The crypto wave is sweeping across individuals and businesses alike, prompting a common question: “What crypto should I buy?”
Cryptocurrencies are changing the world financial order and everyone who is social media ‘locked in’ wants a hand in one!
As we all know, the surge in cryptocurrency investments has transformed into a mainstream trend, creating a vibrant model of possibilities and challenges. If you have a penchant for crypto but dithering, you might need to take these considerations seriously before making a move.
The Crypto Cosmos
From the grandeur of Bitcoin to the quirky allure of Dogecoin, the crypto universe is vast and teeming with choices, making the initiation into this realm both exciting and overwhelming.
These are the top 10 cryptocurrencies based on their market capitalization – the total value of all circulating coins.
1. Bitcoin (BTC)
– Market Cap: $816.4 billion
– Born in 2009 under the pseudonym Satoshi Nakamoto, Bitcoin stands as the original cryptocurrency.
Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $500. As of Dec. 12, 2023, a single Bitcoin’s price was around $41,722. That’s a growth of 8,244%.
Its decentralized nature and proof-of-work mechanism have propelled its price to astronomical heights, growing by an astonishing 8,244% since May 2016.
2. Ethereum (ETH)
– Market Cap: $266.5 billion
– More than just a cryptocurrency, Ethereum is a blockchain platform fostering smart contracts and NFTs.
With a remarkable growth of 20,054% from April 2016 to December 2023, Ethereum beckons to those who seek not just an investment but a stake in the future of decentralized possibilities.
3. Tether (USDT)
– Market Cap: $90.7 billion
– Unlike its volatile counterparts, Tether maintains stability by being pegged to fiat currencies. Its value, theoretically consistent, provides a refuge for investors wary of crypto’s unpredictable swings.
4. Binance Coin (BNB)
– Market Cap: $38.5 billion
– Born on Binance, this cryptocurrency has evolved beyond a mere facilitator of trades. With a staggering growth of 253,440%, BNB showcases the potential of utility in the crypto world.
5. XRP (XRP)
– Market Cap: $33.6 billion
– Created by Ripple, XRP facilitates exchanges across different currencies. Its 10,277% rise from the beginning of 2017 to December 2023 underscores its potential as a global currency mediator.
6. Solana (SOL)
– Market Cap: $30.0 billion
– Engineered for decentralized finance and apps, Solana’s hybrid proof-of-stake and proof-of-history mechanisms deliver swift and secure transactions.
With a growth of 9,027%, SOL is a testament to innovation in the crypto space.
7. U.S. Dollar Coin (USDC)
– *Market Cap: $24.2 billion*
– Like Tether, USDC offers stability by being backed by U.S. dollars. Powered by Ethereum, it facilitates global transactions in a familiar fiat currency realm.
8. Cardano (ADA)
– Market Cap: $21.1 billion
– Embracing proof-of-stake validation, Cardano expedites transactions while reducing energy consumption. Its modest growth of 2,886% signals a commitment to sustainability in the crypto landscape.
9. Dogecoin (DOGE)
– Market Cap: $13.7 billion
– Born as a joke, Dogecoin’s community-driven rise and creative memes have propelled it into the crypto spotlight, showcasing a 48,010% growth from 2017 to December 2023.
Making An Investment
As you contemplate entering the world of cryptocurrency, platforms like Coinbase, Kraken, Gemini, WeBull, and Robinhood offer gateways to this digital frontier. However, remember to navigate the crypto tax rules diligently, treating your digital assets as capital assets subject to capital gains taxes.
The DeFi Dimension
Platforms like DeFi Swap introduce the concept of decentralized exchanges and native tokens like DeFi Coin (DEFC), operating on the Binance Smart Chain.
While Bitcoin reigns supreme, Ethereum, Solana, and XRP emerge as promising contenders approaching Bitcoin’s stature.
As you ponder the “Best Crypto to Buy Now,” these stellar options invite you to explore the ever-expanding cosmos of digital investments. Embrace the adventure, and may your crypto journey be as thrilling as the universe itself.
Written by Fortune Omosola
