Best Cryptocurrencies To Invest In Right Now? 3 Staple Coins To Watch

Are these cryptocurrency staples worth adding to your crypto portfolio?

Last Updated November 29th 2021
8 Min Read

Should Investors Be Buying These Top Staple Cryptocurrencies Today?

The cryptocurrency market has been in a correction over the past week. The selloff has accelerated in the last 48-hours following fears of a new deadly coronavirus spreading globally. However, regardless of what happens, crypto staples are the safest bets for a mix of capital security and potential value appreciation. 

In the staple cryptocurrencies category, you have coins that have market dominance and real-world use that transcends everyday crypto speculation. For the most part, Bitcoin (BTC) dominates this category. While crypto staples may not give the kind of gains that meme coins and other cryptos can give, investors love them nonetheless, mainly for their safety.

Besides, when it comes to explosive value growth, the likes of Ethereum (ETH) are doing better than smaller, highly speculative cryptocurrencies. With the DeFi space and NFTs markets in an explosive growth trajectory, Ethereum will record an above-average growth rate. The same goes for most of the other staple cryptocurrencies. 

For investors that want a mix of capital safety and growth, cryptocurrency stables are worth keeping an eye on. 

3 Staple Coins To Buy In 2022

  • Ethereum (ETH)
  • Chainlink (LINK)
  • Uniswap (UNI)

 

Ethereum

As mentioned earlier, one of the key highlights for cryptocurrency staples is Ethereum.

Ethereum was the first platform blockchain in the market, which has helped entrench its position in the market.  

Ethereum’s dominance opened up thanks to the introduction of the ERC-20 standard. The ERC-20 standard paved the way for the ICO bubble of 2017 and a further entrenchment of Ethereum as the number one platform blockchain. Today most cryptocurrency tokens run on the Ethereum blockchain. Ethereum has also become the dominant blockchain for the launch of everything from DeFi projects to NFTs. 

Through the years, Ethereum has gone through scaling challenges that at one point threatened its usability. This also led to an explosion of ‘Ethereum killers’, all angling to take its market share. 

However, Ethereum has been resilient and is currently dealing with its scaling issues for good. All through 2021, Ethereum has been working on shifting from Proof-of-Work to Proof-of-Stake. 

While the shift to PoS is not an easy process for a highly decentralized and heavily used blockchain like Ethereum, things have been smooth so far. For context, Ethereum staking started in December 2020, and the uptake is incredible. Today more than 5-million Ethereum are staked, and the numbers keep growing. 

Ethereum has also made two important forks this year. The most notable one is the London fork of August 5th of 2021. This fork helped stabilize gas prices by replacing bidding with algorithmically determined gas prices.  

On top of that, Ethereum became deflationary after the London fork. That’s because instead of gas fees being distributed to miners, they are now burned. This means the more Ethereum is used, the more ETH is burned, and the scarcer Ethereum becomes. 

This has played a role in Ethereum’s price rally since August, defying the sluggish performance in the broader market in the same period. Before the London fork, Ethereum was trading at around $1700. By its peak last week, Ethereum had hit highs of $4800. 

Going by these fundamentals, Ethereum is poised for more gains going into 2022. With the Doge-1 mission likely to trigger a meme coin rally, Ether burn could accelerate further, putting upwards pressure on the price.

At the same time, Ethereum is set to benefit from news that the shift to PoS is in its final stages. For the most part, the expectation has been that the shift to Ethereum 2.0 could be complete by late 2022.

However, all indications now point to the process being completed much earlier. This follows a post on the Ethereum Foundation blog on the progress that Ethereum has made so far. 

As per the blog, milestone five: shifting 10k validators over 100 nodes to PoS - was completed successfully in a testnet environment. Milestone five is a big deal and has reignited the bullish momentum that Ethereum had before this week’s correction. 

The excitement stems from the fact that with PoS, Ethereum will have layer 2 solutions that will ease pressure on the main chain. This will drive down gas fees, and significantly increase the speed of Ethereum transactions. 

With Ethereum set to entrench its position as the top platform for launching Dapps, do you think ETH is a good cryptocurrency to invest in right now?

Check Out: Investing In Ethereum Right Now Could Make You A Millionaire Retiree

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Chainlink

Following that, we have the number one decentralized data oracles cryptocurrency, Chainlink. It helps smart contracts interact with real-world data, thereby making them practical for everyday use. Chainlink has established itself as the number one source for credible data and now controls more than 60% of the decentralized data oracles market. 

