Have you been thinking of where you can invest your money, you should actually consider investing in cryptocurrencies. Apart from the big-name cryptocurrencies that you are familiar which may actually not be affordable right now, there are other affordable cryptocurrencies that you can invest in.
Ever since cryptocurrencies came on board and had a boom in 2017, lots of investors have trooped in to have their fair share of this goldmine. This has resulted in the rise of some cryptocurrencies which has actually made it difficult to purchase. However the good news is that there are still other affordable cryptocurrencies that you can still invest in, in this month of May.
Just like Bitcoin, the most popular cryptocurrency, recently hit a high record of $63,000 before experiencing high sales, you can also invest in some other affordable cryptocurrencies which will make you smile someday.
Currently, one bitcoin is valued at $56,000. In the past few months, cryptocurrency prices have actually come down after Joe Biden the president of United States signaled plans to increase capital gains taxes. This lead to some investors selling off their holdings. However, this has not stopped financial services from having a positive outlook towards digital currency.
Now, several businesses are accepting cryptocurrency as an authentic form of payment. Thus this is the right time to invest in some cryptocurrencies. You can buy one that fits your budget, but if you are confused the cryptocurrencies you can invest in, relax as we take you through a list of some of the cryptocurrencies you can invest in.
Ethereum (ETH) – Inching towards $4,000 per coin this May
When you talk about cryptocurrency, the next in line after bitcoin is Ethereum. Ethereum is a unique technology that has a coin component. Ethereum’s currency is known as Ether, and it can be used in applications run on the Ethereum platform.
Ethereum is king in what’s known as these “smart contract” platforms. While bitcoin was designed for one use case as a currency, Ethereum on the other hand was founded by Vitalik Buterin in 2015 with bigger and broader ambitions.
The blockchain that Ethereum run on is programmable, which implies that it can run programs, or apps, in a decentralized way i.e., on millions of computers at once. Now, this opens up many possible use cases, from technology and finance to gaming and collectibles, which makes Ethereum an attractive investment.
How to Buy Ethereum
You can buy Ethereum on the major crypto exchanges, Robinhood and Paypal.
BinanceCoin (BNB) – BinanceCoin market cap: $95.6 billion
BinanceCoin value – $623
Launched in 2017 by the Binance cryptocurrency exchange, BinanceCoin stands as the world’s largest crypto exchange by volume. When it was initially offered (ICO), it sold 100 million coins to the public at $0.15 per coin. BinanceCoin can be used to pay transaction fees on the Binance exchange, to trade for other cryptocurrencies, and to also pay for some goods and services.
For every quarter, Binance uses 20% of its profits in buying back and destroying BinanceCoin. This is expected to continue until Binance buys back and destroys 50% of the total supply, which makes its coin scarcer, thus more valuable.
How to Buy BinanceCoin
The best place for buying, selling, trading as well as holding BinanceCoin is at Binance.
Dogecoin (DOGE) – Dogecoin market cap: $81.9 billion
Dogecoin value – $0.64
Dogecoin boasts of being “the fun and friendly” internet currency”. Dogecoin was launched in 2013 by software developers Billy Markus and Jackson Palmar as a satire of Bitcoin and the exploding popularity of crypto. This bitcoin is actually a clone with a cute dog meme for a mascot.
Dogecoin has no real use even though some people are known to use it to give small tips on social media. However it has developed a growing fan base which has boosted the price of a Dogecoin from less than a penny a few months ago to about $0.61 today.
This has made it one of the top cryptocurrency performers by market cap if nothing else. The term “memecoin” space was also started by Dogecoin. If you are interested in buying into the next big memecoin, you can try the SafeMoon, which was launched in March 2021 and already has over a million users. SafeMoon encourages investors to buy and hold. This it does by imposing a 10% fee on anyone who sells their tokens.
How to Buy Dogecoin
Dogecoin can be bought on Robinhood and many of the major crypto exchange like Binance and Kraken, however it is not available on Coinbase.
XRP/Ripple (XRP) – XRP/Ripple market cap – $72.3 billion
XRP value – $1.59
XRP is adjudged to be the fastest digital asset, enabling near real-time global payments anywhere in the globe. Thus, some payment providers make use of XRP in expanding their reach, lower foreign exchange costs, and in settling payments more quickly.
Launched in in 2012 by a trio of developers, who then created a private company known as OpenCoin, now called Ripple Labs it gifted 80 billion XRP. This is what makes XRP unique and it is essentially, a for-profit platform, unlike almost every other crypto project in the globe.
However buyers must be guided, because in late 2020, the U.S. Securities and Exchange Commission filed suit against Ripple and its two co-founders with the claims that they raised over $1.3 billion via an unregistered, ongoing digital asset securities offering (aka XRP). The lawsuit is still unsettled.
How to Buy XRP
The way to buy XRP, is on one of the big crypto exchanges like Coinbase, Binance or Kraken.
Solana – Solana current value in USD – $47.07
Solana is one of the fastest-growing DeFi ecosystems which now has a native cryptocurrency coin. The value of this coin, peaked last month. Solana was launched in March 2020 and within a short span, has managed to become the 14th largest cryptocurrency with a market capitalization of $11.19 billion. The Proof-of-History algorithm used by Solana has the highest speeds of transaction. As compared to Ether, Solana offers low transaction fees.
Even though these might be the top digital coins to consider buying for May 2021, cryptocurrencies are still highly volatile assets and as such not suitable for all investors.
So you have to ensure that you understand the risks involved before you get involved.