7 cryptos to buy as the hyper-cryptocurrency bull market continues
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The cryptocurrency bull market certainly continues. Investors looking at the performance of their equity or bond portfolios against those of major cryptocurrencies may blush. Indeed, these digital assets continue to outperform most asset classes in this risky environment, leading many to wonder which cryptos to buy.
The bullish momentum this sector has seen has sparked huge investor interest in cryptocurrencies. According to many analysts, this bull market could have a lot of leeway. However, as with any other highly speculative asset class, there are a number of risks to be aware of.
In recent weeks we have seen Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD) both reached new all-time highs. As the two most valuable cryptocurrencies, this is a big deal. Other smaller-cap crypto options have followed suit. As a result, investors looking for the “next Bitcoin or Ethereum” are looking for the best cryptos to buy. After all, investors have an obligation to consider any opportunity to improve their risk-adjusted returns over time.
Not all crypto options are created equal. However, these top seven cryptocurrencies are the ones that I think have a lot of potential. As long as this bull market is raging, these cryptos are to be kept on the watch list.
Let’s dive into seven of the best cryptos to buy right now:
- Cardano (CCC:ADA-USD)
- Algorand (CCC:ALGO-USD)
- Solana (CCC:SOL-USD)
- Wazir X (CCC:WRX-USD)
- Earth (CCC:LUNA-USD)
- Stellar lumens (CCC:XLM-USD)
Top Cryptos To Buy: Ethereum (ETH)
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Starting at the top, Ethereum remains a staple for many large crypto investors. As the second largest cryptocurrency by market cap, Ethereum’s rise to new all-time highs in recent times has raised eyebrows.
Of course, Ethereum’s status as the decentralized blockchain network of choice for developers due to Ethereum’s smart contract-driven design has resulted in one of the most impressive network effects in the world. space. The range of decentralized applications built on top of the Ethereum blockchain is amazing. As a result, for investors looking for a fundamental cryptocurrency investment, Ethereum should be on the list.
This cryptocurrency is also distinguished by its evolution towards a proof-of-stake validation model. Via a series of updates, the Ethereum blockchain will evolve into this more efficient (and environmentally friendly) consensus validation protocol. As a result, bullish Ethereum investors note that while gas costs remain high, there is hope for a faster and cheaper network in the future.
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Currently the fourth largest cryptocurrency by market cap, Cardano has become a staple for many long-term crypto investors. This mega-cap crypto network was one of the first large-scale proof-of-stake networks and experienced quite a large network effect due to this status.
Cardano’s smart contract functionality was introduced to its network on September 12. Since then, developers have chosen Cardano as their core network to build Decentralized Finance (DeFi) applications and a range of other projects.
Cardano’s pioneer advantage in the proof-of-stake space, along with this smart contract feature, is a big deal. As a result, it is a cryptocurrency that investors seem to be watching closely at this time.
Indeed, looking at the development of ADA prices over the past year, investors will periodically notice a series of massive spikes. Currently, ADA is trading at a discount of around 25% from its peak this year. As a result, a number of investors see ADA as a potential value choice, given the growth profile of the Cardano network.
Top Cryptos To Buy: Algorand (ALGO)
One of the first cryptocurrencies to be dubbed an “Ethereum Killer,” Algorand is certainly a cryptocurrency that quickly rose through the ranks. Algorand ranks at No. 20 among all cryptocurrencies in terms of market capitalization. Indeed, the fact that this cryptographic network has reached this position in such a short time is remarkable.
Over the past three months, ALGO has more than doubled, showing strong support in the $ 1.80 to $ 2 per token range. The native token of the Algorand blockchain, ALGO has slowly been recognized as one of the fastest growing cryptocurrencies on the market.
This cryptocurrency has gained traction for a number of reasons. However, oddly enough, one of the main driving forces behind Algorand in recent times has been El Salvador’s decision to make Bitcoin legal tender in that country. Following the Salvadoran government’s agreement with Koibanx to make Bitcoin legal tender, Algorand was chosen as the platform to be used to develop the country’s digital asset infrastructure.
As a result, Algorand is a platform with a huge following at the moment. This is the one I have on my watch list as a high risk, high reward aggressive potential investment right now.
One of my top crypto picks continues to be Solana. Indeed, Solana’s blockchain infrastructure is among the most attractive to investors looking for a speed and cost advantage among networks.
Solana is able to process an absolutely incredible throughput of over 50,000 transactions per second. It shames Bitcoin and Ethereum. In addition, unlike these networks, Solana is able to process most transactions for a very small amount (as little as a fraction of a penny).
Indeed, those who are optimistic about the ability of blockchain networks to replace traditional payment infrastructures will like what Solana is selling. As the native token of the Solana blockchain, SOL has been one of the top performing cryptocurrencies this year, growing over 13,000% since the start of the year.
Top Cryptos To Buy: Wazir X (WRX)
Source: Dennis Diatel / Shutterstock
Perhaps the most speculative choice on this list is Wazir X. Currently, Wazir X is the largest cryptocurrency exchange in India. India is currently a major cryptocurrency hotspot, and there are several reasons for this.
This Asian nation has a massive population and a huge market for cryptocurrency. Notably, it is also home to the largest number of cryptocurrency holders in the world.
The Reserve Bank of India had long imposed a ban on crypto trading, which was finally lifted in March of this year. With the removal of the ban, Wazir X went from 40 cents to $ 4 in a month. Currently, this Indian crypto is trading at $ 1.60. However, the central bank’s diktat to lift the ban was not very clear, as Indian banks are still prohibited from performing crypto transactions.
Interestingly, a recent tax law hinted at a crucial cryptocurrency bill that is expected to increase demand for this Indian cryptocurrency. As a result, those looking to add a bit of venture capital to the crypto industry may want to consider this fast-growing option.
Terra is another major cryptocurrency that can be a great choice for investors looking to try out some hands-on speculative crypto games. LUNA, the native token of the Terra platform, is a popular stablecoin aimed at reducing the volatility that is often prevalent in cryptocurrencies like Bitcoin.
Terra has a number of stablecoins linked to more stable traditional fiat currencies. These fiat currencies include the US dollar, Mongolian tugrik, South Korean won, and IMF Special Drawing Rights currencies.
LUNA has grown significantly over the past year. It could be bought for less than $ 1 at the start of the year. However, it is now trading at around $ 50.
Stablecoins have become more and more popular with investors lately. This is because, unlike other cryptocurrencies, Terra is rooted in real currencies and therefore offers substantial stability.
Top Cryptos To Buy: Stellar Lumens (XLM)
With the goal of facilitating money transfers on a global scale, Stellar strives to make money transfer services available to the unbanked population of the world. As a result, XLM is considered to be one of the fastest growing blockchain payment systems in the world.
One of the most important factors that have contributed to its growth and popularity is its low transaction and transfer cost. This platform has a transaction cost of 0.00001 XLM, which equates to just 0.000038 cents. Notably, this is much lower than most international money transfer costs, which are typically 1% or more.
Stellar Lumens has performed well over the past year. This cryptocurrency has tripled since the start of the year. As a result, while XLM’s growth has not been as impressive as that of other platforms, there is a lot to like about this crypto as a potential value pick at these levels. Currently, investors can buy XLM for around 43 cents.
As of the publication date, Chris MacDonald does not have (directly or indirectly) any position in any of the stocks mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.
Chris MacDonald’s love for investing has led him to pursue an MBA in finance and take on several management roles in corporate finance and venture capital over the past 15 years. His past experience as a financial analyst, coupled with his fervor finding undervalued growth opportunities, contributes to his conservative and long-term investment outlook.
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