Top 10 Dominant Cryptocurrencies to Buy
Have you ever thought of buying or investing in Cryptocurrencies? It is one of the best passive investment opportunities that you can try. Apart from Bitcoin which is the oldest and the most popular and strongest Cryptocurrency, there are thousands of others to choose from. However, most have very little value but some stand out from the rest. If you are looking forward to investing in them, this article will provide you with a comprehensive list of the top 10 dominant cryptocurrencies to buy with their current market value. Before we delve more into that, take a look at more information about Cryptocurrencies.
What is a Cryptocurrency?
A cryptocurrency is a form of digital currency that uses a decentralized system to verify, keep and maintain transaction records. This is not like the banks where all transactions have to pass through a centralized authority. In this case, transactions are peer-to-peer and go through a secure system called Cryptography under Blockchain technology.
Cryptocurrencies came into being over a decade ago with Bitcoin being the first to be formed in 2009. Just like any other currency, the value of Cryptocurrencies fluctuates. For example at the start, the initial value of one Bitcoin was USD 0.0008. At the moment one Bitcoin costs USD 59,785.40. It has however undergone extreme fluctuations throughout the years since it was formed.
Because of the fluctuating nature of Cryptocurrencies, people have been investing in them for a long time. This is done by buying them when the prices are low and anticipating for the prices to rise before they are sold. The smartest thing to do is to go for those that are still new in the market whose prices are still low. You may however have to wait for a long time before their prices appreciate.
List of Top 10 Dominant Cryptocurrencies to Buy
1. Bitcoin (BTC)
When it comes to the Cryptocurrency business, Bitcoin leads the way. It is the oldest, largest, and most popular Cryptocurrency that was developed in 2009. It takes the largest chunk of the market share but is also the most expensive. To buy one Bitcoin, you will need to churn out Ksh.6,589,509.29 which is its current cost. As said before, this figure is subject to fluctuations from time to time. Bitcoin has a market capitalization of over $1.17 Trillion.
Because it is the “Godfather” of Cryptocurrency, people easily refer to Bitcoin while talking about Cryptocurrency but the two terms should never be confused.
There isn’t much available information about the person who invented Bitcoin. It remains a mystery until now. The only available information is that it was invented by an individual or a group by the name of Satoshi Nakamoto. But that is largely hearsay that has no concrete evidence.
Price: Ksh.6,589,509.29
Market cap: $1.17 trillion
Website: www.bitcoin.org
2. Ethereum (ETH)
After Bitcoin, comes Ethereum, which is the second-largest Cryptocurrency in the world so far. If you feel that Bitcoin is too costly for you to buy, you can go for Ethereum which is a bit less expensive but more valuable as compared to other Cryptocurrencies. As of November 18, 2021, one Ethereum coin was exchanged for Ksh.464,676.92. It has a market capitalization of over $520 billion.
Etherium went live in July 2015. It was developed by a programmer called Vitalik Buterin. It is currently undergoing a major upgrade into Ethereum 2.0 (Eth2). This will make it more secure, scalable, and sustainable.
Price: Ksh.464,676.92
Market cap: Over $520 billion
Website: www.ethereum.org
3. Binance Coin (BNB)
Binance is a Cryptocurrency that was founded in 2017 by a Chinese-Canadian business executive called Changpeng Zhao. It evolved from Binance Exchange, which is an online platform that provides trading of different Cryptocurrencies like Bitcoin and Ethereum. Binance Exchange is currently the world’s largest Crypto-trading platform in terms of daily trading volume.
Apart from merely being used on Binance Exchange for trading, it has developed and can now be used to book travel tickets and even payment processing. One Binance Coin now costs a whopping Ksh.59,889.98. Binance currently has a market capitalization of over $105 billion.
