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The popularity of cryptocurrency is growing rapidly as people’s interest in digital currency is increasing. Many people have started to invest in digital currency and have also started to use it as a medium of exchange. So in this article, we will see the 7 best cryptocurrencies to invest in 2021.
Understanding Cryptocurrencies
The term “crypto” refers to the complex algorithm of cryptography that allows the processing of digital cash as well as their transaction. The best part of cryptocurrency is that it is completely decentralized. This means there is no interference of any external factor. This reduces and sometimes eliminates the transaction fee as well. They are always averse to any government control or exploitation. Cryptocurrency works on a series of chain systems called the blockchain. This algorithm looks after all the transactions and they are recorded in a digital ledger.
There are various cryptocurrency companies across the globe that have their own coins and different valuation. The first digital currency company to gain popularity is Bitcoin (BTC). Others include Ethereum, Litecoin, Tether, etc.
List of Cryptocurrencies To Invest In 2021
Here are the top cryptocurrencies for investment in 2021.
Bitcoin (BTC)
The first name that comes to mind when we say cryptocurrency is Bitcoin. It is dominating the crypto market for a long time and is expected to do so in the future. But the journey of Bitcoin was not always this smooth. It also faced many serious jerks when in December 2017 the price rose to $20,000 and by the end of 2018, it fell as low as $3,234. However, since then it has not seen any major fluctuation and its value rose to $40,000 in January 2021 and for a market cap of 41 trillion. This amount accounts for 69% of the total cryptocurrency market. Even though Bitcoin faced volatility in the crypto market but still since it is known worldwide, it gives a universal acceptance compared to any other digital currency.
Bitcoin Cash (BCH)
Digital currencies such as Bitcoin are anticipated on “blockchain technology” that stores all data related to crypto transactions in blocks. Each block can store 1 megabyte of data. As their popularity grew, these blocks started to fill more. That slowed down the transaction and also increased the transaction fees. So some Bitcoin developers thought of a solution that would decrease the data requirement in each block but others believed that this would be a compromise with digital currency’s integrity. So a new version of Bitcoin was formulated in the year 2017 that was called Bitcoin Cash (BCH). This has blocks that allow the users to store up to 8 Mb of data and also ensures that the transaction is faster with lower transaction fees. BCH may be a newer coin in the market that is less popular, but it has the scope of huge growth in the future.
Litecoin (LTC)
Cryptocurrency may seem to be a complex concept for those who do not understand the technology. Litecoin was formulated to solve that issue. In fact, Charlie Lee wanted to make the “lite” version of the pre existing Bitcoin and create a digital currency that could play the part from “silver to Bitcoins gold”. This coin adopted many features from Bitcoin but with a twist. The transaction process is faster than that of Bitcoin. Along with that Litecoin’s system requirement is lower compared to few other cryptocurrencies. Litecoin is a combination of speed and ease. So it can be a good option among cryptocurrencies to invest in 2021.
Ethereum (ETH)
One of the most important features of cryptocurrency is the decentralization of currency. Ethereum works a step ahead of that. Its aim is to decentralize the internet. They do this by replacing computer servers with universal systems of nodes. That creates “one computer of the entire world.” Ethereum is a software platform that dismisses the use of blockchain technology and the users can do transactions using their coins called ether. This platform has become the host server for many other cryptocurrencies and that makes it more popular. Investors of Ethereum not only earn profit from this widely known cryptocurrency but also can avail other uses of the same.
Binance Coin (BNB)
Binance is similar to Ethereum. Previously Binance coins were hosted on the Ethereum server till the Binance decentralized exchange (DEX) went online in 2017. The aim of Binance is similar to that of Ethereum, but the difference between the two is Binance aims at not only providing a decentralized platform but also converting one cryptocurrency to another. This feature of Binance has made it the most popular cryptocurrency exchange all over the globe and investors are really interested in investing in such a platform.
Tron (TRX)
The last year saw many fluctuations in the entertainment industry as well, and Tron was waiting for such a situation. This is a decentralized, blockchain based platform where the users can share content. This helps the creators to monetize their content and is a safe option as well. This is highly growing in this scenario and it is expected that Trion will overthrow Netflix in the coming years. So this can be a good option for investors to invest.
Cardano (ADA)
Smart contracts are on the rise now, and Cardano is one such example. It is an open source project that operates in smart contract technology. It is a non profit digital currency that has a market capitalization of $40.4 billion.
Conclusion
Among the thousands of digital currencies available these seven are ideal to invest in 2021. All investments are subject to market risk but the difference is on the intensity of the risk. Let us recall the seven adversaries for the best cryptocurrencies to invest in 2021: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Binance Coin (BNB), Tron (TRX), and Cardano (ADA).
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