Shiba Inu to Dogecoin: 7 best Cryptocurrencies for long-term investment
Over the past few years, the cryptocurrency market, which is still in its early stages, has gained a lot of momentum and has been drawing several young Indian investors' attention towards it. These days retail and institutional investors are keen to invest in digital currency for both - long-term and short-term - profits. Undoubtedly, cryptos like Bitcoin, Ethereum blockchain are among the popular cryptocurrencies of which most people are aware. Young investors, who are willing to invest in the crypto industry, are confused about where to invest. However, just like the stock market, profit and loss are also part of the crypto industry and are subject to market risk.
"The process of remittances through cryptocurrencies into India is a lot more efficient and faster than the conventional process, and all transactions are visible on the blockchain network from a regulatory point of view," Edul Patel, CEO of Mudrex, a Global Crypto Investing Platform told ET.
Investing in the crypto market comes with its own share of risks and challenges. One needs to trade with caution and guide. So, will make it easy for you, we'll discuss some cryptocurrencies that have been topping the market cap charts time and again and can be good choices for your long-term investment.
Here are 7 best Cryptocurrencies for long-term investment"
1) Bitcoin (BTC)
Created in 2009 by someone under the pseudonym Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. BTC is also known as ‘digital gold' and is the world's largest cryptocurrency. Bitcoin's price per token has surged roughly 113% a year and has hit a new lifetime high of roughly $67,000 per token.
2) Ethereum (ETH)
The Ethereum blockchain is rapidly gaining crypto and is almost always in competition with Bitcoin. With a market capitalization of roughly $469 billion, Ethereum or ether stands as the second-largest cryptocurrency by market cap. Recently, ether's share in the crypto market recently rose from 18 per cent to 20 per cent. It is a decentralised blockchain platform that cuts out third parties. Ether's price per token has surged roughly 458% across 2021's trading, according to the report.
3) Cardano (ADA)
Cardano is also a decentralized blockchain platform that uses a native cryptocurrency. It is notable for its early embrace of proof-of-stake validation. Cardano (ADA) enables secure peer-to-peer transactions. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which are powered by ADA, its native coin. Cardano’s ADA token has had relatively modest growth compared to other major crypto coins.
4) Ripple (XRP)
Launched in 2013, Ripple is one of the largest digital asset projects in the industry, with a market capitalization in tens of billions of dollars. Ripple's total supply of 100 billion XRP tokens still qualifies it as a low-value crypto asset. Currently, Ripple is used for cross-border payments by over 250 banks and has an impressive transaction processing time with minimal fees.
5) Dogecoin (DOGE)
Dogecoin one of the meme coins, a cryptocurrency based on or inspired by memes. There are 128 meme coins with a total market cap of over $44 billion. The largest meme coin is Dogecoin with a market capitalisation of $32 billion.
According to its website, Dogecoin is an "open-source peer-to-peer digital currency, favored by Shiba Inus worldwide". Shiba Inu is a breed of hunting dog from Japan. Notably, SHIBA INU (SHIB) is a different cryptocurrency.
DOGE coin has earned a high mining rate since its launch. in 2021, Dogecoin got a lot of attention from Reddit users and of course Elon Musk. Interestingly, Elon Musk also possesses Dogecoin, along with Bitcoin and Ether.
6)Shiba Inu
Shiba Inu on Sunday soared to record highs over the weekend to become the 11th-biggest cryptocurrency by market value. Founded in 2020 by an anonymous person going by the name Ryoshi, SHIB was up 50% on Sunday and reached an all-time high. Shiba Inu coin’s website refers to it as ‘a decentralized meme token that evolved into a vibrant ecosystem.’
In September, Shiba Inu surged nearly 40 percent after US-based Coinbase said its customers can trade, send, receive, or store SHIB on its platform.
7) Polkadot (DOT)
Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. This currency provides a bridge for networks so that many applications built on Polkadot can also work on Ethereum and Bitcoin. However, it is more scalable and faster. Polkadot already has monetary value in exchanges, making it crypto worth watching.
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