There are thousands of different cryptocurrencies in today's market; which one do I buy?

A Rough Ride

The past month of June has been rough for investors as cryptocurrencies plummeted, concerns of volatility rose. With a loss of more than $500 billion and Bitcoin down by over 50%, the cryptocurrency market was suffering.

Financial Forecast

There are many cryptocurrencies to choose from, so understanding which to invest in can be challenging and risky!

So far, Bitcoin has dominated the cryptocurrency market, with Ethereum following steadily behind. Interestingly enough, the second most popular choice, Ethereum, has rapidly grown in popularity in the past year.

Finance giant Goldman Sachs reported that they expect Ethereum to perform more successfully than Bitcoin in the future.

Low and behold, this financial forecast is supported by the figures in the past year.

Ethereum jumped 900%, whereas Bitcoin only grew by only 275%.

Is Bitcoin the best?

Bitcoin currently holds the lead in the crypto market despite it falling by more than 20%.

Its volatility means that it's unpredictable, but investors tend to view the rapid changes in the highs and lows as temporary blips.

Despite this, it has never prevented Bitcoin from bouncing back strongly.

These setbacks appeared in a time when there was little competition, however, nowadays, more and more cryptocurrencies are developing.

There is now an influx of alternative cryptocurrencies that are being seriously traded and could compete with Bitcoin, many of which have laid dormant after their creation and only now have been taken seriously as investment opportunities.

Dogecoin is a prime example; created in 2013, and yet only this year has its value boomed.

Spoilt for Choice?

When it comes to cryptocurrencies, there are over 1500 to choose from, and with many more on the rise, we are truly spoilt for choice!

Safe and Secure?

A great start is that antivirus software company, Norton, has chosen to add Ethereum cryptocurrency mining to their products!

Coin mining uses a computer's hardware to do complex calculations in exchange for a reward. Mining popular cryptocurrency Ethereum can be difficult as the individual relies solely on luck and the hardware to receive coins.

Norton, however, claims it is an easy and safe way to get into mining as it prevents the risks of disabling their security in order to run coin mining.

In the past, antivirus software have often flagged mining programs as unsafe, and usually, this kind of software has to be disabled, so this is an exciting collaboration with potential.

Moving forward, they will add more cryptocurrencies.

To buy or not to Buy?

That is the question.

Many alternative cryptocurrencies are worth investing in.

You only have to do our own research and use the fundamental analysis, technical analysis, and on-chain analysis. VRM Research provides you with the latest market intelligence and analyses of the main cryptocurrencies and gives you the professional overview for key aspects of the crypto space.

Worth Investing in?

Let's now run through a few of our top crypto assets that are worth investing in:

FLy token

One of the latest launched perspective utility token is Franklin (FLy) token, the ecosystem token of the VRM company, launched in the middle of April. The FLy token currently is available for trading on 11 exchanges.

The token was designed to provide token holders with an opportunity of getting discounts and additional benefits from the VRM ecosystem (including VRM Quant, VRM Research, Black Ocean and FLy token). VRM is a proprietary HFT company founded in August 2018. The company focuses on trading AI-based quantitative HF strategies on the crypto market and provides MM solutions to digital asset exchanges.

Chainlink

Another cryptocurrency worth investing in, according to Redditors, is Chainlink, a currency that runs on the Oracle network.

It provided real-world data to blockchain-based networks and was ranked in the top five digital currencies of 2020.

Stellar

Stellar is another Redditors pick and the best for cross-border transactions. Launched in 2014, Stellar offers an open-source-based, decentralised protocol that converts at low-cost transfers.

Stellar has partnered with a lot of international companies based in the Philippines, France, India, and the U.S., making it the prime choice for international transfers.

USD Coin

USD Coin is a blockchain-based cryptocurrency that runs on the same network as the popular cryptocurrency Ethereum.

It was developed by a peer-to-peer payment company based in Boston called Circle and is popular with Redditors. It is also tied to the value of the United States Dollar, and USD coin is mined using powerful computing machines.

Elrond

Another blockchain-based cryptocurrency is Elrond. It distinguishes itself from other digital currencies as it aims to be a fast platform and provides high-level scalability, high output rates, and high data interoperability. Microsoft has supported the rise of blockchain technology and has allowed the use of Elrond and Bitcoin to purchase their products.

Invest wisely

Investing your money wisely is key when it comes to cryptocurrency.

As the month of May was rough for the market, here are the best cryptocurrencies to invest in June:

Ethereum takes the top spot as it becomes more popular as it is steadily picking up, and experts have suggested that Ethereum could potentially beat Bitcoin as the most popular cryptocurrency to invest in this month.

Cardano could be good to invest in as it has long-term benefits regarding investment as it has new improvements and developments that will take place on the blockchain.

Others include Bitcoin cash, as it has faster processing of transactions, low fees; it also offers scalability. Its future growth is big as the prices are currently low; this is the best time to invest in Bitcoin cash.

There are many options to invest in in the month of June, such as Ripple, Cosmos, Polygon, Dogecoin, amongst others.

You've gotta have faith

The reason investors keep banking on the rise of cryptocurrency is because they have faith.

Faith plays a big part in the cryptocurrency market, as there is no guarantee you won't lose money, and investors take the risk because they have faith despite the volatile nature of cryptocurrency.

When cryptocurrency was a rarity, it was highly beneficial. It was a new and exotic currency that benefited from scarcity.

As the currency has boomed, its popularisation has made it common.

The potential future of cryptocurrency means that it will enter more avenues of our lives, however, if this is the case, this will cause more cryptocurrencies to be developed, providing more choice.

The volatility of cryptocurrency means that there is still money to be made, and more choices can equal more potential, causing the cryptocurrency market to boom further in the future.

There is reason to have faith in cryptocurrency. It has so much potential, and we've barely scratched the surface. It may lose its rarity, but not its popularity.

As more currencies are developed and introduced, the interest lies in discovering new cryptocurrencies.

Then which do I choose?

Bringing us back to our original question, which cryptocurrency is the best to invest in?

With potentially more choices in the future, this may become overwhelming.

It is hard to say whether the continuous introduction of new cryptocurrencies will have a positive effect, and with over 1500 currently, it can be difficult to decide.

Currently, Bitcoin is getting back on its feet, and Ethereum appears to be the best bet. As a popular second, there has been a lot of buzz around Ethereum.

What's hot and what's not?

Reddit users have keen crypto communities which enable you to keep track of what's hot.

After the hit in May, Bitcoin is down, so this may give rise to other cryptocurrencies.

Use Reddit to your advantage and explore the crypto communities to discover more about the decentralized digital currencies.

How has your experience been in the fast-changing world of cryptocurrency?

Have you found your one favourite yet?
All investment strategies and investments involve the risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as a recommendation or as a guarantee of any specific outcome or profit.