Cryptocurrency is more than just a buzzword these days. This form of digital currency has taken the world by storm and is on track to change the face of online banking and transactions. It may be confusing for those looking to start investing in cryptocurrencies as there is so much information floating around. Bitcoin is, of course, the most prevalent name associated with cryptocurrencies, but it is not the only digital currency available for investment. In fact, there are numerous cryptocurrencies available for those looking for newer, less volatile, and more affordable options.
But before we get into that, let’s take a quick look at what cryptocurrencies are.
What Are Cryptocurrencies?
A cryptocurrency is a digital currency that can be used to purchase goods and services online. It uses an online ledger, and because it is unregulated by traditional banks and financial institutions, it offers secure online transactions compared to other banking methods.
This makes cryptocurrencies a desirable option for online transactions, including online shopping, making payments for services, online gaming, and investments, among others. In fact, cryptocurrencies have become a popular option for online gamers looking for alternatives to traditional casino deposit methods based on the added layer of security and anonymity. There are now options to deposit at a casino in Bitcoin as well as the option to use eWallets and more traditional methods of credit and debit cards to suit every player.
The fact that such a large group of consumers (there are around 1.6 billion casino gamers worldwide) are becoming interested in using cryptocurrency speaks volumes about its journey from being a novelty to being a norm. While many banking methods already exist that promise smooth, efficient, and secure transactions, cryptocurrencies continue to lead the pack for safety, speed, and privacy.
The potential to store and grow cryptocurrencies has garnered the interest of many, from investors and business owners to the average ‘man on the street.’ Due to the ongoing appeal, the value of cryptocurrencies remains volatile, with regular highs and lows experienced by currencies like Bitcoin and Ethereum, to name a few.
Bitcoin remains the most popular cryptocurrency, although its volatile price moves have caused investors to look elsewhere. Bitcoin reached nearly $65,000 in April 2021 before losing almost half its value by May. That said, here are some digital currencies investors are keeping a close eye on as they’re expected to perform well and gain some traction in 2021.
1. Shiba Inu
Shibu Inu is a relatively new crypto to join the lineup and even stole some attention away from Dogecoin after its initial launch in August 2020. At its highest value, Shibu Inu reached US$0.00003431 but has continued to see steady growth at an average of 10% since it was introduced to the market less than 12 months later.
2. Litecoin
Litecoin is currently attracting plenty of attention and is one of Bitcoin’s strongest competitors. That’s because Litecoin promises faster transaction times at a lower price tag than many other popular cryptocurrencies. In May 2021, the currency reached an all-time high of US$400 and continues to increase with an average of 11% steadily.
3. Ethereum
Ethereum is the second-largest after Bitcoin. What makes Ethereum stand out is its technology, which supports smart contracts and allows for applications to be built around it, contributing to decentralizing the finance sector. Ethereum’s crowdfunding efforts resulted in the cryptocurrency introducing 72 million tokens to the market when it first went online in 2014.
4. Chainlink
Chainlink is a lesser-known cryptocurrency that has seen some traction in recent times. This is because it forms part of the decentralized Oracle network that allows smart contracts, like those supported by Ethereum, to link securely to other data sources and payment networks.
5. Solana
Solana is another cryptocurrency that investors have been keeping a close eye on as those in the know say its value could reach US$100 by the end of 2021. This cryptocurrency from DeFi has a price that can proliferate. As such, many investors see Solana as having a competitive edge in the market, which has been adding to its value.
6. The Graph
The Graph launched in January 2021 with a value of US$0.35. By February, its value increased to US$2.88 but then fell soon after to US$1.2. Since then, the brand-new cryptocurrency has seen steady growth in value and is expected to reach the US$7 mark by the end of the year.
7. Synthetix
This unique cryptocurrency has enjoyed steady growth for some time, with many predicting it to be among the top 15 cryptocurrencies by the end of 2021. This is due to its rising value, estimated to reach a cool US$100 come year-end.
8. Polygon
Polygon managed to avoid the recent market crash of many cryptocurrency values, which is impressive in itself. The digital currency continues to enjoy value growth, with experts predicting it will reach an all-time high of US$10 this year.
9. Dogecoin
Dogecoin could be seen as the cryptocurrency of the year so far as its value has grown more than 12000% since it was initially launched. While the cryptocurrency’s value is heavily influenced by Elon Musk, it continues to be a popular option for investors and will likely continue its trajectory in 2021.
10. Bitcoin
While hundreds of digital currencies exist, with many described as the top cryptocurrencies for investors in 2021, Bitcoin will always be the name that started it all and is almost unbeatable in the market at this point. Despite market crash and volatility, Bitcoin continues to be the investor’s preferred cryptocurrency.
