5 Cryptocurrencies To Buy Today
The cryptocurrency market has witnessed perhaps its best period of growth and popularity over the past few years. Also, 2021 has been a splendid year for most of the altcoins, hitting record highs consequently.
However, the previous month was relatively a rough patch for cryptocurrency enthusiasts, with Bitcoin, Ethereum, and other tokens dropping dramatically in value. But the tokens have now started bouncing back and regaining some ground since the first week of June.
With the crypto prices plummeting, it doesn't necessarily mean that it’s the wrong time to buy. On the other hand, it is the best time to explore the market and build your investment portfolio. Therefore, we have done the heavy lifting for you here and have listed the 5 best cryptocurrencies to buy today.
5 Cryptocurrencies To Buy Today
1. Bitcoin (BTC)
Bitcoin, the most widely known and accepted cryptocurrency in the market, has seen a significant surge in the past few weeks after a major market crash on May 19. More than anything, BTC benefits from its network effects. Bitcoin investors believe in the crypto token and its potential to gain value over the long term.
Also, BTC value will eventually increase in the coming years as it has a limited and fixed supply of tokens, unlike other fiat currencies. There has been a whopping increase of 221.4% in BTC price since the day after Musk tweeted about his plans.
Elon Musk’s tweets have created a rather prominent spur in the crypto market the previous month. But currently, his tweet saying that the company would resume taking the cryptocurrency as payment has sent the Bitcoin prices soaring to highs.
He stated that “When there's confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions.”
As of writing, the BTC price is $40,285.66, while its dominance is 266.45 percent.
Further, Bitcoin was also approved as legal tender last week, making it the best cryptocurrency to buy today.
2. Ethereum (ETH)
Ethereum, the second-largest cryptocurrency with a market cap of almost $299,475,433,390 as of writing, has shattered records this year. Ethereum is not merely a crypto token but also a global computing network for decentralized apps (dApps). ETH has seen explosive growth since the beginning of this year, with its price increasing more than 1500%.
Even though the ETH price dropped in the recent crash, it is bouncing back and is all set to begin its bullish rally. Moreover, with the latest ETH 2.0 upgrade, Ethereum is taking a step forward to create a milestone.
One of the significant criticisms of cryptocurrency, in general, is that it is highly energy-intensive. The intensive mining process of tokens like BTC requires a considerable amount of energy, creating adverse effects on the environment. Ethereum, with its dedicated approach, is making moves to make the technology more energy efficient. Ethereum 2.0 is all set to roll out this year as per announcements, and it claims to use 99.95% less energy than the current technology.
Therefore, with its latest upgrade, the token could acquire a competitive advantage in the crypto industry and a leg up over Bitcoin, which is why it is one of the best cryptocurrencies to buy today.
Additionally, along with being a potential host for the Ether token, the blockchain technology also hosts other applications like non-fungible tokens (NFT) and decentralized finance (DeFi), two significantly booming sectors of the crypto space.
3. Ripple (XRP)
Ripple is a unique cryptocurrency that is also an efficient money transfer network designed to serve the needs of the financial service sector. XRP, the crypto token specifically designed to work on the Ripple network, has been consistently listed among the top 10 cryptocurrencies by market capitalization.
Transactions are incredibly fast in the Ripple network. Along with faster transactions, the cost to complete it is 0.0001 XRP, which is just a fraction of a penny at current rates.
Ripple has also gained massive popularity with its versatile exchange network. It not only processes transactions using XRP but can also be used for other fiat currencies and cryptocurrencies.
Ripple has thus proven to be one of the most profitable crypto assets for trade-in 2021. After a rather severe market crash in May, June has provided XRP with an opportunity to kick-start a resumption of the bull run.
As of writing, the token sits at $0.864444 and is expected to rise higher once Ripple’s ongoing legal battle against SEC unfolds. If Ripple comes out on top, the market can expect a significant uptrend in the XRP value, rediscovering new highs. If the lawsuit churns out favourable news, it might also sway investors to lean towards the token for the long haul.
Apart from that, Ripple’s recent announcement that it will add NFT support on the XRP ledger, minimizing gas fees associated with NFT transactions, will also skyrocket its value. Given the astonishing growth of NFT space in the crypto sector, this development will probably impact XRP price, making it the best cryptocurrency to buy today.
Don't Miss: 5 Reasons Why Ripple Could Double Your Money
4. Compound (COMP)
Compound, a groundbreaking DeFi platform, is based on the Ethereum blockchain. It is a cryptocurrency of interest for multiple investors and traders. The ERC-20 token, COMP, allows users to earn interest on their cryptocurrencies by depositing them into one of the authorized pools of the network.
Compound has gained massive traction as it aims to solve a real-world problem and provide users access to lending and borrowing seamlessly without the need for a financial intermediary, like a bank. The price of COMP token has seen a significant rise last month. One reason for this was the support from the leading social investment platform eToro. This has opened the borders of the COMP token by making it available to more traders and investors worldwide.
Yet another notable announcement came from Bitstamp. The prominent cryptocurrency exchange added support for COMP on 7th June. It further allowed traders and investors to access the cryptocurrency with zero fees for the next few months, boosting its popularity and price in the upcoming days.
With DeFi exchanges and tokens gaining massive popularity and adoption lately, COMP remains an exciting cryptocurrency project. Nevertheless, Compound also holds a significant position as the first to introduce yield farming into the crypto market in 2020.
Read Also: Why Compound Is Going To Explode
5. Dogecoin (DOGE)
DOGE is primarily a cryptocurrency based on the famous Doge internet meme that features the Shiba Inu dog on its logo. The coin was supposed to be a fun, light-hearted cryptocurrency that would appeal to crypto enthusiasts.
However, the token has seen prolific growth since its inception, with huge endorsement from popular celebrities and other crypto hoggers. Among them, Tesla CEO Elon Musk has been the loudest voice for Dogecoin. His series of tweets expressing his ardent support for the meme coin is the primary fuel behind the growth of Dogecoin.
He also claimed that the coin is relatively better than Bitcoin due to its fast and cheap transactions. He further promised to make the token the first official currency of Mars. Musks’ tweets and memes, along with other shillings from top celebrities like Snoop Dogg, have made the price of DOGE go from a fraction of a penny to almost one dollar.
Moreover, Dogecoin was recently listed in Coinbase, one of the largest crypto exchanges, which showed a resurgence in its price after it dipped to $0.3 in May. The listing will further offer access to more individuals who are already familiar with Dogecoin and wish to invest in it.
Therefore, with all this in place, the buzz around Dogecoin does not seem to settle any time soon as it reaches a wider audience and more influential people keep endorsing it. Therefore, Dogecoin is one of the best cryptocurrencies to buy today for future returns.
Read More: Why Dogecoin Will Skyrocket
Even though the market crash has caused a drift in the crypto space, several altcoins and crypto tokens are bouncing back in price with support from various sectors of the world. The institutional and retail interest in cryptocurrencies is still strong, based on available stats. Therefore, if you search for the best cryptocurrencies to buy today, the list mentioned above contains the most suitable options.
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Virtual currencies are highly volatile. Your capital is at risk.