5 Cryptocurrencies to Buy for Long-term Investment
5 Cryptocurrencies to Buy for Long-term Investment
Long-term investments are often a good place to begin when it comes to cryptocurrency. High volatility means prices rise and fall regularly but holding onto your crypto assets can provide good returns.
There are now thousands of cryptocurrencies to choose between. It can be overwhelming for newcomers to the crypto space to make wise investment decisions with so many options.
This article outlines some of the top cryptocurrencies that are backed by trusted blockchain technology that should stand the test of time.
Now that we’re well into the crypto winter, it’s a good time to make an investment to save for the long term.
Be sure to do your own research and choose your crypto investments carefully to help you best maximize profits.
Bitcoin (BTC)
Bitcoin is the original and most well-known cryptocurrency. It is likened to gold as a store of value, making it a popular investment choice. With only 21 million Bitcoins in circulation, it is considered scarce.
Bitcoin soared to over $68,000 in 2021 and experts estimate it will go much higher than this in the next bull run. It’s believed that the growth of Bitcoin was faster than the growth of the internet in the 90s.
There has been much institutional investment in Bitcoin, which drove businesses across various industries to accept it as a payment method. It’s even possible to use Bitcoin for gambling here: https://www.slots.lv/
Ethereum (ETH)
Ethereum is the second-largest cryptocurrency by market cap. It is much more than a store of value. This blockchain network also comes with a big range of features and applications.
A developer’s favorite, it’s possible to build decentralized applications, such as DeFi platforms, on Ethereum through smart contracts. Thanks to the Merge, which took place in September 2022, Ethereum is now more efficient and environmentally friendly.
A great proportion of NFT sales are also made in Ethereum, which puts ETH in high demand. It’s likely the digital asset’s value will continue to grow and experts estimate it will hit $10,000 in coming years.
Cardano (ADA)
The main competitor against Ethereum, Cardano is one of the most popular cryptocurrencies. Backed by some impressive blockchain technology, it has a solid team of meticulous developers.
Development has been slower on Cardano but that’s due to the team’s highly methodical and scientific approach. “ Cardano aims to solve a major problem that resides at the heart of almost all other blockchain projects – the lack of a theoretically approved code”.
With trusted fundamentals, Cardano makes a reliable choice as a long-term investment. Be sure to keep on top of Charles Hoskinson and the team’s developments.
Cosmos (ATOM)
Cosmos has impressive potential for long-term investors. It has a market cap of $7.5 billion and was launched in 2016. Cosmos is different from many chains because it isn’t trying to compete against the big players but rather brings the crypto community together.
This cryptocurrency allows blockchains to communicate with one another. It aims to solve the problem that blockchains, such as Bitcoin or Ethereum, exist individually and there’s no way at present to send information across the chains.
Polygon (Matic)
Polygon aim’s to answer Ethereum’s scaling problem and the high fees that the network encounters. It does so by allowing developers “to each launch their own custom Ethereum-compatible blockchain in a single click,” according to CoinMarketCap .
Polygon is a good investment because of the unique features it brings to the crypto space. It is easily accessible and offers huge potential to the blockchain community, so may bring very much value in the long term.
Top Tips Before You Start Investing in Crypto
Before you dive into the world of cryptocurrency, let’s review these tips for smart investing:
Work out a strategy
Decide what your investment goals are before you buy anything. Work out how much you can afford to put into crypto and stick to it in order to minimize your losses.
Build a diverse portfolio
While it may be tempting to pool all your money into one cryptocurrency, this isn’t wise. Do plenty of research and put your money into a range of crypto projects that you believe in and understand.
Be in it for the long haul
The crypto market is highly volatile, and you will see prices rise and fall on a daily basis. Try not to be swayed by the volatility and hold onto your crypto to make long-term gains.
Conclusion
With so many cryptocurrencies out there, it would be nearly impossible to research all of the different projects.
This article should have provided you with a good starting point for your research into your crypto investments.
As long as you familiarize yourself with the major players in the space and keep on top of new developments, your long-term investment strategy should be sound.
Always do your own research before investing in cryptocurrencies.
