People are no longer strangers to hearing about virtual currencies nowadays. But even so, for those used to traditional financial products, this may be another unfamiliar market. When you think of cryptocurrencies, Bitcoin is probably the first thing that comes to mind. This is because it is the earliest virtual currency that opened up cryptocurrencies to the public. However, after nearly a decade of development, Bitcoin has now multiplied many times over and has become the wealth code for many people. Many other cryptocurrencies and even tokens have also emerged in the market.
What Cryptocurrencies Are Worth Investing in?
We need to know what the hottest virtual currencies are available before choosing to invest.
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Bitcoin
Bitcoin is the most valuable cryptocurrency in the world currently. It has kept its pace because no major event could affect its value. New changes have not affected its value, on the contrary, the bitcoin price live has increased.
Its market capitalization is currently close to $1.1 trillion, placing it eighth on the global market capitalization list. If Bitcoin were a company, it would be bigger than Meta Platforms (formerly known as Facebook) and Tesla. Bitcoin continues to enjoy the advantages of being the first cryptocurrency. It is more widely accepted than any other digital coin, mainly because it has been around longer. Bitcoin is even seen by some investors as a good hedge against inflation, as there will never be more than 21 million Bitcoin tokens in circulation.
The data for the last 24 hours shows a gain of 24% in the last 3.79 hours. If we compare the data from the previous week, it shows a loss of 6.70%. Despite the volatility in the market, there is still stability in the case of Bitcoin. The cryptocurrency is also the most actively traded of the major international digital currency trading platforms such as Gate.io.
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Ethereum
It is currently second to Bitcoin in the list of most popular cryptocurrencies. Its market cap hovers around $500 billion, less than half of Bitcoin's. But some believe that Ethereum will be the next bitcoin. The key advantage of Ether is its real-world utility. In particular, Ether is well suited for creating irreplaceable tokens (NFT). Whether or not cryptocurrencies knock Bitcoin out of the top spot in the future, Ether appears to be in a favorable position to stand the test of time.
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Binance Coin
It is the native token of the Cryptocurrency Exchange and currently has a market cap of over $96 billion and is the third most popular digital coin on the market. Investors who pay their transaction fees with BNB receive a discount. Cryptocurrency reduces the supply of digital currency based on transaction volume each quarter. Over time, 100 million coins will be "destroyed", which represents half of the total. These initiatives are designed to increase the value of Binance coins.
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Tether
It ranks as the fourth most popular cryptocurrency in the world, with a market cap of about $73 billion. But among stablecoins, Tether tops the list. All stablecoins have their value tied to another asset. In the case of Tether, that asset is the U.S. dollar. In theory, Tether is like a "cryptocurrency dollar" that should hold its value just like a physical dollar.
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Solana
It is currently the fifth most popular cryptocurrency on the list. Its market cap is close to $65 billion presently. And Solana has been the biggest winner of these top cryptocurrencies over the past year, gaining over 10,000%. Many investors are flocking to Solana as an alternative to Ether. Both blockchains support smart contracts. However, Solana offers faster processing speeds and lower transaction fees than Ether.
Although Bitcoin is currently down after hitting an all-time high at the end of 2021, it's safe to say that no one can predict the price movement of cryptocurrencies. In the long run, however, the crypto market is gaining wider attention.