Cryptocurrencies are the hottest investment option in today’s technology-driven world. Since the first cryptocurrency, the cryptocurrency market has grown by leaps and bounds. As cryptocurrencies continue to gain traction, more and more options become available.
From Bitcoin and Ethereum to Dogecoin and Tether, there are over 20,000 cryptocurrencies currently available for investments or trading. So, picking the best cryptocurrency options can be extremely difficult, especially if you are a beginner. To make things easier, here is a list of the 4 best cryptos to trade this week - get in now before the next bull run.
Bitcoin (BTC)
The original cryptocurrency, Bitcoin, was first mooted in 2008 by an anonymous individual, or group of people, using the pseudonym Satoshi Nakamoto. Its invention was a breakthrough in cryptography.
As with most cryptocurrencies, Bitcoin runs on a blockchain - a piece of software that acts as a digital ledger that logs transactions distributed across a network comprising thousands of computers.
Although bitcoin is unpredictable, it has a steady upward trend. With a market capitalization of $400B+, BTC, as it is known by its market ticker, is the most popular cryptocurrency. It was developed as a means of facilitating decentralized transactions as well as a store of value.
Because additions to the distributed ledger must be verified by solving a cryptographic puzzle, a process known as ‘proof of work', Bitcoin is kept secure from fraudsters. Whether its price rises or falls, there is no denying that bitcoin will continue to dominate the cryptocurrency sector. Traders will benefit from high liquidity regardless of market stability as long as it continues to exist.
For these reasons and more, experts believe BTC to be one of the 4 best cryptos to trade this week.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Ethereum (ETH)
Ethereum is a decentralized software platform that allows smart contracts and Decentralized Applications (DApps) to be designed and run without third-party downtime, theft, control, or intervention. Ethereum is a permissionless, non-hierarchical network of computers (nodes) that generate and achieve consensus on an ever-growing sequence of "blocks," or batches of transactions referred to as the blockchain.
The platform's native cryptocurrency is Ether (ETH). After Bitcoin, it is the second-largest cryptocurrency in terms of market capitalization. Vitalik Buterin, a programmer, proposed Ethereum in 2013. The network went live on July 30, 2015, with an initial supply of 72 million coins, after being crowdfunded in 2014. Ethereum is used for decentralized finance, the production and exchange of non-fungible tokens (NFTs), and many Initial Coin Offerings (ICOs).
Ethereum is currently experiencing a major slump, which is on par with other major cryptocurrencies. Some analysts say the low price presents a good buying opportunity for investors waiting for the right time to test the cryptocurrency waters. This makes ETH one of the 4 best cryptos to trade this week - get in now before the next bull run.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Solana (SOL)
Solana is one of the top Ethereum competitors and has been named 'Ethereum killer.'
The creators noted that the platform was designed to surpass the efficiency of competitor blockchains, and the network has arguably achieved this feat successfully.
Solana is a practical open-source network with a permissionless and high-speed layer-1 blockchain. It has many benefits for investors as it is the preferred platform for building dApps and NFTs. Therefore its native token SOL is a highly promising long-term crypto investment.
However, the most impressive and groundbreaking feature of Solana is that the platform can support 65,000 transactions per second (TPS) with near-zero fees and super-low gas fees.
Notably, all cryptocurrencies gain and lose value over time. The COVID-19 pandemic led to market volatility, during which many cryptocurrencies lost value. However, Solana most recently continued growing while the larger market in the crypto world had been losing some value.
It also boasts a unique blockchain technology, a hybrid combination of proof-of-stake and proof-of-history that backs each transaction. It can process transactions even faster than Ethereum, the second-largest cryptocurrency.
Solana’s growth and technology pair together well, offering the potential for the cryptocurrency to grow quickly and efficiently. A big part of Solana’s scalability is the ease of use and lower fees for the end-user.
With thousands of cryptocurrencies on the market, SOL stands apart by showing growth consistency and potential, making it one of the hottest currencies in the market.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Monero (XMR)
Monero is an open-source blockchain with roots of creation from a decentralized grass-roots development. Despite being very similar to Bitcoin, Monero focuses more on privacy and anonymity for the users and their transactions. Its native token, XMR, is a blockchain-based altcoin with multiple privacy-enhancing features.
Unlike Bitcoin, where every coin has a serial number, every XMR is fungible, meaning they are completely identical and interchangeable. The network also gives every transaction plausible deniability through ring signatures, an encryption technique that creates multiple decoys for actions on the network.
It also uses stealth addresses, which are one-time crypto addresses that are deleted after each transaction.
Despite using the arguably outdated proof-of-work (PoW) consensus mechanism, where miners update the blockchain by solving computational puzzles, Monero has some pretty impressive specs. The network can handle an estimated 1,000 transactions per second, compared to Bitcoin's five.
It has a well-defined, unique use case, impressive technical specs, and an early-mover advantage, which is why XMR is one of the 4 best cryptos to trade this week - get in now before the next bull run.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Bottomline
The crypto market is volatile, and we always recommend that investors do their research and select coins based on their individual investment goals and risk appetite. However, this list of 4 best cryptos to trade this week can function as a solid jumping-off point for your research and set you looking in the right direction.
Read More:
Top 10 Cryptocurrencies To Trade
Fastest Growing Cryptocurrencies
Best Future Crypto Coins To Buy
Next Cryptocurrency To Explode
21 Great Cryptocurrencies To Buy
Top 10 Most Undervalued Cryptos To Buy