Each month, new cryptocurrencies are released to the digital world for potential buyers to invest in. Cryptocurrencies offer incredible money-making opportunities and are a way for investors to generate additional income. Since the shutdown, Cryptocurrency investing has seemingly peeked for the lesser-known currencies. Rightly or wrongly, those currencies have [essentially] fallen into the category of ‘meme’ investments.
Bitcoin and Ethereum are the most well-known and the favorite cryptocurrencies for institutional and retail investors.
For anyone planning to invest in cryptocurrency, it’s important to know which cryptocurrencies are on the rise and which will most likely die out fairly quickly. That way, they can try to maximize their return on investment, and/or mitigate their losses. The cryptocurrency market is highly volatile and can be subject to various factors, so thorough research and consultation with financial advisors is recommended.
Here are a few cryptocurrencies you may want to keep an eye on this year:
Bitcoin (BTC): As the first and most well-known cryptocurrency, Bitcoin continues to be a significant player in the market. Its popularity and widespread adoption make it an important cryptocurrency to watch.
Ethereum (ETH): Ethereum is a decentralized platform that enables the creation of smart contracts and decentralized applications (dApps). Its native cryptocurrency, Ether, is the second-largest by market capitalization. Ethereum is undergoing a major upgrade to Ethereum 2.0, which aims to improve scalability and security.
Binance Coin (BNB): Binance Coin is the native cryptocurrency of the Binance exchange, one of the largest cryptocurrency exchanges in the world. BNB is used for discounted trading fees, participation in token sales on Binance Launchpad, and more.
Cardano (ADA): Cardano is a blockchain platform that aims to provide a secure and scalable infrastructure for the development of decentralized applications and smart contracts. It has gained attention for its focus on academic research and peer-reviewed development.
Solana (SOL): Solana is a high-performance blockchain platform known for its fast transaction processing and low fees. It aims to provide decentralized solutions for decentralized applications and DeFi (Decentralized Finance) projects.
Polkadot (DOT): Polkadot is a multi-chain platform that allows different blockchains to interoperate and share information. It aims to create a decentralized and scalable web where multiple specialized blockchains can work together.
Ripple (XRP): Ripple is a digital payment protocol that enables fast and low-cost international money transfers. It has formed partnerships with various financial institutions, but it’s important to note that it has faced regulatory challenges.
Avalanche (AVAX): Avalanche is a platform that aims to provide decentralized applications and financial services with high scalability and low transaction fees. It has gained attention for its unique consensus protocol and interoperability features.
Theta (THETA): Theta is an exciting token that started trading in 2019. Theta (THETA) is a blockchain-powered network purpose-built for video streaming. The Theta mainnet operates as a decentralized network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. The project is advised by Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.
Solana (SOL): Solana, is a cryptocurrency that’s giving Bitcoin and Ethereum a run for their money. This currency has a 24-hour trading volume of $1.9 billion and its market cap is over $54 billion. Those numbers don’t seem like they’ll be being capped anytime soon, either. After its sudden drop in November 2021, SOL rebounded and is expected to climb high into 2023. The currency’s long time on the market also helps it maintain a steady value, making it a strong competitor for other hot crypto currencies.
Remember that this is not an exhaustive list, and there are many other cryptocurrencies with potential. It’s essential to conduct thorough research and stay updated with the latest news and developments in the cryptocurrency market before making any investment decisions.
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