A lot has happened since the year began in the crypto space, from the bearish run of January to the stance of the United States on cryptocurrencies. However, that shouldn't stop you from watching out for some cryptocurrencies.
Here are the top cryptocurrencies to watch this month!
1. Cardano (ADA)
Cardano is the first open-source platform to use the Ouroboros- a novel proof of stake consensus algorithm. It is a flexible, scalable, secure, and energy-efficient blockchain.
Due to using a peer-review mechanism, it is one of the most stable smart contract platforms, having over 1,200 smart contract scripts so far. There are plans to improve its scalability by launching the Hydra protocol.
A decentralised application, SundaeSwap, was released on the Cardano ecosystem; this might its price movement. ADA is the native token of the blockchain and there's over 32 billion in circulation right now. Experts believe that ADA is currently undervalued. It costs $1.20 right now with a market cap of $38.4 billion.
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2. Aave (AAVE)
Aave is one of the emerging decentralised finance (DeFi) platforms that aid borrowing and lending in the crypto space. The financial services are conducted in the absence of an intermediary at low fees and high-interest rates with increased security and transparency.
It was released on the Ethereum blockchain and allows creating lending pools. Asides from this, it supports Aave clearing, Aave gaming, and Aave pay.
Aave recently announced the release of a decentralised social media platform, Lens, on Polygon. As of today, its native token, AAVE, is worth $189.09 and can be staked or used to participate in governance. It has a max supply of 16 million, with 13.5 million in circulation right now. It reached an ATH of $661.67 in May 2021.
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3. Ripple (XRP)
Ripple is an open-source platform that supports payment and remittance among banks and financial middlemen. It supports the transaction of any form of currency at low cost and high speed. Although it is currently undergoing a lawsuit with the Securities and Exchange Commission (SEC), experts believe winning the case would support its adoption and price.
The native token, XRP, is used to provide liquidity for transactions on the platform and can be traded on other platforms. It costs $0.89 as of today after rising by over 22% in the last few days. It is ranked 6th right now and has a market cap of $38.7 billion. 47.8 billion of the 100 billion max supply is in circulation now.
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4. The Sandbox (SAND)
The Sandbox is a metaverse created on the Ethereum blockchain that supports the creation and monetization of ASSETs and gaming experiences. It is powered by a decentralised autonomous organisation (DAO) and hosts non-fungible tokens (LAND and ASSET). It is in partnership with Snoop Dogg, UniX Gaming, Warner Music Group, and Ubisoft.
SAND is the native token of the metaverse. There is a max supply of 3 billion, and 1 billion is in circulation right now. It reached an ATH of $8.40 in December 2021 but is trading at $4.77 right now. It has a market cap of $4.9 billion.
Want to learn how to safely invest in SAND? Check out our comprehensive SAND buying guide here or purchase from our recommended platform below!
5. Floki Inu (FLOKI)
Floki Inu is a copy of the Shiba Inu based on Elon Musk's Shiba Inu dog. It was created on the Ethereum blockchain. It plans to be more than a meme coin with some utilities to its name. This includes a play-to-earn game called Valhalla, a merchandise and NFT marketplace (FlokiPlace), and a content education platform (Floki university).
FLOKI is the native token for accessing the applications on its ecosystem. It has dropped by 83.4% from its ATH ($0.0003365) in November 2021, and it's currently trading at $0.00005569. It is believed to be the next big meme coin.
Closing thoughts
Cryptocurrency investment is extremely risky, do not dive in without doing proper research. Also, deal wisely and invest only what you can lose.