The cryptocurrency market is changing extremely dynamically. New popular cryptocurrencies are emerging, and the ways of investing are changing. That is why it is worth getting to know the Best Crypto South Africa leading the way.
Bitcoins (BTC) – aka digital gold
People just starting their adventure with digital currencies often think of bitcoins. This is not surprising, as it is the first cryptocurrency to become a symbol of a new type of digital money and an innovative payment system. Although currently, bitcoins are technologically second to other cryptocurrencies, and their role is gradually declining, they are still the undisputed leader of all rankings.
Bitcoins are still the Best Crypto in South Africa, and the price of most cryptocurrencies depends on their demand. In other words, the BTC price perfectly reflects the moods prevailing in the entire cryptocurrency market. Therefore, it is worth following the bitcoin even when betting on other popular cryptocurrencies.
Bitcoins are also the best cryptocurrency for those looking to use crypto as a reserve asset. Limited supply and wide application make it a cryptocurrency treated as a digital equivalent of gold.
7 Altcoins you don’t want to miss
Since 2009, when bitcoins made their debut, about a thousand alternative cryptocurrencies have been created. They are known as altcoins. Of course, many are marginal, but some already play a significant role in the digital currency industry. Which types of cryptocurrencies are worth paying attention to?
1. Ethereum (ETH)
Ethereum (ETH) is the second largest cryptocurrency by market value, right after bitcoin. It has found even more uses than bitcoin, such as implementing smart contracts that run on certain criteria and decentralized applications. The largest number of non-exchangeable NFT cryptographic tokens are sold for Ethereum.
2. Cardano (ADA)
Although Ethereum is gaining huge popularity and, as some say, it may soon dethrone bitcoins, this currency also has a strong rival. We are talking about Cardano (ADA), a cryptocurrency similar to Ethereum, offering similar software capabilities and an equally secure mechanism of contract execution but described as more.
3. Solana (SOL)
Also noteworthy is Solana (SOL) – a blockchain network and cryptocurrency; it is another rival to Ethereum. Although this is a relatively new proposition, it is gaining an advantage in many respects in areas where the most popular cryptocurrencies are not doing well enough. In addition, Solana is rated as faster and cheaper than competing solutions. Generally, the Solana project aims to improve blockchain scalability.
4. Ripple (XRP) and chainlink (LINK)
Other types of cryptocurrencies that have made a strong presence in the market are Ripple (XRP) and chainlink (LINK). Ripple is a cryptocurrency and, at the same time, a digital payment network used to quickly transfer funds in international transactions. The idea behind the existence of ripple is to serve as a kind of temporary denomination of the clearing layer when exchanging between two currencies or networks. Chainlink, in turn, is a system and cryptocurrency designed to fill the gaps between real-world data and smart contracts across all blockchain networks.
5. Chiliz (CHZ) and Enjin (ENJ)
Finally, Chiliz and Enjin are types of cryptocurrencies that have specific uses. And so Chiliz represents the sports industry, and Enjin – the gaming industry. As you can see, these and other popular cryptocurrencies have unique features and applications. They will fulfill different roles in the world of digital currencies, cryptography, and blockchain technology.
6. Other popular cryptocurrencies
Other popular cryptocurrencies worth paying attention to are Uniswap (UNI), Litecoin (LTC), Polkadot (DOT), Dogecoin (DOGE), Terra (LUNA) or Monero (XMR). Monero is a cryptocurrency that is distinguished by the fact that it gives complete anonymity to transfer between wallets, making it considered the most private digital currency on the market. Litecoin is a cryptocurrency similar to bitcoin but with greater efficiency, i.e., faster block confirmation in the blockchain chain.
Investment in the most popular cryptocurrencies
By investing in the most popular cryptocurrencies, you can achieve various goals. Some count on huge returns, taking advantage of dynamic changes. Others invest in projects, forecasting their long-term value and, as a result, significant profits. However, knowledge and appropriate preparation are needed in both cases, as the cryptocurrency industry is quite unpredictable.
