In recent years cryptocurrency trading and investment have become incredibly popular. It’s believed that one in 10 people choose to invest in cryptocurrency. However, not everyone who invests succeeds. Investing in cryptocurrency is riskier than traditional fiscal trading, which is why it’s believed approximately 95% of people who invest in digital currencies lose money.
Since 2013 there has been an exponential increase in how many cryptocurrencies exist. In 2013 there were only a few cryptocurrencies, but now in 2021, according to Statistica, there are approximately 6000. As cryptocurrencies become more popular, many people ask which cryptocurrencies they should invest in to maximize their potential for profits.
This is quite a complex crypto-financial question to answer, as cryptocurrencies are always in a state of flux. As with traditional fiscal trading, cryptocurrencies also experience market lows and market highs. After some careful research, we managed to narrow down the 10 most promising cryptocurrencies you should invest in this November if you want to secure a higher likelihood of turning a profit.
Each of the cryptocurrencies we look at shows favorable market trends, which is why we are going to tell you more about them. After reading this list, you will better understand the different types of cryptocurrencies you could invest in this November.
Arguably one of the best cryptocurrencies to invest in if you’re after stability is Bitcoin. Even though it is still prone to market volatility, it tends to be more stable than its competitors. Interestingly, Bitcoin was the first cryptocurrency ever created, and although no one knows who was behind its creation, it is known that it was founded in 2009. In five years, Bitcoin has seen a growth of approximately 8,600% as its worth went from $500 to $43,000 in 2021.
Bitcoin is a premier “blue chip” cryptocurrency with an estimated market cap of more than $1 trillion. Since it’s a “blue chip” cryptocurrency, investors are guaranteed that it’s highly established and more trusted than other cryptocurrencies.
Additionally, Bitcoin has become mainstream. In 2021 more and more reputable companies like Tesla Inc. are opting to place Bitcoin on their balance sheet. Additionally, El Salvador also made Bitcoin a legal tender. Essentially, Bitcoin has become a reliable alternative to traditional fiscal currency.
If you’re interested in NFTs and decentralized applications, then you should consider investing in Ethereum. This cryptocurrency was founded in 2015 and ever since has been one of Bitcoins’ strongest market contenders.
Since Ethereum transitioned to a proof of stake network, it has become immensely popular and is now undoubtedly one of the best cryptocurrencies to invest in.
Ethereum is receiving more attention than ever because of its market cap that is second to Bitcoin at approximately $353 billion and because of its new network upgrade, Ethereum 2.0.
This much-anticipated upgrade has been in the pipeline for years, and the next phase is set to go active at the end of 2021. Ethereum 2.0 will cause exciting changes to its blockchain network capabilities while making the Ethereum token more environmentally friendly.
Unlike other cryptocurrency options, Ethereum has seen tremendous growth in the last five years. The price of Ethereum increased by more than 27,000% when its price went from $11 to $3,000.
Although Cardano isn’t in the same league as Bitcoin or Etherum, it has become one of the most promising cryptocurrencies for investors in 2021. Cardano is also younger than Ethereum and Bitcoin as its first local currency, the ADA, only appeared on its blockchain in 2017. However, even though it is younger than Bitcoin and Ethereum, there are several reasons why it’s attractive to new investors.
For example, Cardano is reputable and respected because it was founded by Charles Hoskinson, one of Ethereum’s co-founders. Additionally, this cryptocurrency has a 45 billion hard cap on the number of coins that can exist.
Moreover, another factor that makes it attractive is that it uses a proof of stake protocol instead of a proof of work algorithm. This means Cardano is approximately 200,000 times more energy-efficient than Bitcoin. Cardano also has the third-largest market cap in comparison with Bitcoin and Ethereum.
Interestingly, XRP is the native digital asset on the XRP ledger, and it was specifically designed for payments. It is open-source and permissionless and uses trusted blockchain technology.
Many people are opting to invest in XRP because of its incredibly low transaction costs and fast transaction speeds. It is recognized as one of the cheapest digital assets to invest in and has an estimated market cap of $53.24 billion.
On Ripple, the platform of which XRP is its native coin, a transaction costs only 0.00001 XRP to complete. Additionally, a transaction only takes between three to five seconds. Moreover, XRP provides investors with a stress-free and hassle-free way to exchange currencies.
