Invest in these top cryptocurrencies and double your returns in the long run.
Bitcoin may have been the first cryptocurrency to hit the market, but several altcoins have garnered the attention of investors worldwide. With differing degrees of utility, adoption, growth potential, and promise, these altcoins have helped generate massive returns.
This attention and popularity have made investors determine the top 5 cryptos to buy this week. Let’s see.
1. Terra (LUNA)
LUNA has immense potential, making it one of the top cryptos to buy this week.
Terra started as a niche platform giving life to the stablecoin market. LUNA harnessed a community of developers on its network and entered the world of decentralized finance (DeFi). Terra uses fiat-pegged stable coins to power price-stable global payments systems. Ranging from non-fungible tokens to stock derivatives, LUNA is encouraging users to build a range of apps on its open-source blockchain.
A key reason why Terra is one of the top cryptos to buy this week is the announcement made by the founder of Terraform Labs, the developer of Terra, that the company is buying $10 billion of Bitcoin for Terra's reserves.
Analysts predict a high growth potential for Terra, calling it an ideal tool for developers and engineers to generate more such decentralized applications. Considering LUNA is a recent project and naive in the community, the team is working sincerely to optimize the goals set and add more utilities for the coin.
2. ApeCoin (APE)
Due to the media attention and popularity that ApeCoin has generated within a short period, APE has high growth potential.
ApeCoin is a cryptocurrency tied to the Bored Ape Yacht Club, a popular and expensive collection of non-fungible tokens. APE is up more than 1,000% since it dropped in March. Thanks to its massive popularity, some crypto enthusiasts on social media believe ApeCoin could be the next Shiba Inu.
APE is an ERC-20 token designed for governance and utility. The crypto was created and launched by ApeCoin DAO - a decentralized autonomous organization focused on growing the coin in the coming years. Aside from the governance and game-integration aspects, ApeCoin can also be used to make payments to merchants.
The significant growth of APE token prices has been predominantly driven by BAYC’s growing popularity among celebrities and investors. The crypto has also seen strong demand from APE investors solidifying ApeCoin’s position as one of the top cryptos to buy this week.
3. Solana (SOL)
Solana has a lot going on in 2022, making it one of the top cryptos to buy this week for investors.
Solana is known for its unique Proof-of-History (PoH) algorithm that processes over 250,000 transactions a second. Solana has positioned itself as the fastest blockchain globally and the fastest-growing ecosystem in crypto, with thousands of projects spanning DeFi, NFTs, Web3, DEX projects, and more.
2022 is going to be an active year for Solana with its continuous updates and enhancements. Solana was listed on Robinhood in April 2022, attracting new investors. In March 2022, the team launched Solana Pay, a “build your own online store” application on its blockchain. Over 600 merchants have engaged with Solana Pay since its inception.
4. Avalanche (AVAX)
Avalanche is well-positioned to disrupt the industry in 2022 and beyond, making it the best cryptocurrency for profitable returns.
The next coin on the list of top cryptos to buy this week is Avalanche. The goal of Avalanche is to offer a scalable blockchain solution through an environment-friendly approach with a focus on delivering low transaction fees and higher speeds. Users can create a countless number of customizable and interoperable blockchains. Avalanche’s innovative design also allows corporations to create their blockchains.
Over 428 projects have joined its ecosystem in the previous 17 months, which is significant. If Avalanche maintains this pace, the token has the potential to outperform several of the leading blockchain systems in the crypto sphere. Furthermore, with more projects joining the ecosystem, the demand for AVAX will eventually rise to new highs.
5. Shiba Inu (SHIB)
SHIB has given eye-popping returns to its investors over the past few years.
Rounding off our list of the 5 top cryptos to buy this week is Shiba Inu. SHIB broke into the limelight in 2021 with record-high gains and hitting an all-time high of $0.00008845 in October. This created a perfect opportunity for Shiba Inu to rise to prominence. Although it was created as a meme token, the coin’s growing ecosystem was enough to distinguish SHIB from the rest of the meme tokens. The ecosystem also hosts a decentralized exchange called Shiba Swap.
Yet another factor that makes SHIB one of the top cryptos to buy now is the initiation of Shibarium. It is the token's own blockchain-like transaction system. A test run of Shibarium recently led to a massive spike in the price of SHIB tokens. Shiba Inu will no longer depend on the Ethereum platform to complete its transaction once Shibarium becomes public. This will eventually reduce the gas fees that ETH charges other tokens to run and operate on their platforms.
Moreover, the creators of Shiba Inu want to shift into a full-fledged decentralized ecosystem. Currently, the SHIB token is available on several major exchanges like Binance, Coinbase, FTX, OKEx, and WazirX.
The field of cryptocurrencies is always expanding and evolving. Thanks to the speed of technology, the next great digital token could be released tomorrow. Therefore, choosing a cryptocurrency should always be a well-informed decision. The above top 5 cryptos to buy this week could help you decide.