Many people striving for financial freedom are now looking to cryptocurrency and its ongoing bull run to help them reach their goals. But if you’re tempted to get involved in the world of crypto for the first time, it makes sense to do some research first and understand a bit about what’s out there. That’s why we’re going to talk today about five of the top cryptocurrencies available and the kinds of opportunities each of them offers. So read on now to find out more.
Ethereum is the number 2 in the crypto world. It’s known for its blockchain on which many other DApps or decentralized applications are built. It has far greater utility in terms of development than Bitcoin and any other blockchain out there right now. It is hampered by high fees on the network, but if those can be sorted, ETH has a lot of upside potential for medium and long-term investors.
Tether or USDT is a stablecoin, meaning its price is pegged to that of the US Dollar. The price is stable and doesn’t fluctuate much at all, so how is this relevant as an investment tool? Well, Tether can be staked and some of the APY staking rewards offered on numerous platforms are very high. Depending on where you want to stake your APY and earn interest on it, the APY can range from 8% to 48%.
Polkadot is a blockchain and coin that’s rising fast and offering a range of utilities to the crypto space. With the way it utilizes parachains, it allows for greater communication with external blockchains and is seen as the most developer-friendly blockchain out there. Many Polkadot-based projects are already making waves and gaining traction, leading many to believe the long-term value of DOT is only going to rise.
Bitcoin is obviously the king of cryptocurrencies and it’s market cap and per coin price are both higher than that of any other cryptocurrency in existence, and it’s not even close. There are many ways to make money from BTC, and among the most common is trading Bitcoin BTC. Its price is quite volatile, meaning there are plenty of opportunities for swing traders. Or you can simply hold BTC and watch its value continue to rise if you’re looking for a long-term approach that works for you.
Cardano is seen as a challenger to Ethereum as a blockchain for developing decentralized apps. However, it’s still in its early stages of development and isn’t yet fully functional. The blockchain’s token, ADA, is moving up and with the Cardano main net launch imminent in 2021, many are very bullish on ADA this year.
As you can see, there’s a huge amount of variety out there in terms of what’s possible when it comes to gaining from cryptocurrencies. Each of these coins can offer you something different and offers a unique investment opportunity. Be sure to consider them if you’re looking to get into crypto investing for the first time in 2021.