Like Bitcoin, Ethereum, and all other cryptocurrency staples, Chainlink is where it is, thanks to its first-mover advantage. However, aside from its first-mover advantage, Chainlink has also innovated to better offer services and further entrench its number one position. 

One of the areas that Chainlink has made considerable strides is in scalability. To scale without slowing down and hurting users, Chainlink adopted the use of hybrid smart contracts. 

Hybrid smart contracts work by combining on-chain data with off-chain data that is offered by decentralized data networks. The use of hybrid smart contracts allows for high-level data coordination while at the same time leveraging the tamper-proof nature of blockchain. 

By making use of hybrid smart contracts, Chainlink has opened itself up to adoption in highly sensitive but high-growth industries. 

One of the industries where Chainlink hybrid smart contracts can be used is in identity. In the process of identifying personal information, hybrid smart contracts can be applied in such a way that, on-chain networks can define the information, while decentralized oracle networks can be used to carry out the computations needed to verify such identity without compromising the data. 

Another industry where Chainlink decentralized data oracles have a strong use case is in Finance. In the financial markets, on-chain networks can be used to create and define how buyers and sellers should interact. Decentralized Oracle Networks can then be used for pricing and transaction settlements.

Chainlink’s hybrid smart contracts also have a use case in the gaming industry. In the fast-growing play-to-earn gaming model, on-chain networks can be used to define how the game is played, and what rewards are to be won. On the other hand, decentralized oracle networks can be used to enforce these rules and ensure that the games are fair to all. 

Thanks to these multiple use cases, Chainlink has seen an exponential increase in adoption over the years. Today, the majority of the DeFi projects in the market run on Chainlink data. Considering that DeFi is one of the fastest-growing aspects of the crypto market, Chainlink’s adoption in this market is likely to grow exponentially over time. 

Similarly, with the Metaverse exploding, and Play-to-Earn gaming now mainstream, Chainlink is likely to record significant growth on this front going into the future.

Going by Chainlink’s market dominance and multiple high-potential use cases, it is expected that its price could rise significantly in the future. Based on Chainlink’s adoption potential, do you believe LINK is a top staple coin, and will you be investing in it?

Don't Miss: Will Chainlink Make Me Rich in 10 Years?

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Uniswap

Last but not least is Uniswap. It is the world’s largest decentralized exchange by volume. Through Uniswap, you can swap cryptocurrencies, stake, and even lend in a decentralized environment. 

Being one of the oldest decentralized exchanges in the market, Uniswap now handles close to $2 billion in trades daily. Uniswap has also been integrated into more than 300 wallets and payment systems and boosts more than 4400 community delegates

While being among the first DEXs has helped in Uniswap’s market dominance, it is not the only reason. Uniswap also happens to be one of the most innovative DEXs, and this has been drawing in users. 

One of the most attractive aspects of Uniswap is that it incentivizes developers to innovate. For instance, it has guides that are designed to help developers create DeFi apps and other technologies on Ethereum. 

Uniswap also has a funding program meant to help DeFi developers get started on their projects. Through the Uniswap grant program, anyone can access the funding they need to create Dapps, tools, or any other innovation possible on the Uniswap protocol. 

Uniswap also stands out for its truly decentralized governance structure. Anyone who holds UNI tokens has a say in how Uniswap is governed. For instance, if a UNI holder feels that a certain upgrade is necessary, they would need to propose an upgrade on the Uniswap governance forum. A vote is then taken, and if the majority of token holders agree with it, it is integrated into the protocol.

By virtue of its dominance in the market, Uniswap is in an excellent position to grow going into 2022 and beyond. That’s because as more investors become aware of the benefits of using DEXs, their adoption will grow.

 Issues like security are not a problem with DEXs because you are fully in control of your private keys. This is a big deal for many investors, considering that exchange hacks have become a regular occurrence in the crypto market. 

Despite its strong fundamentals, Uniswap has taken a hit over the last 5-months. However, it seems to have found strong support at $19. If it bounces off this support, it could easily make new highs above $45 by 2022. 

With the $19 support holding strong, would you consider adding UNI to your crypto watchlist?

Read Also: 11 Reasons Why You Should Invest In Uniswap Today

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

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