Most Popular Cryptocurrencies and What You Should Know About Each One Before You Invest
Becoming an investor in any sector can be an overwhelming process. Especially, if you choose to invest in cryptocurrencies. With crypto being relatively new, the volatile nature, and the continuous backlash from those who, let’s be frank, don’t understand it, it can feel like it’s perhaps not worth going near.
However, the crypto market is real, often profitable, and enjoyed by many.
Added to this is the fact that there is now not only so much interest but also thousands of digital tokens and coins to choose from and becoming a crypto miner is more popular than ever.
Nonetheless, whether you want to become a miner, an investor, or both, it’s a wise idea to get to know a little about some of the most popular cryptos around right now so you can make a more informed decision about which direction you want your portfolio to head in.
So, with that in mind, let’s dive in and look at the most popular options at the moment and what you should know before you invest.
1. Bitcoin (BTC)
What list would be complete without Bitcoin? While this list is in no particular order, it still feels right to put Bitcoin at number one because it just deserves to be here.
This crypto turned 13 years old at the beginning of 2022 and can be said that it has not only survived but flourished during this time.
Its success has silenced critics and those who could never quite understand the concept of an unregulated currency. It has also managed to create a lot of winners, change a lot of people’s lives, and has even started being accepted as a real payment method in a number of businesses throughout the world.
Bitcoin has a total market cap of nearly $900 billion and accounts for 40% of the overall market share. At the time of writing this, its value stands at $41,598.80, and while it’s true that there have been better days, the future looks bright for the OG of crypto.
2. Cardano (ADA)
Charles Hoskinson, the co-founder of Ethereum, created Cardano in 2017 and it has gone on to be one of the biggest blockchains to use the far greater energy-efficient proof-of-stake protocol.
ADA wants to nurture an ecosystem that is developer-friendly for decentralized applications. Hoskinson has set a cap on the number of Cardano tokens that can exit, coming in at a whopping 45 billion. So far, only around 75% of that number is in circulation which is good news for wannabe future investors.
Cardano price surge over the previous year hitting $1.30, up 22 cents and staying stable, means this token is one to watch.
3. Dogecoin (DOGE)
Dogecoin receives mixed opinions constantly. Some see it as purely a joke. Others see it as a joke but a profitable one nonetheless. So how seriously should investors take this meme-inspired digital token? Well, as of now, very.
You see, the reason why Dogecoin is a worthwhile investment is that Elon Musk is a genuine fan. In the beginning, it was presumed he was going along with the joke and having a little fun.
However, the opposite is true. It appears that Musk believes in this crypto as much as the die-hard fans do, and given his status in the world when Musk speaks people listen.
Much of Dogecoin’s value rests on what Musk has to say about it or rather, Tweet about it. He has a huge influence on both the value and investors’ confidence. And one little, encouraging comment can cause Dogecoin’s value to skyrocket once again.
Of course, the opposite could also be true. One negative comment and it’s likely the value could plummet. But, for now, Musk seems serious in his love for this crypto so maybe we should all be a little more serious, too.
4. Solana (SOL)
One of the biggest problems that Ethereum faces, alongside the concern over mounting energy issues, is its transaction fees. Right now, the fees are so high, that it makes using ETH for transactions nearly impossible. No one, understandably, is willing to spend so much money on seemingly easy, simple transactions.
However, this isn’t a problem for Solana. This crypto’s fees are minuscule in comparison and dare we say, reasonable. Just like ETH, SOL was created to be part of the elite in terms of decentralized finance but manages to do so without extortionate costs on top.
Since SOL was only launched in 2020, it still has some way to go to pick up attention and show its true value in the market. However, it’s had a great start this past year starting 2021 at $1.51 and ending the same year at just over $160.
5. Yearn.finance (YFI)
Yearn.finance is a hot topic. But only to those who have heard of it… This digital token could be the next big thing and so far things are looking good. This $1.4 billion token, however, does have rather extreme volatility.
Just over the past year, its value has fluctuated between $18,566 and $93,435 and is currently sitting at just shy of $32,000. Overall, while it’s not sitting anywhere close to its peak right now, it did survive the flash crash of November and December 2021 that saw other cryptos fall and fall and fall.
According to USNews.com, this token also has a “noble goal” in mind which is “to expand the Defi arena to less-technical investors and users by enabling optimized returns on yield farming.”
It may not be one of the largest coins on the market in terms of market capitalization, sitting at around 80th place, but that doesn’t mean it won’t have a year to remember.
6. Ethereum (ETH)
Ask people to name cryptocurrencies and Ethereum will undoubtedly be one of their first answers. While it seemed impossible for any digital token to gain even close to the recognition that Bitcoin has, ETH has managed to do it.
Ethereum currently accounts for around 20% of the market share and this number is increasing all the time.
The reason why ETH has been able to make such an impact on the market is that it has another function aside from just holding value.
In the world, Etheruem is the most heavily used blockchain and enables NFTs, other cryptos, and small contracts to trade on top of it. Furthermore, compared to Bitcoin it’s more energy efficient which is something investors are looking out for.
Overall, ETH still has some way to go to catch up to the kind of recognition and user base that Bitcoin has but looking at future predictions, it wouldn’t be crazy to think that one day ETH might just be number one.
7. Polygon (MATIC)
Polygon (MATIC) has gone into overdrive during the previous year. The value of this digital currency has increased a hundredfold in such a short time. This token has managed to get itself into the top 15 of digital value and is an easy choice for one of the best to invest in for the coming year.
Polygon has a market cap of $17 billion and is looking to make blockchains more scalable just like Yearn.finance.
The creators believe this is the best way to encourage mass adaptation. This technology is there to help scale Ethereum and hopefully allow for infinite dApps to run alongside it. As of January 2022, around 72% of Polygin’s 10 billion tokens are in circulation so there’s plenty of time to get your hands on as many as you want.
How to Get Started with Cryptocurrency
There are two main options for those interested in getting started with cryptocurrencies. You can either buy cryptocurrencies from various exchange platforms or mine for it yourself.
However, while mining is more profitable, it can be an expensive and laborious process. You need costly mining rigs, specialist software, and of course, pay the increased electricity costs from running your mining rig all day every day. This is why mining pools are now the most common option for those who have smaller budgets but are keen on being part of the community.
You can check out our previous article here to read everything you need to know about mining pools and learn how anyone can now be part of the future of cryptocurrency.
Become Part of the Future with Mining Syndicate
If you would like any more information about starting or expanding your Bitcoin horizon; reach out to us at Mining Syndicate. Our mission is simple: Strengthen the Bitcoin network by enabling small-scale miners to affordably purchase and reliably host miners.
As a small miner, Chris became frustrated by the lack of hosting options available for miners with under 100 units. As luck would have it, he found a 2.5MW mining facility for sale right down the road, and thus, Mining Syndicate was born. Facilities #2 and #3 are already in the works.
Why is Mining Syndicate so successful? Because we have a team of people who are just like you, eager to be a part of the future of mining. If you would like more information about how you can be a part of Mining Syndicate, how our facility works, or the products we sell, you can reach out to us here.
You can also check out our list of miners we currently have in our catalog, as well as our list of best sellers.
We look forward to hearing from you - together we are stronger!