Best cryptocurrency to invest in
What is the best cryptocurrency to invest in ? We can't provide financial advice but a little insight always helps.
With that said, have you got crypto fever? If yes, keep your calculator, converter, and crypto apps handy. Let's indulge you in the world of digital currency. Starting the journey to investigate the best cryptocurrency to consider investing in (at the time of writing this article).
It's been a while that cryptocurrencies have been buzzing the market with a current global capital of US$1.62 trillion.
Multiple investors or cryptographers have introduced new and exciting altcoins. These are apart from the famed Bitcoin (the father coin) with such competition.
It is no secret that the cryptocurrency market is volatile. There is no assurance on the value of the exchange rate. But Bitcoin has always managed to come ahead of all and holds a current value of US$29,502.41.
All you need to know about cryptocurrency
Before we get into the dynamics of where to invest, let's first polish our basics.
Cryptocurrency is known as a digital currency for exchange in online purchases or services by utilizing a localized technology called blockchain. Along with the help of cryptography, the blockchain maintains a record of the transactions and security.
Due to its rapid popularity, more than 10,000 cryptocurrencies have been traded to date. Cryptocurrencies have built their popularity based on removing central banks for monetary supply, implementing excellent secure technology for transactions, and as claimed, is a promising investment for the future.
What is the best cryptocurrency to invest in?
It is natural to invest in anything which is trending or is known to be the best. Likewise, in cryptocurrency, you would like to support better profit with higher exchange value.
Keeping that in mind, if your criteria includes the best, Bitcoin (BTC) is quite the currency many have their eyes on. There’s something to be said for that considering all the skepticism around the crypto asset in Bitcoin’s early beginnings years ago.
As mentioned earlier, Bitcoin currently has a value of US$29.502.42 with an overall market worth of nearly US$552.42 billion and a total of 482,584 bitcoins.
The statistics of Bitcoin beats the other altcoins in line, especially Ethereum (ETH), the second-largest cryptocurrency with US$1,739.17, which has an overall worth of US$202.18 billion.
If you have been following the updates, Bitcoin is recovering from rejection after allegations from certain parties and acquired a 9.30% fall within 24 hours and 25.71% fall in seven days. But despite the market crash, Bitcoin is still leading. So by analyzing the numbers and using your math skill, you might not have trouble deciding where to invest.
Crypto to invest in now ?
So what is the best cryptocurrency to invest in now ? Well if you are looking for consistency and trying to play safe, Tether (USDT) is one cryptocurrency to consider and may be worth a look.
According to the latest crypto market statistics, Tether has a value of US$1.00 and an overall market value of US$24.4 billion. So how does that make Tether a good option? First, Tether has shown stability for the past week with only a 0.05% fall within 24 hours and a 0.02% increase in the last seven days.
The Tether is also a stable coin, meaning; it stabilizes the cryptocurrency rates, which is not very common compared to the others. Also, Tether received the title of the third-largest cryptocurrency in January 2021, making it a win-win situation for investment.
New crypto to invest in ?
The cryptocurrency market witnessed the launch of Internet Computer (ICP) in May 2021, which gained quick recognition roaring out of the gates with a value of US$35 billion within three days of its launch. ICP currently has a value of US$34.02 with a market capitalization of US$4.39 billion. Also, it stands in rank 22 at the market and is available on the Binance exchange.
SafeMoon (SAFEMOON) also launched in March 2021, has shown excellent investment potential, especially after an increasing hike in its prices right after the launch. SafeMoon holds a value of US$0.000002985 with a market capitalization of US$1.75 billion. One exciting feature of SafeMoon is that it charges users if they sell their tokens.
Best crypto to invest now in India
As we continue to explore best cryptocurrency to invest in, let's chat about India for a minute.
Now that the court has lifted the cryptocurrency ban in India, crypto is back to business. Even though there are multiple options, WazirX, the country's oldest trading app with more than 1 million users, beams a great deal of prospective and ability for the cryptocurrency market. According to reports, WazirX's exchange transactions were around US$2.34 billion in 2020.
The WazirX presently holds the rank of 115 in the market with a value of US$1.09 while ₹85.33 in Indian currency. WazirX also has 0.03% in market dominance, followed by a fall of $0.9087 and a rise of $1.22 in the last 24 hours. The estimated market capitalization of WazirX is US$324,449,889.10. With such a good track record, it is hard to miss this cryptocurrency.
Best time to invest
Using one of the oldest trading tricks of investment is investing when the market is going downhill. Due to the market's trajectory, there is a probability that people will sell their crypto assets at a lower price which is an opportunity for buyers, and they can gain profit by selling the cryptocurrency at higher rates when the market rate starts increasing. In crypto, it's called buying the dip.
Best way to invest in cryptocurrency
Cryptocurrency is still a new concept to many, but starting small in your investment can be a good way of stepping into the game.
As cryptocurrency rates keep on fluctuating, it is necessary to do your research and, based on that, make the investment. There are also other factors which will help you.
Choose easy-to-use crypto-exchange platforms, choose a cryptocurrency to invest in with an understanding of its pros and cons. Also, awareness about cryptocurrency wallets will add leverage to the investment process.
We are thoroughly aware that the cryptocurrency rates will keep on changing according to the situation of the market rate.
In the end, it is an individual's responsibility to do proper research, analyze and keep track of the numbers for better investment planning. With that said, are you ready to try your hands into the crypto arena now that you’re a bit more informed ? Do your own research and the next step is up to you.
Note: All numbers and statistics in this article are subject to change as there is high volatility in the crypto market.
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