Cryptocurrency
5 New cryptocurrencies you should know about
When the bitcoin concept was introduced in 2008, nobody would have imagined the rise it is witnessing today. It has been a dramatic transformation in terms of its valuation and acceptance. There was a time when the value of bitcoin was less than a dollar, and today it stands at more than dollar 20,000.
It would not be an exaggeration to state that the supporters of bitcoin also believe that the value of the cryptocurrency might reach a mark of $ 70,000. All this signifies a constant debate on whether a cryptocurrency will survive and thrive through the future or whether it is a bubble that won’t last forever. Learn more why investors buy Bitcoin by clicking here
Well, considering all this, we cannot undermine the fact that new cryptocurrencies are constantly being plunged into the market. What is the primary reason for this is the rising demand for cryptocurrency investment and greater returns. There are more than 10,000 cryptocurrencies actively circulating in the market, thereby giving ample opportunity for investors to start considering an investment in cryptocurrency. The next segment of this blog takes you through some of the important new cryptocurrencies that you can add to your portfolio.
5 New cryptocurrencies that you can add to your investment profile:
There are many new cryptocurrencies that have been developed in recent years. Here are a few examples of new cryptocurrencies that you may be interested in:
- Cardano (ADA): The decentralized platform that offers a secure and scalable transaction feature. This operates on a proof of stake consensus mechanism and hence is an energy-efficient form.
- Solana (SOL): If you are looking for a scalable platform for investment, then Solana is a great choice. It executes around 65,000 transactions per second.
- Polkadot (DOT): If you try to focus on the topnotch cryptocurrencies who have been a recent creation and yet have been leaving no scopes in winning hearts, then the first name to pop up in your head would be none other than Polkadot. It uses a proof-of-stake consensus algorithm and allows for the creation of multiple parachains, which are parallel blockchains that can operate alongside the main chain.
- Chainlink (LINK): It provides secure and reliable data feeds for smart contracts. It allows smart contracts to access off-chain data and has partnerships with a number of major companies and organizations.
- Digital Yaun-: Among the different cryptocurrencies that are creating fervour in the market, you should also start exploring the national cryptocurrencies of different countries. China has been one of the prominent names in the crypto market since the time it introduced its national cryptocurrency under the name digital yuan. These are far more secure and safe. To invest in it, you can log onto the official app of Yuan Pay Group and start trading in it.
Why invest in newer cryptocurrency?
Can you start comparing cryptocurrencies on the basis of market valuation? You would ask yourself why I should consider investing in cryptocurrency that I am not as valued as bitcoin or Ethereum. Well, what are the primary reasons the investors believe in diversifying their portfolio and adding cryptocurrencies to create a buffer? It mitigates the risk. We all know that the cryptocurrency market is prone to some vulnerability and price fluctuations. All this can dramatically impact your investment decision as well. People may suffer heavy losses if they continue to focus on niche cryptocurrencies like bitcoin or its area. Hence it is advisable to start looking for different options that can give more diversity to your profile.
Where to start investing?
One of the easiest ways to start investing in cryptocurrency is by joining a crypto trading platform. There are many scams also running in the market. In order to safeguard your investment, be vigilant and explore the different options while checking its reviews and ratings. Joining the crypto community is one of the easiest ways to get through the best feedback on the crypto exchange and investment.
Parting thoughts
With each passing day, new cryptocurrencies are surfacing up in the markets. But not every cryptocurrency should be on your checklist. Make sure that you assess them on the parameter of their historical performance and future propositions. All this will eventually help you in making a wise investment decision.
