The cryptocurrency market has been a hot investment sector for the past few months. With Bitcoin in the midst of an ongoing (as of February 2021) surge that has seen its value reach an all-time high of more than AU$70,000, the increased media attention on the cryptocurrency world is driving interest in investment at all levels.
If you are someone who isn’t familiar with cryptocurrency but want to invest in it, then you have stumbled on the right blog. With more than 8,000 cryptocurrencies in circulation, finding the right one to get started with can be like finding a needle in a haystack. Fortunately, we’re here to help. To support you in taking your first step into the world of crypto, we’ve rounded up three of the most prominent coins that should be on your radar. Read on and start your search with confidence.
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Make no mistake; Bitcoin is still at the top of the leaderboard. The first and still most commercially successful coin, Bitcoin is responsible for the meteoric rise of cryptocurrencies as an institution, transforming them from niche technical project into a highly liquid investment vehicle.
When it was introduced in 2009, only a handful of people believed in the currency, and the rest treated it as a joke. Look at it now – entering 2021 at AU$37,000, Bitcoin has nearly doubled its value before the end of February. With the coin still gaining day after day, it’s uncertain just how high Bitcoin could get. If you are looking for crypto investment, this is the best place to start. You can buy BTC at CoinSpot in just a few steps. Whether you’re personally planning on invest in Bitcoin or not, it tends to be a bit of a bellwether for the market on the whole, meaning that it’s worth a look by every investor.
Bitcoin’s market capitalisation of $1 trillion is unprecedented and unmatched by any other coin, but of the competitors Ethereum comes the closest. A market cap of $200 billion puts Ethereum high up the board, but it’s what drives Ethereum that makes it so exciting to a range of users. Building on the technology that powers Bitcoin, Ethereum offers a new, more sophisticated experience for users of all levels, opening up the blockchain to a variety of new applications.
Valued at more than AU$2500 at time of writing, Ethereum is currently on a sharp upward trend, rising from just over AU$1000 at the beginning of the year.
One thing that gives Ethereum an edge over Bitcoin is that, unlike bitcoin, financial institutions don’t see this cryptocurrency as a threat. In fact, Ethereum has involved the banks in the circle as Bank of America has already worked on this blockchain. Ethereum is only expected to go higher from here.
Cardano is a crypto gem that has been undervalued for too long. Many experts believe that Cardano will lead the crypto space in the future as it is a solid project backed by science. Cardano’s blockchain is much more advanced than BTC and ETH blockchain.
Another reason that makes Cardano an attractive investment is its founder Charles Hoskinson. Charles is one of the co-founders of Ethereum, and his aim for Cardano is to build crypto that is better than Ethereum in every way.
As Cardano walks into phase three, it has finally picked the pace and is now among the top five cryptos in the world with a current market cap of $27 billion. With a few exciting announcements coming in March combined with a strong upward trend through the beginning of 2021 that saw it rise from