XRP is arguably one of the very best cryptocurrencies for global payments. XRP is recognized as providing various financial institutions with an incredibly reliable and fast option for sourcing liquidity on demand.
In 2021 Stellar is still one of the best cryptocurrencies to invest in. This cryptocurrency is a blockchain-based distributed ledger. It was specifically created by Jeb McCaleb, a founding member of Ripple labs, to easily connect financial institutions and people no matter where they are located.
Steller increases financial inclusion with its affordable and accessible easy to use global payment system. For example, most large transactions between investment firms and banks would take many days to complete, cost a fair amount of money, and involve several intermediaries. Instead, Stellar allows transactions like these to be completed almost instantaneously at a fraction of the cost with no intermediaries.
Although Stellar is known as an enterprise blockchain for institutional financial transactions, anyone can still utilize it. Currently, it is estimated that Stellar has a market capitalization of $565 million.
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If you’re a new cryptocurrency trader, one of the best digital currencies you can choose to invest in is Tether. Tether is a blockchain-enabled platform that, as of October 2021, is the fifth-largest cryptocurrency by market capitalization. It was launched in 2014 and now impressively has an estimated market cap of $68.3 billion.
Unlike other cryptocurrencies, Tether is a stable coin. Since it is a stable coin, it is backed by traditional fiat currencies like the Euro or the US dollar. Stable coins offer investors more security as they provide a way to avoid the often extreme market volatility associated with many cryptocurrencies.
The price of Tether is directly linked to the price of the US dollar. This means users can easily make transfers from a cryptocurrency to the US dollar reliably, dependably, and in a more timely manner.
Solano has risen in the market ranks exponentially. At the beginning of 2021, Solana had a market share of only 0.01% but since then has become the seventh-best cryptocurrency by market cap by September. Many believe this cryptocurrency could now be a strong contender to Ethereum as its price has increased almost 100 fold as it started at $1.51 and is now more than $160.
Solano is a leading DeFi cryptocurrency that allows users to create decentralized applications, cutting out the need for traditional financial exchanges, banks, brokers, and clearinghouses. There are two main reasons why Solano has become more attractive than Ethereum for some users.
The Solano cryptocurrency network provides users with significantly lower transaction fees and much faster transaction speeds. Additionally, the Solano network has attracted talented engineers with its easy-to-use Rust programming language.
Polkadot was founded in 2016 by one of the core founders of the Ethereum project Gavin Wood, which is why it gained almost immediate credibility. Polkadot has impressively risen in the cryptocurrency market in recent years and is now in ninth place in the top 10 cryptocurrencies rankings by market capitalization. This cryptocurrency has a market cap of approximately $35 billion.
Interestingly, one of the main reasons people are choosing the Polkadot proof of stake cryptocurrency is because it aims to create a cryptocurrency network that integrates more than 6,000 blockchain cryptocurrencies in the market.
There is another important reason why people are choosing to invest in Polkadot. Unlike Ethereum, this cryptocurrency allows users to create their own blockchain by using the security Polkadots chain already possesses. This means that fewer smaller projects are at risk of being attacked.
If you’re someone who has always been drawn to Bitcoin but is not a fan of its lengthy transaction times, you might want to look into the cryptocurrency Litecoin which is often touted as the silver to Bitcoins gold.
This cryptocurrency was founded in 2011 by former Google engineer and MIT graduate Charlie Lee. This open-source cryptocurrency is not controlled by any central authority and uses a “scrypt” proof of work system. Interestingly, Litecoin is currently ranked in the top 20 cryptocurrencies globally and has an estimated market cap of $4 billion.
Unlike Bitcoin, Litecoin has lightning-fast transaction times that are a drastic improvement. Litecoin transactions usually process up to four times faster than Bitcoin transactions. Additionally, Litecoin is also worth investing in because it is much cheaper than Bitcoin.
Many people are considering the Monero cryptocurrency because it is private, secure, and untraceable. Unlike the other open-source cryptocurrencies on our list, Monero is developed solely through donations and community involvement.
Monero can provide investors with complete privacy because it utilizes a specialized technique called “ring signatures.” Essentially its transactions are impossible to trace, and the platform offers investors safety against internal and external interference.
Although this cryptocurrency has tended to attract unsavory business practices in the past, it is still worth investing in because it is one of the fastest-growing cryptocurrencies in the world. Since it was created, its value has increased by approximately 8,900%, and currently, it has an estimated market cap of 245 million.
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