The cryptocurrency boom is in full force, with several people cashing in on this current bull run. The rise of bitcoin has spurred several blockchain projects, each with different aims to ultimately fast-track a decentralized economy. And as expected, the success of these projects means a concurrent rise in their native utility tokens. In this guide, you’ll discover the top eight tokens to add to your digital stash.
- Altcoin: altcoin or “alts” are cryptocurrencies other than bitcoin.
- All-time-high(ATH): peak price of a cryptocurrency.
- All-time-low (ATL): lowest price of a cryptocurrency.
- Token: often used interchangeably with crypto or coin.
- HODL - a slang term used as a rallying cry to urge people to stay strong and not panic sell (often stated as “hold on for dear life.)
Top 8 cryptocurrencies to have in your portfolio
1. Bitcoin (BTC)
Launched over a decade ago, Bitcoin has been resilient, holding through significant booms and has held on to its numerous use cases. In the past few months alone, Bitcoin has grabbed headlines numerous times, including reaching the $1 Trillion market capitalization and coasting new highs, with an ATH of $63 729. Investor interest has rapidly increased, with billionaires like Elon Musk- Tesla and SpaceX CEO, Jack Dorsey- rallying around the crypto and several institutional investments and partnerships. If these do not signal massive growth and more potential to rise, then nothing can do.
2. Ethereum (ETH)
Vitalik Buterin founded Ethereum to unlock a better use case for cryptocurrencies other than just serving as a medium of exchange in a peer-to-peer network. It started shortly after Bitcoin, opening up the blockchain space to a decentralized world of dapps, games, borrowing, lending, staking, liquidity providing, etc., all known as decentralized finance or DeFi.
Considering the immense advancement Ethereum has brought to the crypto space; it should come as no surprise that Ether- the native token has been gaining steady traction since its release. The coin serves as a fuel for smart contract-enabled applications and accounts for the largest percentage of the total value locked in DeFi. It is generally referred to as the coin that will likely topple Bitcoin in all metrics. At the time of writing, it has a total cap of $400 billion and has been shooting up the whole week, reaching an ATH of $3400 yesterday.
3. Binance Coin (BNB)
Initially, Binance Coin was created and issued by Binance in 2017 as an exchange token on the Ethereum network. Then it was moved to its blockchain called Binance chain to serve as the native currency for all transactions. Binance chain and its smart-contract enabled parallel — Binance Smart Chain, both serve to enable users to build dApps, games and run other DeFi protocols in a cheaper and faster way. Although not yet close to Ethereum in volumes, several eth-native protocols are already migrating to the Binance smart chain.
The coin has two variants: BNB and Smart Chain. They are essentially similar — same price, equal availability — and can be easily swapped for each other. The only difference is that Smart Chain runs on Binance Smart Chain as a BEP20 token and is required for all transactions on all BSC-powered dApps.
BNB has increased significantly this year. Growing from a mere $44 in January to an ATH of $670 this week. The total market cap is close to $100 billion and is currently trading at $650.
4. Polkadot (DOT)
Polkadot is on a mission to connect the blockchain ecosystem, thus creating a seamless interaction between various dApps and protocols. Created by Ethereum co-founder and Solidity developer Gavin Wood, the heterogeneous platform allows different blockchains to transfer value and messages in a trustless way, incorporating their features with better security.
DOT, the native token, is smart contract enabled and is eighth on top cryptos by market cap. Considering the underlying blockchain’s use case, it is not unreasonable to think that DOT will keep coasting at steady highs, as it has since January, moving from just $6 last December to a current price of $39.
5. Cardano (ADA)
Cardano is another smart contract-enabled software platform that is often held on par with Ethereum and Polkadot. Founded by a team of academics and engineers, the proof-of-stake blockchain aims to allow change-makers, innovators, and visionaries to bring about positive change.
The four-year-old platform is one of the first blockchains to run a proof-of-stake consensus model successfully. This means the holders of ADA (the native token) reserve rights to suggest or stake to vote on procedures that can move the project forward. The coin recorded a massive boom followed by a sharp decline in 2017. Now, it’s moving up the ranks slowly, with daily trading volumes nearing $2.5B and a total market cap of $50 billions.
6. Solana (SOL)
Solana is an open-source project that leverages blockchain’s decentralized nature to provide DeFi solutions. The platform uses a dual consensus mechanism in its operations — proof of history and proof-of-stake to improve scalability. The network’s hybrid consensus model distinguishes it from other blockchain projects and has led to a steady increase in its user base.
Sol, the utility token, has picked up steam within just one year, with trading volumes of up to $630 million and a market cap of $13 billion. It is currently trading for $43.
7. Ripple (XRP)
XRP, created by Ripple, aims to provide users with a cheaper and faster way to transfer value than other crypto assets.
Ripple got caught up in a lawsuit with the SEC and only recently came out triumphant. Considering its underlying use case and this recent win, there’s no telling how much increase we’ll see in the coming months. The coin currently trades at $1.6 and has a total cap of $75.
8. Dogecoin (DOGE)
While Dogecoin has no real use case except being a medium of exchange in the crypto space, it has grabbed headlines for gainful reasons. The parody coin that started as a joke in 2013 has gone up the ranks in market caps with its cult-like army and occasional shilling by crypto magnates. The meme coin has the second-largest community and has snowballed rapidly, moving from about $0.008 in January to an ATH of 66 cents this week.
How to earn interest and multiply these cryptocurrencies with YouHodler
Cryptocurrencies hold promise not only as stores of value but also viable solutions to the increasingly high cost of trust in this current economy. While volatility remains a puzzling issue, holding these coins in the long term has proven profitable thanks to increasing mainstream adoption. However, basic HODLing is not enough these days. There are several options out there that can help you earn passive interest on your cryptocurrency simply by “HODLing” in addition to keeping all profits incurred during bullish scenarios
YouHodler for example is one such platform that pays up to 12% on popular stablecoins like TUSD and USDT and around 3-6 % on other cryptocurrencies like Bitcoin, Ethereum, Chainlink, XRP, and more! Their innovative Multi HODL tool also helps clients multiply their crypto in both bull and bear markets using a powerful crypto-backed lending engine. It’s a great way to capitalize on every single move in the market.
So visit YouHodler.com today and learn how to be an “active HODLer” to make your crypto work for you.