Did you know that to this day, no one knows who created Bitcoin? While people consider Satoshi Nakamoto as the creator, others believe that the name is an acronym of leading technology companies Samsung-Toshiba-Nakamichi-Motorola. However, these are just wild and uncertified conjectures.

Cryptocurrency and its alarming growth have fascinated many, and amidst the crypto wars, it becomes impossible to determine what cryptocurrencies are worth. But what is the reason behind this hype when people are accustomed to the conventional modes of payment and investment? Let us look at the concept of cryptocurrency and the recommended ones to track.

Overview of Cryptocurrency

With the increase in online transactions, we are slowly losing touch with physical payments. And cryptocurrency is a step beyond this. For this, you don’t need banks anymore. International payments happen almost instantaneously unlike the usual bank transfers which take a day or two. Moreover, the universality of cryptocurrency makes it redundant to have exchange rates. For example, the value ‘5’ in some cryptocurrency in India would remain the same in the UK as well.

Best 10 Cryptocurrencies

With over 5000 cryptocurrencies to choose from, you may be wondering about the recommended ones. To help you out, here are the best 10 cryptocurrencies on the basis of past performance.

Bitcoin

Everyone knows or has heard about Bitcoin. Given how big it is, it hit an all-time high of over USD 68,000 in November 2021. People who bought it for USD 975 in March 2017, are definitely making the big numbers.

Ethereum

This coin came after Bitcoin, so even if it is not as big as Bitcoin, it is easier to mine. Companies like Microsoft vouch for this coin, thereby increasing its hype. It has hit a high of USD 4811, which is a big exchange for its 52-week low of USD 896.

FTX Token

Headquartered in Hong Kong, FTX focuses on BTC trading. One good thing about this currency is its ties with experienced investors as it provides services to professional traders. With a 52-week high of USD 85.02 and a low of USD 21.15, the correct investment can yield good returns.

Also Read: Fundamental of Foreign Currency Trading

Polygon (Matic)

Polygon has hit an all-time high of USD 2.40, against its USD 0.00263 low. Unlike most cryptocurrencies like Bitcoin, Polygon is not based on blockchain technology. Instead, it relies on The Polygon Network that users of decentralised applications use for faster transactions.

Polkadot

Polkadot has had an all-time high of USD 55.00 and a low of USD 2.69. This cryptocurrency comes with a para chain technology that allows users to launch their chains in relation to a shared security model. This can further be connected to Bitcoin, etc.

Decentraland (Mana)

A very interesting service is offered by this currency. You can create lands using virtual reality and use assets provided by Decentraland to pay for the services. It has an all-time high of USD 5.85 and a low of USD 0.00923681.

Chainlink

This cryptocurrency allows users to include banks within the transfers, in addition to its already supported exchange between Bitcoin, etc. With a decent all-time high of USD 52.88, you can earn a significant amount with its usual lows of USD 6.74.

The Sandbox

This currency is made for gamers as it has multiple avenues for people who like to sip on that energy drink and spend hours on gaming. So you can spend some of that character costume money on SAND’s low of USD 1.15 on returns with its 52-week high of USD 8.44.

Ripple (XRP)

This platform offers one of the cheapest transaction fees. In addition to it, the transfers are extremely fast. It had an all-time high of USD 3.84 and decent lows of around USD 0.376973.

Binance Coin (BNB)

There has been a prediction of a CAGR of 60.2% for this cryptocurrency. It also has quirky features like splitting bills across your friends and allows users to go beyond just Binance transactions. With an all-time high of USD 676.75, it is a very good investment option, if you play your cards right.

Cryptocurrency & Security

Much like the way a bank keeps tabs on your transactions, cryptocurrencies have ledgers that store data about individual transactions. These ledgers are shared across all the people who use this very currency and are updated whenever a transaction is made. Everyone gets to know about the transaction so no one can cheat their way into making fake transfers. In case someone did try to make a fraudulent money exchange, they would have to sit and change every single copy of the same ledger, which is impossible. This security is called cryptography.

Cryptocurrency is also easily traceable, even though it doesn’t have a government-regulated body. What is difficult to trace, is the cash you give your everyday grocery person. Once it leaves your hand, it can’t possibly be traced back to you as easily as a cryptocurrency.

Conclusion

Cryptocurrency is a very recent development and entirely digital. Due to their dynamic nature, cryptocurrencies are volatile investments. Tweets by Elon Musk can change the value of cryptocurrency, as one of his tweets was that of a “heartbreak with Bitcoin”. Post this, the value dropped almost instantaneously.

In a nutshell, cryptocurrency is considerably dependent on hype and its market cap. So the data keeps changing because of the hype around it. Every investment is dependent on your belief and risk appetite. So, while following the best 10 cryptocurrencies, make sure to know what’s going on in the world to predict future trends.