The cryptocurrency market has ballooned exponentially over the years. This is attributed to increased demand that has sparked interest among many investors worldwide.
With the number of digital currencies crossing well past the 6,000 mark in 2021, it is becoming challenging for new investors to choose a suitable digital currency.
Though many cryptocurrencies are available in the crypto ecosystem, not all can fetch impressive income. On that note, we highlight the most promising digital currencies that you should invest in.
Bitcoin
If you are looking for both short term and long term investment, bitcoin is a perfect choice for you. You can either choose to be a trader or buy and hold to sell when the price goes up.
Whichever way you choose to invest in bitcoin, you can generate impressive income if you understand the ropes. So far BTC controls the largest crypto market segment which stands at over $800 billion. This means investing in Bitcoin is an ideal choice for large scale investors looking for a high income investment. Besides high demand, you can leverage on the volatility of BTC to get quick profit. Which could result in your bank account overflowing.
Litecoin
Litecoin has not only emerged as the sixth most popular digital currencies but also commands a considerable market segment in the crypto ecosystem.
Besides being the oldest digital currency to follow in the footsteps of Bitcoin, the open source payment network has a fast rate of generating blocks compared to BTC. The feature has attracted many users since transactions made on the network are faster than on other blockchain platforms.
As such, Litecoins market capitalization is around $10.1 billion with the value of token around $150. In that case, if you are looking for a quick reliable investment option in the World of crypto, then Litecoin is a perfect choice.
Cardano (ADA)
Cardano is a proof of stake platform that comes with better features than the ethereum network. Though Cardano fails in establishing a robust decentralized function, it scores better in improving the proof of stake consensus model.
Among the range of solutions Cardano provides is offering a more secure platform that gets rid of election fraud, developing decentralized financial products and legal contract tracing. So far Cardano controls a market capitalization of $70 billion.
Stellar (XLM)
Stellar is a blockchain based network that aims to improve efficiency of transactions in the finance sector. Moving large transactions in finance institutions can take several days. This can be costly compared to transferring money on a stellar network which may attract little to no transaction fees.
Besides being an open source blockchain available for everyone, stellar (XLM) offers a secure infrastructure for transferring large amounts of money across institutions.
Stellar is not only scalable and promising but also controls a market capitalization of $6.5 billion and investors interested in long term investment solutions can leverage Stellar’s market performance to generate profit.
Tether (USDT)
Tether and various stablecoins aim to offer a solution to the high volatility associated with stablecoins. If you are scared about the effects of volatility in major coins then investing in Tether is a perfect choice for you.
Users can easily convert various digital currencies to USD more easily than the use of other alternative formats of conversion. Further, tether aims to facilitate the use of Fiat currencies in a digital format. The stable has a market value of $68 billion with the value projected to shoot up big time.
Final Thoughts
If you are stuck on the most suitable digital currency you can invest in, then the list we have given is ideal for you. Though digital currencies have flooded the market, the need to invest in a highly profitable and promising cryptocurrency minimizes chances of losing your investment.
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