These are the most profitable cryptos to buy and hold for generating high returns.
DeFi, NFTs, and Metaverse are some of the most attractive applications of crypto and blockchain technology lately. However, growth is distributed to only a few major cryptos with growth potential in these sectors.
One can arguably say that the recent market crash has presented a profitable opportunity to buy and hold some strong cryptos at bargain prices. The best part is that investors have multiple options to choose from to build their portfolios. Considering several factors, we have curated the list of the top 5 most profitable cryptocurrencies to buy and hold in August.
Ethereum (ETH)
ETH is the best to buy and hold in August because of its dominance and improving core metrics.
One thing that makes Ethereum the top most profitable cryptocurrency to buy and hold in August is its strong ecosystem of dApps, including DeFi, NFTs, Metaverse, and other applications. Ethereum has dominated the crypto market since its launch as the first dApp blockchain back in 2015. The blockchain network also hosts some of the largest metaverse projects, like Decentraland and the Sandbox.
Ethereum is the best long-term investment as the value of ETH will rise even higher as more of these cryptocurrencies come up. Moreover, it is worth adding to your portfolio since Ethereum is in the final stage of The Merge. The upgrade will enhance the network making it faster, cheaper, sustainable, and scalable.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Polygon (MATIC)
Matic is the best cryptocurrency to buy and hold in August due to its low price, optimistic prospects, and partnerships.
Unlike other cryptocurrencies, Polygon runs on its own blockchain, and the MATIC tokens are traded on the Ethereum blockchain. The reason is that Polygon was specifically designed to help scale Ethereum through side chains. In addition, the network also supports the creation of dApps and smart contacts by utilizing the benefits of Ethereum’s high-end security protocols.
Polygon positioned itself as the top most profitable cryptos to buy and hold in August because of several reasons. Firstly, the network is more environmentally friendly than its competitors. The team has announced its plans to go carbon-negative in 2022 and further climate positive in the future. This would drive Polygon’s adoption, attracting investors from multiple sectors of the market. Another reason is its role in the NFT marketplace. MATIC supports big brands like Adidas and Prada in an NFT charity project called Adidas for Prada Re-Source.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Chainlink (LINK)
Chainlink could be a good addition to your long-term investment list, thanks to its potential for growth.
Chainlink is the best crypto to buy if you are looking for a platform with real-world applications. Its native token LINK was created to bridge the gap between decentralized blockchain networks and off-chain sources by leveraging hybrid smart contracts. By creating a decentralized network of oracles, the platform offers several real-world use cases to developers. In addition, it has a diverse offering that works with any smart contract-enabled blockchain network, making it a highly flexible option for enterprises and businesses.
LINK is one of the profitable cryptos to buy and hold in August, thanks to its growing ecosystem with over 1,400 partnerships, outperforming its biggest competitors. Analysts say that Chainlink’s complete potential is still unknown but has plenty of room for growth since it aims to overcome the divide between real-world data and blockchain networks.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Cardano (ADA)
Cardano is the best crypto to buy and hold in August, especially given the increase in its fundamental and technical features with consistent upgrades.
Cardano is one of the best cryptos that stands out from the competition for its security features. Thanks to the peer-reviewed and proven to be secure, scalable, and decentralized Ouroboros Proof-of-Stake algorithm. The introduction of smart contracts in 2021 has resulted in the massive growth of dApps within the ecosystem.
It has numerous real-world utilities across verticals. For example, it provides easy accessibility to medical records and academic certificates. Furthermore, it can also help environmental charities to track the exact outcome of a donation, and many more.
Crypto enthusiasts who understand the world of digital currencies consider ADA as the future of the blockchain sphere and expect it to eventually replace larger cryptos, adding more reasons to buy ADA now.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Polkadot (DOT)
Polkadot forms a significant part of the next-generation Web3 architecture for online content and communications.
Polkadot is an Ethereum-compatible platform for decentralized programming on steroids. It's a decentralized computing platform consistently working to find its place in the turbulent market. Polkadot has created protocols allowing its network to interact with other blockchains. The network has the potential to cater to the specific needs of several sectors since its blockchain network is highly flexible. The interconnected blockchain networks can extend and connect to new partner blockchains over time.
As a layer-zero protocol, Polkadot is essentially a bundle of interconnected blockchain networks that can also reach out and connect itself to new partner blockchains over time. Additionally, Polkadot created protocols that allow its network to interact with other blockchains. Since its blockchain network is flexible, it has an increased ability to pivot and serve more specific needs.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
The Bottomline
This list of the top 5 most profitable cryptocurrencies to buy and hold in August is categorized in terms of future potential and growth. Having said that, cryptocurrencies are highly volatile, and any investment should be made with due diligence and research.
Read More:
The 5 Best Ways To Buy Chainlink (LINK)
Top 10 Cryptocurrencies With The Most Potential
Next Cryptocurrency To Explode
Best 10 New Cryptocurrencies To Invest In
Top 10 Most Undervalued Cryptos To Buy