There are thousands of cryptocurrencies, and it is sometimes difficult to determine those that are worth your money and those from which it is better to keep at a good distance. Here, we will check what coins are the best to invest in, and which ones look not reliable even though they are hyped.
The Most Promising Cryptocurrencies
Here are the most promising projects for long-term investment.
Bitcoin
Bitcoin is the first crypto and for now, the most valuable one. Even though after a massive bull run in 2020, Bitcoin investors have lost in crypto winter all that they’d earned previously, BTC still stays the major crypto in the market and is considered a lucrative investment.
Ethereum
Ethereum is the first blockchain that offered the world other use cases than just confirming transactions. DeFi, dApps, smart contracts have revolutionized the blockchain and crypto world and contributed a lot to blockchain adoption.
Now, when in September the entire Ethereum blockchain shifted to the proof-of-stake consensus, its potential has grown immensely. With this change, it is believed that all its “competitors” will stay far behind. Additionally, the Ethereum team demonstrated their potential to keep up with the new developments.
For now, Ethereum is one of the most promising coins to invest in if you count on long-term profit.
Binance Coin
After the crash of its main competitor FTX, Binance became the major crypto exchange out there. Its dominance in the market is unarguable, and thus, the Binance Coin (BNB) which supports the entire ecosystem, will be growing in value. Since the time it was launched in 2017, BNB use cases expanded, and the coin has grown in value from $0.10 to over $300.
In the long term, investing in BNB seems to be very promising.
Cardano
Cardano with its native token ADA is known for embracing the proof-of-stake consensus mechanism. This was a way to reduce the consumption of energy needed for mining and introduce a coin that was more environmentally-friendly than its predecessors.
Cardano also enables the developing dApps and smart contracts, just like Ethereum does. Before Ethereum’s shift to PoS, Cardano was frequently called an “Ethereum” killer but even now, this project stays highly competitive, and investing in it may bring high profits in the future.
Polygon (MATIC)
Another competitor of Ethereum, Matic was founded in 2017, and since then, has been used for developing dApps and smart contracts. For now, the Matic network hosts over 7,000 dApps, and its popularity is growing.
Monero
Monero is the first coin focused on user privacy. While this feature has pushed the project to the top, it has been one of the major reasons for all the problems with regulators. The coin was delisted from major exchanges, and for now, the question of regulatory compliance is still open.
But we all value Monero for its support of one of the crypto’s main features - anonymity, and despite all the problems the project has faced, it has a huge potential for the future.
Most Overrated Coins
While some coins are very promising for long-term investments, others are highly overrated even though the hype around them makes many users believe that they can be a good choice to invest some bucks.
Here is the list of coins that shall be avoided for investing in them in the long run. Though they may be beneficial to get some profit on short-time price fluctuations.
SafeMoon
SafeMoon is a token that lives on the Binance Smart chain. Even though the project has a powerful community, its value is very limited. The idea of the project is to incentivize hodlers to keep the coin and thus, to make its value grow.
There were plans to develop their own NFT marketplace and a coin launchpad but for now, those are just plans.
Even though the coin has brought some profit to its fans and traders in the past, and it continues helping users to earn on price fluctuations, the prospects, in the long run, are poor and by holding SafeMoon, you are risking losing all your invested funds.
DogeCoin
Doge is a meme coin that was created as a joke. Even though the coin is cute, it has not shown any significant growth potential. Though its high volatility has already helped many traders to earn.
Investing into Doge in the long term though may be a bad idea.
Final Thoughts
Crypto is a highly volatile asset, and the regulation is still immature. That’s why it is recommended to be extra careful with your investments in crypto, even if you decide on the most promising projects out there.
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