Cryptocurrencies are growing to become mainstream investment options as months go. The success of assets like Bitcoin and Ethereum has paved the way for the emergence of thousands of cryptocurrencies. So with 7000+ digital assets out there, how can you know which cryptocurrencies to buy?
Below are the 5 growth cryptocurrencies to buy hand over fist right now:
- Algorand (ALGO)
- Cardano (ADA)
- Dogecoin (DOGE)
- Chainlink (LINK)
- Solana (SOL)
1. Algorand (ALGO)
Algorand is one of the hottest crypto platforms out there, promising growth and sizeable returns.
Algorand is an emerging blockchain network, which employs a Pure-Proof-of-Stake (PPoS) consensus mechanism. Thus, it negates the various blockchain-related issues that other crypto alternative platforms face due to Proof-of-Work and Proof-of-Stake models.
Unlike others, Algorand employs a PPoS mechanism that is stake-independent and assures equal selection chance. Algorand is also making impressive progress with scalability. The platform's innovative cryptographic self-selection technique allows a seamless validation of each block without requiring direct communication with each member.
Algorand can achieve swift block times, usually in seconds, and transactions achieve finality by default, unlike Bitcoins, which require a 10-min block.
The blockchain network is also very secure. It is known as the first blockchain to provide immediate transaction finality with zero forking and uncertainty. Moreover, rigging the consensus system is almost impossible as validators are chosen secretly from the network.
Unlike other blockchains, Algorand provides faster and easier block times, making it a stellar investment option.
The founders of the Algorand blockchain build the entire ecosystem with a vision to provide it as a universal DeFi platform. The whole protocol is also completely independent, so it is highly scalable, secure, and practices proper decentralization.
Many global businesses currently use Algorand. These companies include Circle, Republic, Tether, Archax, Meld Gold, Marshall Islands, Global Carbon Holdings, StakerDAO, Hummingboat, Instimatch, Opulus, Voyager Digital, Asset Block, etc.
Archax is operating with Algorand to develop financial products for sale on FCA-regulated exchanges. Tether uses Algorand to process more than 1000 transactions per second (TPS). On the other hand, Instimatch is leveraging the Algorand blockchain network to roll out various services, including Islamic banking, RegTech, Payments, etc. Buying ALGO tokens is an easy way of becoming a part of this growing ecosystem.
2. Cardano (ADA)
Cardano is a fast, secure, environment-friendly crypto platform taking the world by storm.
Cardano is a third-generation cryptocurrency that aims to tackle some of the most prevalent issues that affect large-scale blockchain adoption, like scalability and sustainability. Unlike other cryptocurrencies, the developers built Cardano using peer-reviewed scientific research. This approach makes sure that any changes made in the network are helpful and scalable.
With concerns regarding the sustainable nature of cryptocurrencies, investors are starting to invest in environmentally friendly coins. This gives Cardano an added advantage, and investors can rest assured that a $10,000 invested in ADA now could help make a fortune over the next decade. Notably, Cardano was one of the first blockchain platforms to introduce the concept of Proof-of-Stake.
Cardano is known for its two-layered architecture. The blockchain comprises two elements: CSL or Cardano Settlement Layer (CSL) and CCL or Cardano Computational Layer, allowing developers to enter and maintain applications. Cardano is one of the best cryptocurrencies because this two-layered network reduces slow transactions, network congestion, and higher fees.
Thanks to its Ouroboros PoS mechanism, the asset is highly scalable and can process up to 1000 transactions per second (TPS). The blazing speed also means that the network could someday handle up to a million transactions per second. Therefore, if you want to generate massive returns from your investment, consider buying ADA now.
The Cardano team is focused on solving real-world problems, especially in developing countries. For example, it had announced a significant partnership with the Ethiopian Ministry of Education earlier this year. Cardano was developed with a strong focus on economic accessibility. There are billions of people who do not have access to affordable banking services. The blockchain platform aims to solve this, making Cardano a cryptocurrency network with tremendous potential.
3. Dogecoin (DOGE)
After gaining a reputation as a joke coin, DOGE generated massive returns and promises a similar growth potential in the future.
Dogecoin existed as a mere joke cryptocurrency for several years and was traded for less than a penny. But over the past couple of years, the meme coin found its place on several major cryptocurrency exchanges. Eventually, the token won over the trust of numerous established investors and celebrities. As a result, DOGE has surpassed many giant crypto coins and generated unprecedented returns.
