Cryptocurrencies have had a rough start of the year amid multiple concerns in the industry. The biggest concern is the Federal Reserve, which has committed to be more aggressive in its battle against inflation. Coins have also crashed because of the rising fear of valuations in the cryptocurrency industry.
Cryptocurrencies like Bitcoin, Ethereum, Ripple, and Cardano have all plummeted by more than 50% from their all-time highs. In this article, we will highlight the ten best cryptocurrencies to invest in for long-term gains.
Bitcoin
Bitcoin is a leading cryptocurrency that was started in 2009 by Satoshi Nakamoto. The coin was created to be an alternative to fiat currencies like the US dollar and the euro. Its difference is that it would be decentralized in nature, meaning that no single entity would have a lot of power over it.
At its peak, Bitcoin was trading at almost $70,000. Now, it has crashed to about $25,000 as worries about the Federal Reserve rise. Still, there is a likelihood that the coin’s price will do well in the future. Unlike other coins, it is significantly safe and its supply is falling substantially.
Further, Bitcoin has been embraced by some of the biggest entities in the world. For example, Tesla owns Bitcoin worth over $1 billion. Similarly, companies like MicroStrategy and Square have Bitcoin in their balance sheet. Therefore, the Bitcoin price will likely be a good long-term investment.
Read more on how to buy Bitcoin with PayPal.
Ether
Ether is the native token for Ethereum’s ecosystem. Ethereum is a leading blockchain that enables developers to build quality decentralized applications in all industries. It is possible for people to build apps in areas like decentralized finance (DeFi), non-fungible tokens (NFT), and metaverse.
Ethereum has become an important player in these industries. For example, it was used to build apps like Axie Infinity, Aave, Curve Finance, and Decentraland. Therefore, since the blockchain industry is expected to keep growing, there is a likelihood that Ethereum will continue playing an important role.
Ethereum is also a good investment because of its transition from a proof-of-work into a proof-of-stake network. This movement, coupled with the embrace of sharding technology, will lead to more demand. Therefore, there is a possibility that Ethereum price will keep doing well.
Read more on how to buy Ethereum.
XRP
XRP is the cryptocurrency for the Ripple ecosystem It is a relatively “old” and highly controversial coin because of the power that Ripple Labs has on it. The coin is also controversial simply because of the ongoing lawsuit that was brought by the Securities and Exchange Commission (SEC).
The lawsuit alleges that its creators raised money without following the due process. It is still unclear who will win the case. Still, there is a likelihood that the Ripple price will do well in the long term. For one, analysts believe that the outcome of the lawsuit will not have a major impact on the price.
Here’s how to buy Ripple.
DOGE
Dogecoin is another good cryptocurrency to invest for long-term gains. It is one of the biggest coins in the world with a market cap of more than $10 billion. Dogecoin is a good investment because of its large popularity among young investors and the fact that it will be integrated in Twitter when Elon Musk completes his acquisition. It is already accepted in Tesla’s accessories business.
Read more on how to buy Dogecoin.
Monero
Monero is the biggest privacy-focused cryptocurrency in the world. The developers introduced an important concept that makes it impossible for anyone to track transactions. This process works in a relatively easy method.
For one, while every holder has a public address, the funds they own are not associated with the address. At the same time, when you send funds to someone, these funds will be sent to a randomly-created address. Therefore, Monero price will do well in the future as demand for privacy tokens rise.
Litecoin
Litecoin is another good cryptocurrency to invest for long-term gains. The coin was created with the goal of becoming a good alternative to Bitcoin. It is a proof-of-work cryptocurrency that works in the same way as Bitcoin.
For example, it is a significantly faster coin than Bitcoin and its transactions are significantly cheaper. Unlike Bitcoin that has a supply limit of 21 million, Litecoin has a limit of 84 million. While Litecoin has underperformed in the past few months, there is a likelihood that it will do well in the long term.
Read more on how to buy Litecoin.
ATOM
ATOM is the native token for the Cosmos ecosystem. Cosmos is a leading blockchain platform that helps to interconnect multiple coins. According to its website, it has hundreds of coins that have billions in total value. At the same time, its SDK is used to build some of the most important blockchain platforms in the industry like ThorChain and Osmosis. The ATOM price will do well as its ecosystem growth continues.
SAND
The Sandbox is one of the biggest metaverse industry. It is a platform that enables people and companies to buy virtual property online. It has also become one of the leading platforms for trading virtual non-fungible tokens (NFT). Further, it is a leading gaming ecosystem that enables people to play virtual games in tournaments known as Alpha. The SAND token will likely keep rising in the long term.
MKR
MKR is the native token for the Maker ecosystem. Maker is a leading DeFi platform that enables people to borrow and save in the network. It is different from other DeFi platforms simply because of its own stablecoin known as Dai. Further, unlike other platforms, it uses its own oracle system. Therefore, there is a possibility that the MKR price will rise in the long term, especially after the collapse of Anchor Protocol.
LINK
LINK is another popular cryptocurrency that is a good long-term investment. It is a leading platform that enables blockchain developers to simplify their development process. It does that by helping them incorporate off-chain data to the on-chain.
It has the biggest market share in the industry and is used by leading DeFi platforms like Aave and Uniswap. Because of its market share and strong growth, there is a possibility that it will do well in the long term.
Read more on how to buy Chainlink.