Cryptocurrencies are fast gaining traction in the world of finance. In today's digital world, people are increasingly buying into the concept of cryptocurrency as a new mode for monetary transactions as well as for investments.
Regardless of what cryptocurrencies stand for to you on a personal level, it pays to be in the know of this thing they call digital money. KriptoSlots commits to bringing the latest news on this hot topic. Be sure to check this space regularly.
Oct 26, 2021
Shiba Inu to Dogecoin: 7 best Cryptocurrencies for long-term investment
Over the past few years, the cryptocurrency market, which is still in its early stages, has gained a lot of momentum and has been drawing several young Indian investors' attention towards it. These days retail and institutional investors are keen to invest in digital currency for both - long-term and short-term - profits. Undoubtedly, cryptos like Bitcoin, Ethereum blockchain are among the popular cryptocurrencies of which most people are aware. Young investors, who are willing to invest in the crypto industry, are confused about where to invest. However, just like the stock market, profit and loss are also part of the crypto industry and are subject to market risk.
Manoj Dalmia, founder and director, Proassetz Exchange, said that meme coins/tokens and the whole world is on the edge of their seats with the recent bull run in Crypto space. Global exchanges are listing Doge and Shiba Inu that are capturing all the eyes due to the recent price growth.
"The new edge investment class of Crypto assets has performed miraculously with a profit performance of more than 1000% in last 1 year. Coins and tokens with rock hard fundamentals are still promising for further growth. Bitcoin, Ethereum, Cardano, etc have already become the most worthy candidates of the Crypto industry," he said.
He said that the Crypto space and alt investment sector are no longer oblivious to investors but has evolved into long mature market. Not just an haven for tech developers and nerds, even the institutional giants and traditional investors have started to put their trust and have amplified acceptance. High growth volume has proven this point.
"The stunning performance of indicators are also creating magical changes, the two key price indicators like RSI and Moving Average are on high performance like Shiba Inu broke its resistance and became a strong support at Rs 0.00192 ( $0.0000255 ) where Moving average played an important role. Crypto Assets has attracted huge number of traders in India and around the globe," Manoj said.
However, investing in the crypto market comes with its own share of risks and challenges. One needs to trade with caution and guide. Speaking about risks and challenges, he said that the industry like any other financial industry comes with some risks and challenges like a regulatory and legal issue, custody of assets and understanding the technology, but yet again the global acceptance is slowly eliminating such risk factors. "Exchanges are providing high-quality services and helping users understand crypto with the help of information hubs like academy where one can understand the technology. The industry has provided a booming space to all classes of investors and the growth is apparent in itself."
Here we are discussing some cryptocurrencies that have been topping the market cap charts time and again and can be good choices for your long-term investment.
Here are 7 best Cryptocurrencies for long-term investment"
1) Bitcoin (BTC)
Created in 2009 by someone under the pseudonym Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. BTC is also known as ‘digital gold' and is the world's largest cryptocurrency. Bitcoin's price per token has surged roughly 113% a year and has hit a new lifetime high of roughly $67,000 per token.
2) Ethereum (ETH)
The Ethereum blockchain is rapidly gaining crypto and is almost always in competition with Bitcoin. With a market capitalization of roughly $469 billion, Ethereum or ether stands as the second-largest cryptocurrency by market cap. Recently, ether's share in the crypto market recently rose from 18 per cent to 20 per cent. It is a decentralised blockchain platform that cuts out third parties. Ether's price per token has surged roughly 458% across 2021's trading, according to the report.
3) Cardano (ADA)
Cardano is also a decentralized blockchain platform that uses a native cryptocurrency. It is notable for its early embrace of proof-of-stake validation. Cardano (ADA) enables secure peer-to-peer transactions. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which are powered by ADA, its native coin. Cardano’s ADA token has had relatively modest growth compared to other major crypto coins.
4) Ripple (XRP)
Launched in 2013, Ripple is one of the largest digital asset projects in the industry, with a market capitalization in tens of billions of dollars. Ripple's total supply of 100 billion XRP tokens still qualifies it as a low-value crypto asset. Currently, Ripple is used for cross-border payments by over 250 banks and has an impressive transaction processing time with minimal fees.
5) Dogecoin (DOGE)
Dogecoin one of the meme coins, a cryptocurrency based on or inspired by memes. There are 128 meme coins with a total market cap of over $44 billion. The largest meme coin is Dogecoin with a market capitalisation of $32 billion.
According to its website, Dogecoin is an "open-source peer-to-peer digital currency, favored by Shiba Inus worldwide". Shiba Inu is a breed of hunting dog from Japan. Notably, SHIBA INU (SHIB) is a different cryptocurrency.
DOGE coin has earned a high mining rate since its launch. in 2021, Dogecoin got a lot of attention from Reddit users and of course Elon Musk. Interestingly, Elon Musk also possesses Dogecoin, along with Bitcoin and Ether.
Shiba Inu on Sunday soared to record highs over the weekend to become the 11th-biggest cryptocurrency by market value. Founded in 2020 by an anonymous person going by the name Ryoshi, SHIB was up 50% on Sunday and reached an all-time high. Shiba Inu coin’s website refers to it as ‘a decentralized meme token that evolved into a vibrant ecosystem.’
In September, Shiba Inu surged nearly 40 percent after US-based Coinbase said its customers can trade, send, receive, or store SHIB on its platform.
7) Polkadot (DOT)
Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. This currency provides a bridge for networks so that many applications built on Polkadot can also work on Ethereum and Bitcoin. However, it is more scalable and faster. Polkadot already has monetary value in exchanges, making it crypto worth watching.