Disclaimer - This is not a piece of financial advice. I am not a trained professional, just a keen observer of cryptocurrencies.
In the first quarter, Elon Musk owned Tesla bought $1.5 billion worth of Bitcoins and began accepting payments in Bitcoin. Since then, Bitcoin has had one hell of a run. Its prices soared to an all-time high of $63k. Later, when Elon Musk broke the news of Tesla no longer accepting payments in Bitcoin, it has moved down, wiping all the gains. Bitcoin is priced at around $36k as I write this piece.
Ethereum is undoubtedly the best Altcoin. It has the second-highest market capitalization. Ethereum is a cryptocurrency that was created, keeping in mind the limitations of Bitcoin. Ethereum transactions involve lower fees as compared to Ethereum. The market has been bullish ever since the prices of Bitcoin have dropped significantly. Ethereum was priced at around $4k in May 2021, and the prices went down to around $2k in the same month. Ethereum is now trading at $2.5k.
Ethereum facilitates the development of distributed applications and smart contracts. Many new cryptocurrencies are developed using the Ethereum blockchain.
Ripple is one of the cryptocurrencies that involve the lowest transaction charges. Moreover, Ripple is set to deliver real-time payments from Oman to India. Oman’s second-largest bank, BankDhofar has joined the RippleNet to connect with Pune-based private bank IndusInd Bank in India. Users will be able to transfer up to 1000 Rials ($2600) from Oman to India.
Ripple is involved in an ongoing lawsuit with the Securities Exchange Commission (SEC) in the United States. The lawsuit addresses the fact whether Ripple is a currency or a security. The outcome will decide what’s in the future for Ripple.
The crypto market tumbled when Elon Musk tweeted about the impact of cryptocurrency mining on the environment. Environmental impact has since then been on the minds of investors when they consider investing in a cryptocurrency. Cardano is seldom called Ethereum-killer. Cardano is one of the cryptocurrencies with the least environmental impact. Also, Cardano challenges Ethereum’s smart contracts. Cardano offers the best of both worlds - Bitcoin and Ethereum.
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