin Cash can be used to conduct business.
Price: $1 789.42
Market cap: $30, 286, 313, 752
Cardano is unique in the sense that it uses peer review instead of forks when it is time to upgrade or maintain a specific system. This is great in terms of keeping the price and platform stable and not having interference from maintenance issues. Cardano makes use of the Ada Token.
Market cap: $15, 968, 249, 401
Litecoin is basically the same as Bitcoin with a few differences. The token has a higher supply, it is faster as it can generate a block in 2.5 minutes whilst Bitcoin will make 10 minutes and it uses a different proof of work algorithm. Majority of merchants and online retailers who accept cryptocurrencies as payment will accept Bitcoin and Litecoin.
Read Bitmart’s blog on Litecoin, click here.
Market cap: $10, 683, 078, 175
The New Economy Movement (NEM) allows for different coding and relies on “proof of importance” instead of “proof of work” when it comes to mining. In addition, NEM is one of the top security coins and boasts with super-fast transaction speed.
Market cap: $9, 817, 379, 999
Jed McCaleb created Stellar in 2014. The token is almost the same as Ripple but instead of acting as an exchange for banks to convert fiat to Ripple, Stellar facilitates payments between individuals. The Stellar tokens are called Lumens. Stellar relies on “anchor” partners for credit lines for those who use the Stellar network.
Market cap: $7, 986 443 214
EOS is used to develop decentralized applications or dapps. Therefore, the EOS blockchain makes it easy to develop dapps and is almost the same as Ethereum. EOS is a leading contributor to the blockchain economy. Dan Larimer, Steem’s technical designer developed the product.
Market cap: $7, 918, 457, 452
Antshares was rebranded in 2017 to Neo. Since the rebranding, the coin exploded in value and is therefore called the “Chinese Ethereum”. It is an improvement on Ethereum since it uses a different blockchain algorithm. The token addresses possible loopholes in Ethereum’s smart contracts that makes it extremely difficult for hackers to gain access to valuable information.
Market cap: $7, 488, 845, 000
In conclusion, depending on your budget, you can choose between investing in the coins that are trading for $10 or less or opt for coins that are over $100. Furthermore, there is still much room for cryptocurrencies to grow. Cryptocurrencies are also referred to as the “wave of the future”. Finally, if you invest wisely and are patient, you will surely see a great return on your investment.