7 of the Best Cryptocurrencies to Buy Now
With signs of recovery in crypto prices, here are some of the best cryptography to buy now.
Seven of the best cryptography to buy now.
July was, finally, a good month for cryptocurrencies, which suffered a brutal series of months after delightful spikes in late 2021. July may have been more stocks-related than cryptocurrency enthusiasts might be interested in recognizing. It was also a great month for the stock market, with the S&P 500 up 9.1% in the month as good corporate profits and less nerve-wrenching Federal Reserve hopes calmed. Meanwhile, the total market value of cryptocurrencies rose 21.3% to again exceed the $1 trillion mark. Despite the rise, it is still often difficult to separate wheat from the peel as an investor. Here are seven of the best cryptocurrencies to buy now.
Bitcoin (BTC)
Perhaps it's a good idea for every cryptocurrency investor to have some exposure to bitcoin, the largest cryptocurrency in terms of market value and also the first cryptocurrency. Like the rest of the market, Bitcoin has been battered since hitting all-time highs of around $69,000 in November and is currently trading at about a third of that price, near the $23,000 level. Sometimes referred to as "digital gold", Bitcoin has resumed its rules-based limit on its maximum offer - there can only be 21 million bitcoin - and its lack of contact with a central bank or government that can print money at will. BTC's history is full of severe declines and epic highs, so long-term investors should not be afraid of its current bear market. Arguably one of the biggest incentives for bitcoin is if more S&P 500 companies follow Tesla Inc's decision in 2021 to add Bitcoin to their balance sheet.
Ether (ETH)
There are only two cryptocurrencies to own for investors dipping their toes into cryptocurrencies: Bitcoin and Ether. Although colloquially known as Ethereum, this is actually the name of the famous blockchain network and not the network's original cryptocurrency. Ethereum blockchain has essentially provided decentralized funding, or Defi, to the world, and has advantages compared to other Defi platforms due to its wide adoption and dedicated developer pool. Ethereum is one of the go-to series for non-replaceable codes, altcoin versions, and blockchain-based games. The medium-range catalyst for ETH is something called "The Merge," an event that will transform Ethereum from a less scalable, more expensive, and more energy-efficient work-proof algorithm to a less problematic betting-proof mechanism. Although the exact date of The Merge is unknown, the overall expectation is that it should happen sometime this year, and the latest CoinShares report shows more than six consecutive weeks of investor inflows into Ether-based investment products.
Solana (SOL)
Solana appeared on the scene in 2021, and the year began to become obscure and emerged as the top 10 cryptocurrencies, at least in terms of market value, by the end of the year. But its rapid rise only competed with its rapid decline, with SOL falling from its highs of $260 in November to lows of around $26 in 2022. Good news? Solana remains one of the top 10 cryptocurrencies, and has its own blockchain, meaning it does not have to rely on other network designs and limitations. The longer Ethereum takes to complete The Merge, the more Solana, an Ethereum competitor with decentralized applications and its Defi products, benefits. In its current trading range of around $40, the SOL price has risen more than 50% from its 2022 lows.
Avalanche (AVAX)
Crypto is not a winner-take-all market, so there is room for others in Defi besides Ethereum and Solana, which is why Avalanche looks like one of the best long-term cryptocurrencies to buy. AVAX has risen more than sixfold since its public debut in 2019 at about $4, one of the few cryptocurrencies to be priced today higher than a year ago. Ava Labs, which develops and supports the Avalanche ecosystem, has big plans for the avalanche. Patrick O'Grady, head of engineering at Ava Labs, said: "We look at a world where everyone who does anything will have a copy of their blockchain, and build something of their own." The avalanche began to enable this vision through a new feature called sub-networks. "We believe that we will be AWS (Amazon Web Services) for encryption over the next five years. Instead of posting software on AWS web server, you will instead post your blockchain above Avalanche, "O'Grady said.
Currency Binance (BNB)
Binance Coin is the third largest cryptocurrency by market value, excluding stablecoins, behind Bitcoin and Ether. At the time of writing, the market value was about $54 billion. BNB is the original symbol of Binance, the world's largest crypto exchange. Trading data from August 9 shows a glimpse of its market dominance: 24-hour trading volume was $13.4 billion on Binance, surpassing its closest major competitor, Coinbase Global Inc. (COIN), which has a size of $1.9 billion. Binance is a global player in encryption, with a lot of iron in the fire when it comes to blockchain and Defi. BNB is arguably the most potent current competitor emerging as an out-and-out cryptocurrency in the same category as Bitcoin and Ether.
You can see (TRX)
In terms of cryptocurrencies, Tron is older than several others on this list, debuting just two years after Ether, in 2017. Since then, Tron has (relatively) stood the test of time, emerging as the top 15 cryptocurrencies with a market value of $6 billion. Apart from that, its mission must reverberate in the long run: Tron aims to reward content creators directly for their intellectual work with TRX codes, cutting out the world's central brokers - think YouTube, Spotify Technology SA (SPPOT), and Apple. (AAPL) App Store. Transactions also incur no fees.
Cosmos (Atom)
Finally, at least by market value, in this list of seven of the best cryptography to buy is Cosmos, the top 25 symbols with a market value of about $3.2 billion. The fact that Cosmos will almost be a small stock if it's a public company and it's at the top level of crypto projects confirms the genesis of this asset class. However, Cosmos' aspirations are not small. It seeks to solve some of the fundamental problems in cryptocurrency, including the fragmentation of different blockchains, the complexity of software development, and the difficulty of expansion. Success in any of these three goals should help significantly increase mainstream adoption, especially the ability of different blockchains to communicate with each other through something like Cosmos. Cosmos is a quota-proof system, with ATOM codes gained through betting. ATOM codes also double as symbols of governance.