There are tens of thousands of different cryptocurrencies, from Bitcoin and Ethereum to dog coins. When you start entering the encrypted world for the first time, you will feel at a loss. The history of cryptocurrency price fluctuations is full of incredible fluctuations and more interest rate hikes. It can almost guarantee. But for reverse investors with strong risk tolerance, October may be a good time to occupy a place in the cryptocurrency field. Here are nine types of cryptocurrencies that are worth buying.
1. Bitcoin (BTC)
Market value: $ 377 billion
Bitcoin (BTC )'s initial cryptocurrency was founded in 2009. Like most cryptocurrencies, BTC runs on the blockchain, or records the book records distributed on thousands of computer networks. Bitcoin's security and security are not infringed by fraud, because it must verify the addition of distributed classification by solving the problem of encryption issues (referred to as the work proof process).
As Bitcoin has become a household name, prices have soared. In May 2016, you can buy Bitcoin for about $ 500. As of September 30, 2022, the price of a single Bitcoin was about $ 19,531. Growing more than 3800%.
The risk of investing in Bitcoin
The value of Bitcoin often fluctuates. You may see that the price rises or falls thousands of dollars within any month. CNBC has been reported that it is still the same as this year, because the price of Bitcoin is related to the Nasdaq index, which challenges that Bitcoin can be used as an assumption of inflation hedging tools.
If you feel nervous about this violent fluctuation, you may want to avoid using Bitcoin. Otherwise, as long as you remember that cryptocurrencies may be a wise long -term investment, these fluctuations should not be too worrying.
Another reason to re -consider investing in Bitcoin is its price. The price of a single bitcoin exceeds $ 20,000, and most people cannot afford the entire Bitcoin. This is negative for those investors who want to avoid buying a small amount of Bitcoin.
2. Ethereum (ETH)
$ 165 billion in market value
As a cryptocurrency and blockchain platform, Ethereum is the favorite of program developers because it has potential applications, such as the so -called smart contract and irreplaceable token, automatically execute (NFT) when meeting conditions.
Ethereum has also experienced huge growth. From April 2016 to the end of September 2022, its price rose from about $ 11 to about $ 1388, an increase of about 1251%.
The risk of investing in Ethereum
Although Themerge has greatly improved the energy efficiency of Ethereum, it does not solve the problem of slow or high transaction. At present, there is only one transaction "channel" on this platform. When the network is overloaded, this may cause a longer time to deal with transactions. The transaction cost is also very high. In order to improve there, users must wait for the implementation of Ethereum to implement the "sharding", and CoinDesk is like adding lanes on highways.
Some people are tired of waiting. DYDX cryptocurrency derivative exchanges are turning to their blockchain.
3. STT (USDT)
Market value: $ 67 billion
Unlike other forms of cryptocurrencies, Tether (USDT) is a stable currency, which means that it is supported by the legal dollar and the euro, and it is assumed that its value is equal to one of them. Theoretically, this means that Tether should be more consistent than investors who are cautious about the extreme fluctuations of other tokens.
4. USD coin (USDC)
Market value: $ 47 billion
Like Tether, USDC coins (USDC) is a stable currency, which means that it is backing in the dollar and the goal is to $ 1 against 1 US dollars against 1 USD. USDC is driven by Ethereum, you can use its USDCoin to complete global transactions.
5. Binance (BNB)
Market value: $ 46 billion
Binancecoin (BNB) is a cryptocurrency. You can use its Binance transaction and payment fee. Binance is one of the largest cryptocurrency exchanges in the world. Since its launch in 2017, Binancecoin has surpassed only transactions on the promotion of the Binance trading platform. It can now be used for transactions, payment processing, and even booking travel arrangements. It can also be traded or other forms of cryptocurrencies such as Ethereum or Bitcoin.
The price of BNB in 2017 was only $ 0.10. By late September 2022, its price has risen to about $ 283, an increase of about 282,900%.
The risk of investing in currencies
Although currency is "legalized" in some aspects as the world's largest exchanges in the world, this also makes this currency particularly vulnerable to regulatory issues. According to the "Fortune" magazine, when the Securities and Exchange Commission was investigated, the price value of BNB in 196%after the news of the first toke of the Tym of toke of Binance in 2017 follows the news of the appropriate sequence.
6. Ripple (Ripple)
Market value: $ 24 billion
In order to promote the exchange of different currency types, Ripple, the XRP digital technology and payment processing company, can be used on the Internet.
In early 2017, the price of XRP was $ 0.006. As of September 30, 2022, its price reached $ 0.48, which was equivalent to an increase of 7,900%.
7. Binance USD (BUSD)
Market value: $ 21 billion
BinanceUSD (BUSD) is Paxos and Binance created a stable currency to create a cryptocurrency supported by the US dollar. To maintain this value, Paxos holds a total supply equivalent to BUSD. Like other stablecoins, BUSD enables traders and encrypted users to trade with other encrypted assets while reducing volatility.
8. Filcoin (Fil)
The last best cryptocurrency is Filecoin, which is the smallest among any name. In other words, Filecoin is not brand new anyway, and its tracking records can be traced back to 2017. Like COSMOS, Filecoin is more speculative than other names in the list, but its unique project ambitions make it worth seeing. Filecoin is a decentralized storage network. Its established goal is to store the most important information in the world. The scattered properties make it particularly suitable for someone to avoid censorship data. The system also makes the data easy to retrieve, becoming the ideal way to record Russia's so -called war crimes in Ukraine in real time, just like Starling's current laboratory like Starling.
9. Doge (Doge)
Market value: $ 8 billion
Dog coins are famous for jokes in 2013, but due to special communities and creative models, it quickly developed into a famous cryptocurrency. Unlike many other cryptocurrencies, the number of dog currencies that can be created is not limited, which makes currencies easily depreciate with the increase in supply.
The price of dog currency in 2017 was $ 0.0002. On September 30, 2022, its price was $ 0.06, an increase of 29,900%.
The choice of rating top cryptocurrency
Through fast online search, you will find a lot of suggestions on how to invest in cryptocurrencies. When choosing the top eight, the following factors are considered.
How long has cryptocurrency existed? The new cryptocurrency will not be immediately excluded, but the comparison of historical data can help you understand the performance of a company so far.
What is the business performance of this company for many years? If you see the price stable, this is a good sign. If you notice that cryptocurrencies have become more valuable over time, it is even better.
Compared with other platforms, what is the availability and safety of the platform? The first thing you are looking for is the speed of the transaction. The network should be able to easily handle transaction traffic.
You also want to ensure that your investment is safe. Most cryptocurrencies use blockchain technology to make all transactions transparent and easy to track. Blockchain technology does not necessarily make it difficult for hackers to steal your cryptocurrency. It does make it easier to track your investment, so it can recover after fraud rather than lost.
How many people are investing in cryptocurrencies you are considering? When you see high levels of use, this means that cryptocurrencies have better liquidity. In future transactions, sales or expenditures will become easier.
The above content introduces the nine types of cryptocurrencies in October 2022. These currencies will have a lot of room for appreciation in the future. I hope everyone can make money in the process of investment.