Dogecoin is an open-source digital cryptocurrency and is widely supported by many wallets and exchanges. Despite its humorous origin, Dogecoin has the potential to be a viable financial opportunity.
The cryptocurrency has several features that make it different from other meme coins. Since the transaction fees are practically zero, people mostly use DOGE for making payments. It is also used as a tipping coin for rewarding content creators on various social media platforms. Moreover, Dogecoin employs public and private keys and allows users specific access to data on the blockchain.
Additionally, Dogecoin has an unlimited supply, unlike other cryptocurrencies. Therefore, rather than attempting to beat inflation, Dogecoin depends on it. That is, even if the values drop, DOGE coins can still be mined. These newly mined coins will then replace the lost ones to maintain a steady supply of around 100 million active DOGE tokens. The mechanism works quite well for Dogecoin as the coin holders treat it more like fiat currencies. Therefore the meme cryptocurrency is widely accepted as a medium of exchange, boosting its adoption rate. DOGE is trading at an affordable price, making now an excellent time to buy it.
One main factor that makes Dogecoin an excellent long-term investment option is its active mining community. Although Dogecoin employs a Proof-of-Work consensus method like Bitcoin, it uses a unique hashing algorithm called Scrypt, which is less complex than SHA-256. Also, several Scrypt miners still prefer Dogecoin over other Scrypt PoW cryptocurrencies.
4. Chainlink (LINK)
Chainlink is one of the fastest-growing enterprises in the world of crypto.
Chainlink is the world’s first and most widely used oracle service. It forms the backbone of smart contracts, specifically the DeFi protocols relying on real-world external data to perform their tasks. The platform primarily functions on the Ethereum network but is designed to support other blockchains too.
In April 2021, Chainlink revealed Chainlink 2.0, promising significant enhancements and fixes to commonly faced issues with oracles. The upgrade aims to fix scalability and cost issues by introducing an off-chain processing blockchain called Decentralized Oracles Networks (DONs), which reduces congestion on the primary blockchain and only interacts with it for final results.
DONs derive their security from the primary blockchain but enable complex design and rapid processing. Chainlink 2.0 powers a new generation of smart contracts, particularly those related to DeFi. It is a multi-year plan, which represents the vision of the team. It also reiterates the persistent efforts to keep the oracle system updated.
Since Chainlink was the first oracle system with a robust design, it is the preferred oracle provider for almost all projects. Thus, it is the most integrated service in the crypto space. Therefore, Chainlink's network effect cannot be overstated and has colossal implications.
Chainlink currently boasts a tally of 500+ projects and ventures (both inside and outside the native crypto industry). These include real estate, gaming, data providers, infrastructure, DeFi, NFTs, payments, storage, developer tools, marketing, etc.
There are various blockchain networks, blockchain projects, and decentralized networks out there. They all require real-world data if they want to be functional. While LINK is built on Ethereum, the Chainlink network is flexible and designed to provide data to any blockchain or smart contract network.
Chainlink has partnered with popular blockchains like Polkadot, Cosmos, Binance Smart Chain, NEAR, and many more. This means that investing in Chainlink now likely provides upside if we end up in a multi-chain future. Experts believe that buying LINK now could double your investment in the future.
Check Out: Will Chainlink Make Me Rich in 10 Years?
5. Solana (SOL)
Solana has garnered the attention of investors, thanks to its scalability and advanced features, making it a stellar investment option.
Solana is a blockchain network that seeks to develop an ecosystem of cryptocurrency-powered products and services. Solana is different from Bitcoin but has similar features to Ethereum. However, it differentiates itself from Ethereum’s network by providing faster transaction times, lower fees, and a programming capability that focuses on flexibility.
Solana can currently handle over 50,000 transactions per second, more than Ethereum and Bitcoin combined, and at a fraction of the cost. Developers can also write and launch customizable applications in multiple programming languages on the Solana blockchain.
Solana’s native cryptocurrency, SOL, is used to pay for executing programs and sending transactions.
Solana also offers far lower fees when compared to what many other similar blockchain networks are charging today. For reference, Ethereum transaction fees are over 200x more expensive when compared to the same transaction on the Solana network.
For these and more reasons, experts predict a bright future for Solana, making now a good time to buy SOL.
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Cryptocurrencies are trending worldwide, and for a good reason. Digital assets are fast transforming the way we look at money and store of value. If you are looking to invest in the best cryptocurrencies, consider buying these five growth cryptocurrencies hand over fist right now.
That said, cryptocurrencies can be volatile as it is still a nascent sector. Therefore, perform due research before investing in any digital asset.
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