With the increase in interest rates, cryptocurrency is gaining the popularity it seems to have lost. The digital currency market, filled with a variety of cryptocurrencies, and it often becomes difficult for one to choose which one to invest in. Digital currencies, purposely intended to be resistant against government control and exploitation. Transparency is the idea why it has attained a lot of popularity. A few renowned brands and companies have already included cryptocurrencies and their short-and long-term strategic plans.
With several cryptocurrency prospects to pick from in the market, it might become overwhelming to select. Looking at the company’s market capitalization, which is the total worth of the company’s stock, here are a few cryptocurrencies you might think to invest in. Learn more here on bitcoin circuit.
Top three currencies to invest in
From bitcoin to ethereum, thousands of different cryptocurrencies are waiting in the market. To help you make the correct decision based on the market capitalisation and rate stability, here are the top three cryptocurrencies you might think to invest in-
1. Bitcoin (BTC)
- With a market capitalization of over $856 billion, bitcoin, created in 2009, is one of the original cryptocurrencies. Like others, this too runs on Blockchain or ledger login transactions. It is distributed across networks of thousands of computers to enable verification by solving a cryptographic puzzle. This process called proof of work keeps bitcoin safe and secure from fraudsters.
- In the past few years, it has become a household name, and its popularity has skyrocketed. As of August 2021, the single bitcoin price went over $45,000.
- Created by an anonymous group, bitcoin uses no central bank system or single admin system. Cryptography gets used to verify the transactions registered in the public domain.
- With the inflation and drop in price, bitcoin remains to rule the cryptocurrency sector. High liquidity, regardless of the stability of the market, benefits the traders. However unpredictable, bitcoin has a stable upward trend.
2. Ethereum- ETH
- A decentralised software, Ethereum- ETH allows the centralised applications and smart contracts to get designed without third-party intervention. This permission cryptocurrency is non-hierarchical and works on Blockchain technology.
- Ethereum- ETH, comes second in rank after bitcoin, was introduced by a programmer Vitalik Buterin in the year 2013.
- With the network going live on July 30, 2015, the initial coin supply was $72 million. It gets used for decentralised finance exchange of non-functional tokens and production, initial coin offerings, et cetera. At present, the market capitalization lies at $357 in March 2021.
- Ethereum is a program developer favourite because of the potential applications.
- It has experienced tremendous growth, and in five years, the price has increased from $11 to over $3000.
3. Tether (USDT)
- Previously known as an actual coin, Tether (USDT) was launched in 2014. Tether (USDT) is one of the first cryptocurrencies of the US dollar peg. Tether (USDT) gets supported by an equivalent amount of traditional fiat coins kept in a specified bank account based on blockchain-based cryptocurrency.
- Tether (USDT)is a stable form of cryptocurrency. It holds cryptocurrency prices steady against other large fluctuations seen in the market. Tether (USDT) follows after Bitcoin and Ethereum to be the third-largest cryptocurrency. With a total market capitalization of $64 billion, Tether (USDT) is one of the largest growing cryptocurrencies.
- The tokens of Tether cryptocurrency get issued by the body named Tether Limited.
- Tether (USDT)has the most consistent value and favours investors aware of other coins’ instability. The stability was the main idea behind the Tether cryptocurrency to make it stable at $1. It would also maintain $1 in reserve each time one used a Tether.
With the rising popularity of cryptocurrencies, investing in them has become difficult. Several questions need to get asked, and careful assessment about the potential prospects of the coin is to get assessed. Whether likeable or not, one cannot ignore the continued relevance, popularity and market supremacy of the crypto Swiss currency ecosystem.
Last Updated on October 15, 2021 by Dave Clark