Price: Ksh.63,337.69
Market cap: Over $105 billion
Website: www.binance.com
4. Cardano (ADA)
Cardano should never be left out in the list of Top 10 Dominant Cryptocurrencies to buy. It is one of the largest Cryptocurrencies that is sought after just like Bitcoin and Ethereum. It was founded by Ethereum co-founder, Charles Hoskinson in 2015.
In the Crypto world, the processing speed of a Cryptocurrency is a big deal. Cardano’s processing speed is up above the best players in the game like Bitcoin. While bitcoin can handle only 4.6 transactions, a test done in 2017 found that Cardano is capable of processing 257 transactions at the same rate. Developments are being done to improve this speed to 1000 transactions per second.
Price: Ksh.197.81
Market cap: $75 billion
Website: www.cardano.org
5. Solana (SOL)
Solana is one of the top 10 Cryptocurrencies that was launched in March 2020. It boasts of its speed for completing transactions at about 1000 per second which is way above the average speed.
Solana uses the hybrid of proof-of-history and proof-of-stake mechanism for speedy and secure transactions. The main reason for its development was to power Decentralized apps (DApps) and Decentralized finance (DeFi).
Price: Ksh.22,121.75
Market cap: $74 billion
Website: www.solana.com
6. Tether (USDT)
In terms of stability, Tether is above all the other Cryptocurrencies. This is because it is a Stablecoin. This means that it is backed by a natural currency like the USD, the Euro, or the Chinese Yuan. Due to this, it is most favoured by investors because it is not volatile. The price of one Tether is normally maintained at $1.
Due to its stability at the cost of $1 per coin, tether is one of the safest Cryptocurrency to invest in. It was reported to have once surpassed Bitcoin at some point in 2019 in terms of trading volume.
Price: Ksh.112.30
Market cap: Over $70 billion
Website: www.tether.to
7. XRP (XRP)
If you want to start investing in Cryptocurrency, XRP is one to consider to start with. It is among the top 10 dominant Cryptocurrencies in the world to buy and was created by Ripple Labs Inc and released in 2012.
Apart from using XRP for online payments, it has a way of facilitating flawless exchanges between itself, natural currencies, and other Cryptocurrencies.
Price: Ksh.119
Market cap: Over $50 billion
Website: www.ripple.com
8. Polkadot (DOT)
Another one in the top 10 dominant Cryptocurrencies to buy is Polkadot. It is only slightly over one year old since it was launched in May 2020.
Polkadot’s Parachain technology successfully integrates different Blockchains so they can work together. This is expected to influence the way Cryptocurrencies are managed in the future. The feature alone has helped to propel it since it was launched in 2020.
Price: Ksh.4675.24
Market cap: Over $43 billion
Website: www.polkadot.network
9. Shiba Inu (SHIB)
Shiba Inu is an Ethereum-based altcoin that has recently seen its prices soar abruptly. That said, its value is still very low. 1 Kenya shillings can buy you around 177 SHIB. This makes it one of the best Cryptocurrencies to buy when starting to invest in Cryptocurrencies.
Shiba Inu was created in August 2020 by a mysterious person by the name “Ryoshi”. Shiba Inu in Japanese is a name given to a dog-breed. This is where the Cryptocurrency got its dog-head symbol from.
Price: Ksh. 0.00538100123184
Market cap: $39 billion
Website: www.shibatoken.com
10. Dogecoin (DOGE)
Dogecoin was created literally as a joke. It was at first laughed off as a “meme coin” but is now a serious contender among the top 10 dominant Cryptocurrencies to buy. Like the Shiba Inu (SHIB) coin, Its logo features the head of a Japanese Shiba Inu dog breed. Its name “Doge” is derived from the internet meme that features a Shiba Inu dog.
Price: Ksh.25.22
Market cap: $34 billion
Website: www.dogecoin.com
Conclusion
Crypto trading is not a Get-rich-quick investment but demands a lot of patience. When diving into this world, you must wisely choose a Cryptocurrency that is affordable to buy. Gather all the necessary information about it to ensure that it is less likely to drive you into losses but it should instead earn you some extra income.
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