It has been more than a decade since Bitcoin, the world’s first cryptocurrency, came into existence. Following the unprecedented success of the flagship digital asset, thousands of altcoins have emerged.
Altcoins refers to any cryptocurrency other than Bitcoin. Over the past few years, numerous altcoins have rallied significantly, bringing massive returns on investments.
Cryptocurrencies have been one of the biggest financial stories of 2021 so far. Prices and popularity seem to be rising to new levels amid solid institutional acceptance. Institutional investors are increasingly accepting virtual currencies as an alternative asset class. Ultimately, they are looking to maximize their returns in the current investment climate we are facing.
With the surging participation from institutional players, could now be the right time to allocate cryptocurrencies to your portfolio? If you are wondering what cryptocurrencies to buy, you are at the right place. Let us take a look at the three cryptocurrencies that will make you richer in August and beyond.
Three Cryptocurrencies That Will Make You Richer in August and Beyond
1. Ripple (XRP)
Ripple Labs is a tech firm that built the Ripple payment protocol in 2012. RippleNet is the community of financial institutions, banks, and professionals that make up the Ripple business alliance. Since its inception, Ripple has worked hard to secure this extensive network of industry professionals.
The network facilitates banks with a seamless experience as they send funds internationally in seconds. RippleNet currently includes some of the most popular institutions in the space. Notably, Ripple's native token XRP performs a crucial function within the Ripple ecosystem. It is the digital asset that promotes the use of the platform’s utilities. In this manner, XRP works as a utility token and represents the transfer of value across the Ripple Network.
One can think of XRP as the intermediary for exchanges as it allows participating banks to carry out global money transfers without the need to estimate exchange rates and such.
XRP is one of the fastest, most scalable digital assets out there. Its five-year record of secure technology and governance makes it ideal for enterprise and institutional use. Interestingly, the XRP ledger handles 1,500 transactions per second (TPS), 24×7, and can scale to process the same throughput as Visa.
XRP offers payment providers and banks a reliable, on-demand source of liquidity for cross-border payments. Currently, it takes around three to five days to send money from one country to another through a bank, which generally involves high fees and the risk of the payment getting delayed. XRP claims to be a part of a solution that fixes all these limitations. It has an average settlement time of 4 seconds and costs a fraction of the traditional approach.
By allowing financial entities to source liquidity on-demand, in real-time, without having to pay foreign transaction fees, XRP helps them expand into new markets. The entities also enjoy lower foreign exchange costs and provide faster payment settlements for their customers.
XRP is highly likely to rally shortly, making now a great time to invest in it. The coin is currently trading at $0.73 and has a market cap of $33.4 billion.
2. Dogecoin (DOGE)
Dogecoin is one of the hottest cryptocurrencies in the market today. One could have earned whopping returns had they invested in the meme coin at the start of 2021. After all, DOGE has surged more than 12,000% year to date. DOGE holders can use their holdings to buy goods and services or trade them for other currencies. Holders also use Doge to “tip” content creators who create or share great content.
Dogecoin is a first-generation digital asset that can be used to transfer value globally in a secure way. Like Bitcoin and Litecoin, the primary purpose of DOGE is to allow peer-to-peer (P2P) transactions to occur in a censorship-resistant manner. In recent times, Dogecoin has seen considerable coverage in the media due to significant price hikes.
Another feature of Dogecoin, and perhaps what makes this coin unique, is the spirit in which the developers created the token. Dogecoin was not designed as an alternative model to traditional finance, like Bitcoin. Instead, devs built Doge as a joke to spread awareness about crypto and spread goodwill throughout the crypto community.
There are a lot of advantages that Dogecoin brings to the market. For one, holders can use this coin just like Bitcoin to quickly and securely send value to anyone anywhere. Over the last few years, the coin’s network has expanded, and now, various vendors accept this unique token.
Dogecoin has no hard cap. Initially, the project began with 100 billion coins in circulation. By 2015, all of these coins were mined. The developers decided to issue another 5 billion at that time. Notably, Dogecoin now has 5 billion coins scheduled for issuance every year. It is currently trading at an affordable price of $0.205.
Read More: Dogecoin Price Prediction for 2025 and 2030
3. TRON (TRX)
TRON (TRX) is one of the digital assets that emerged during the 2017 crypto rally. While most tokens from that time went unheard of, Tron has thrived significantly. First, it moved from an ERC-20 token and launched on its own blockchain. Since then, it has expanded its partnerships and has established itself in the decentralized apps (dApps) market.
While most cryptocurrencies are working to decentralize money issuance and distribution, Tron takes it a step further. It is decentralizing the online content distribution. Thanks to the Tron blockchain, people can share content such as movies, documents, etc., and get paid in TRX. The more people use the platform for content distribution, the more the demand for Tron will rise, driving its demand and adoption over time.
Notably, the platform is capable of handling 2000 transactions per second (TPS). This performance puts TRX on par with famous payment processors such as PayPal. Additionally, TRON has zero transaction fees.
The TRON network employs a Delegated-Proof-of-Stake (DPoS) consensus mechanism to secure the blockchain network. A DPoS is similar to a Proof-of-Stake (PoS) consensus mechanism in that it permits users to earn passive income when they stake their holdings in a network wallet.
Staking allows users to earn passive income. But more importantly, it keeps the network safe. In the TRX ecosystem, users stake their TRX at a 1:1 ratio. The more they stake, the more TRON Power they earn, which is crucial within the TRON network. For one, it is what the community uses to vote for Super Representatives. Notably, after three days, a user can choose to convert their TRON Power into TRX.
Several analysts have predicted that TRX is likely to rally shortly. The coin is currently trading at $0.06.
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3 Cryptocurrencies Could Make You Richer in August and Beyond: In Conclusion
Cryptocurrencies, like all investments, can be risky. Therefore, it is crucial to research and analyze digital assets based on key considerations such as history, price movements, etc.
XRP, DOGE, and TRX are high-performing cryptocurrencies that promise massive potential returns in August and beyond.
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Virtual currencies are highly volatile. Your capital is at risk.