- Bitcoin is the most popular and most valuable cryptocurrency in the digital coins industry.
- Solana has excellent features and has had an impressive growth pattern in the last year.
Cryptocurrencies are only a decade old but are slowly garnering traction in investment circles. Still, there are not as many people confident enough to invest in this industry.
Many people are yet to understand the concept behind blockchain, and as such, are a bit skeptical. There are many digital currencies to choose from for those willing to take the bold step, but only a few are viable investments.
If you are willing to take a chance on this high-risk, high-return industry, this article aims to make things easier for you.
While it doesn’t analyze all the available digital coins you can invest in, the article identifies two top growth digital coins you can invest in.
The two top growth coins you can buy right now and hold are Bitcoin and Solana. Here is why.
Why You Should Invest In Bitcoin
Bitcoin is the most popular coin in the cryptocurrency space. However, this is not the only reason why you should invest in it. This coin has great properties and potential that will see its value grow exponentially in the next few years. If you invest in it now and wait, it could earn you good money to fund your retirement.
Bitcoin acts as a digital currency to settle peer-to-peer payments online. It is popular because it has eliminated middlemen such as banks and other financial institutions in everyday transactions.
It also acts as a store of value due to its limited supply. There are only 21 million Bitcoins that can ever exist, and the supply of new ones shrinks by half every 4.5 years. This means Bitcoin’s growing demand chases a very small number of coins.
Bitcoin’s ability to eliminate the middleman and its store-of-value properties are what make it so popular. That is why its value keeps going up. Keep in mind that it also has its limitations and that other coins are challenging its dominance. However, it remains a strong contender looking at its history and how it has changed over time.
Like every other cryptocurrency, Bitcoin has had extreme price swings since it came into existence. Bitcoin remained largely under $5,000 till 2017. By then, more than 100,000 merchants and many other institutions were accepting this coin as a means of payment.
By December 2017, Bitcoin was worth more than $19,000. If you had invested in a single coin just three months earlier, you would have made a clean $14,000 in profit.
The coin was to then experience considerable shifts in price, dropping down to less than $4,000 in 2018. Between 2018 and 2020, the coin faced some challenges getting back to its all-time high, but it was to break its record again, going all the way to $64,000, its all-time high to date.
At the moment, the price of Bitcoin is around $53,000. The coin has been hovering between $30,000 and $60,000 in the past few months. The bullish trend is now gaining traction and could drive it to another all-time high.
According to Billy Bambrough, a crypto and blockchain contributor, Bitcoin can reach $700,000 in the next ten years. While this seems farfetched, it is also a possibility considering how far this coin has come in the last ten years.
Though this prediction is not a guarantee for you to invest in Bitcoin, you can put some money in it depending on your risk appetite. You have seen its volatility, so it is also possible for the coin to take a deep dive like it has had done in the past. So, when you invest, only do so with an amount you can afford to lose.
Check Out: Is Now the Right Time to Buy Bitcoin?
Why You Should Invest In Solana For The Long Term
Another coin that seems to have potential going forward is Solana. Like Bitcoin, if you are to invest in this coin and hold it for a long time, it is necessary to check its price history to determine its possible path in the future.
Before looking at this coin's price history, you first need to know what this coin is all about. You can check out Solana here to understand it better. In the last year, Solana has risen from less than $2 per token to its current price of $146.7 when writing this article. Its lowest price in the last 52 weeks was $1.09, while its highest was $214.96. That’s a massive 19,533% increase.
Solana has not been around for long, yet it has made significant strides in the cryptocurrency market. It has grown in value in just one year more than any other cryptocurrency. The big question is whether this coin will continue gaining to make it a viable long-term investment option.
Apart from the impressive value growth, Solana has proved itself to be a useful cryptocurrency. It not only enables smart contracts on its blockchain but does so at much cheaper fees than Ethereum. It is also one of the most scalable platform blockchains in the market today.
Solana can process up to 50,000 transactions per second at the cost of less than $0.001 per transaction. Its ability to scale up transactions has seen more users, especially in DeFi, adopt it as their cryptocurrency of choice. As more users come on board, they will push up the demand for this digital coin and its price.
Another factor that could probably push Solana's price up is potential investors' FOMO (Fear of missing out). As mentioned, Solana is a new digital coin with some outstanding features. A lot of crypto enthusiasts have branded it as the 'Ethereum killer.’ Many of these enthusiasts are more likely to buy some SOL tokens to benefit from the next big phenomenon in the digital currency industry.
Going by Solana's potential and the impressive growth it has had in the last year, you can safely conclude that this coin is worth considering as part of your long-term investment. Just remember that all crypto investments are high-risk, so you should never invest anything you are not willing to lose.
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Virtual currencies are highly volatile. Your capital is at risk.