5 Cryptocurrency to invest in
If you want to invest in the cryptocurrency market, looking for the best cheap cryptocurrency to buy is an excellent way to make above-average returns. Due to the low price of these coins, any upward movement can result in market-beating returns for astute investors.
There are thousands of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started in the world of crypto. These are the top 5 cryptocurrencies by market capitalization, or the total worth of all coins currently in circulation, to help you gain your bearings.
1. Bitcoin (BTC)
Over £537 billion in market capitalization
Bitcoin (BTC) is the first cryptocurrency, having been created in 2009 under the pseudonym Satoshi Nakamoto. BTC, like most cryptocurrencies, is based on a blockchain, which is a distributed ledger that logs transactions across a network of thousands of computers. Bitcoin is maintained secure and safe from fraudsters because updates to the distributed ledgers must be confirmed by solving a cryptographic problem, a process known as proof of work.
Bitcoin's value has soared as it has grown in popularity. In May 2016, a Bitcoin could be purchased for around £370. A single Bitcoin was worth almost £28,000 on February 1, 2022. This equates to a 7,600% increase.
2. Ethereum (ETH) has a market capitalization of over £240 billion. Ethereum is a popular blockchain platform among programmers because of its potential applications, such as smart contracts that execute automatically when certain conditions are satisfied and non-fungible tokens (NFTs).
Ethereum has also exploded in popularity. Its price increased about 25,000 percent from April 2016 to February 2022, from around £8 to over £1,980.
3. Tether (USDT)
Over £57 billion in market capitalization
Tether is a stablecoin, which means it is backed by fiat currencies such as the British pound, US dollar, and Euro and theoretically maintains a value equal to one of those denominations. Tether's value is intended to be more consistent than other cryptocurrencies, which is why it's preferred by investors who are frightened of the severe volatility of other cryptocurrencies.
Both a cryptocurrency and a digital currency
4. Binance Coin (BNB)
Over £46 billion in market capitalization
Binance Coin is a cryptocurrency that may be used to trade and pay fees on Binance, one of the world's largest cryptocurrency exchanges.
Binance Coin has grown beyond simply conducting deals on Binance's exchange platform since its introduction in 2017. It can now be used for trading, payment processing, and even making travel reservations. It can also be exchanged or traded for other cryptocurrencies like Ethereum or Bitcoin.
It was around 10p in 2017, but had increased to nearly £277 by 1 February this year, a gain of around 377,000 percent.
5. The U.S Dollar Coin (USDC) has a market capitalization of over £32 billion.
USD Coin (USDC) is a cryptocurrency similar to Tether. 5. U.S Dolar Coin (USDC)
Over £32 billion in market capitalization
USD Coin (USDC), like Tether, is a stablecoin, which means it is backed by US dollars and aiming for a 1 USD to 1 USDC ratio. USDC is based on Ethereum, and it may be used to make international transactions.
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