The cryptocurrency market is complex especially for traditional investors who plan to invest in cryptocurrency. Ever since Bitcoin was launched in 2009 people have been keener to invest in the cryptocurrency market.
Rich rewards often entail greater risks, which is true with the unstable cryptocurrency market. The uncertainties that people have experienced in 2020 have led to an increased interest of large investors in trading cryptocurrencies.
Several major cryptocurrency exchanges are actively searching in the crypto market. They have shown a sustained search in daily trading over the past year. As the cryptocurrency turmoil continues, many new cryptocurrency exchanges have come up in the market. They enable buying, trading, and selling by offering various functionalities through user-friendly applications.
Statistics show that the Global crypto market stood at $2.1 trillion with an increase of 0.84 % by September 2021. In this rally, several cryptocurrencies have been trading smoothly and have reached new heights or declined badly. Millions of people invest daily in the crypto market, but some inspired investors are sitting on the fence unable to understand the cryptocurrency market to invest better.
We have a list of the top 5 cryptocurrencies that have given outstanding performance since the start of this financial year, April 1, 2021.
Bitcoin is the oldest cryptocurrency used in the world since 2009. It is the leader in the cryptocurrency market because it was the first digital currency launched that gave other digital currencies an identity. At the beginning of the financial year it was trading around smoothly, but by May the market crashed massively. However, Bitcoin recovered slowly and by September end it saw a hike in its value. Bitcoin is the most popular cryptocurrency as you must have seen people using the term ‘bitcoin’ to explain cryptocurrency in recent years. here are some of its top features that makes it stand out:
Dogecoin was created in 2013 as an alternative to traditional cryptocurrencies like Bitcoin. 10,000 new Dogecoin are mined every minute and there is no limit on the maximum supply. Unlike Bitcoin that is designed to be scarce, the Dogecoin is intentionally plentiful and because of its abundance, small investors pick them in huge volumes. Its best price is lower than other digital coins, so investors wonder If Dogecoin will ever reach $1 in price because of the sheer volume they buy. the key takeaways of Dogecoin are as follows:
Ethereum was released in the year 2015 as an open-source blockchain. It works on a reorganized software platform that has inbuilt smart contracts and distributed application structure. Experts say that it is the only digital currency that can challenge Bitcoin's dominance over the market. At the beginning of the financial year, Ethereum was trading smoothly. By August it showed a rise in its trading value and since then it has continued to increase its value. According to a recent article by Forbes, the future of Ethereum is clearly bright as it is expected to rise to $19,840 by the year 2025 and will soon be the most widely transacted cryptocurrency in the market. now let’s have a look at the major features of Ethereum:
Cardano is a new cryptocurrency that was launched in 2017 by the co-founder of Ethereum. Within a few years it has positioned itself in the top five cryptocurrencies in the market. Bitcoin and Ethereum are the first and second blockchain generation, whereas Cardano is the third generation blockchain technology. At the beginning of the financial year, Cardano's overseas trading was smooth, and by August it reached the height and has maintained its performance till date. Cardano has established a market capitalization of $9.8 billion and each coin trades at $0.39. here are some noticeable points about Cardano:
It's the fifth-put digital money as far as market capitalisation. Actually, Ripple isn't digital money. It works with open-source installments and XRP is the digital money that suddenly spikes in demand for this organization. Its cost has multiplied since April 1, from Rs. 41 to Rs. 80 at this point. However, it has not seen an assembly like that in late 2017 took it to its untouched high of Rs 242 toward the beginning of January 2018. At the hour of composing, it was exchanging around Rs. 84.
Apart from the above mentioned crypto coins, there are some other major altcoins where you can invest. Some of these are LTC, DASH, DOT, TOPIA COIN, etc.
Although Bitcoin is the trendsetter and is always leading in the rally, other currencies have also made a remarkable place for themselves. Every year they are growing in their performances. Looking at the trend, it can be said that other cryptocurrencies will also give a real tough time to Bitcoin in near future.
The nature of cryptocoins tends to vary and it all depends on market capitalization. But one thing is for sure, they are capable of providing return on investment, given one knows how to go about them.