There are over 10,000 digital tokens in the market today. Despite the volatility that cryptocurrencies carry, investors are still interested to gamble their luck. However, investing in digital currency is a critical task and it needs keen interest and a clear outlook if you are planning for long-term profitable investment. Cryptocurrencies are virtual tokens similar to money that doesn't come under any central authority. Over the past decade, digital currency investments have gained value on Wall Street, attracting more people from across the world to try their hand in it. While some see it as a short-term profit-making plan or a source to make purchases, others take it as a long-term investment. Oftentimes, investors are entangled in a debate on which cryptocurrency to buy? While some of them go for new digital tokens in the market, many opt for the most valuable cryptocurrencies that always remain in the top 10 list. Therefore, learning the fluctuations in valuable cryptocurrencies before jumping into them is very important. Analytics Insight has listed the top 10 most valuable cryptocurrencies to buy this October for big profits.
We can clearly see why bitcoin makes it into the top cryptocurrency list every time. Being the first and foremost cryptocurrency to hit the market, bitcoin has come a long way and made a few remarkable stances. Even after a decade, bitcoin is still the topmost digital token that often makes it in the headlines. Bitcoin has evolved to become the 'go-to cryptocurrency' for new and old investors without any hesitation. However, once 21 million bitcoins are mined, the world will face a massive crisis for a digital token.
Although bitcoin has made a remarkable spot in the cryptocurrency market, ethereum has its own set of benefits to make it one of the most adaptable digital tokens. With an open-source and public blockchain-based distributed computing platform for building decentralized applications, ethereum emerged as a breakthrough to the market that was pegged to do limited operations. Besides, ethereum is well known for its easy-to-use and real-time transaction facilities. They make the digital token apt for everyday purchases and trading.
Being the most stable cryptocurrency in the top list, Tether is encrypted from the extreme volatility that the other digital tokens face. This is heavily due to reliance on the US dollar. Tether is seen as a safe haven from crypto fluctuations. However, that doesn't mean tether is the safest investment model. The digital currency underwent many controversies on its dollar backing. Some investors even opined that tether's issuers don't have enough dollar reserves to justify its dollar peg.
Launched in 2013 as a joke, dogecoin evolved to create a community of loyal supporters over the years. However, dogecoin stayed low-key for a very long time before making it into the top cryptocurrencies list. Dogecoin influencers like Elon Musk, CEO of Tesla, and SpaceX play an important role in pumping up the digital token's price. A single tweet or a mention of Dogecoin from Elon could make the community go berserk.
XRP, backed by the famous Ripple platform, serves many purposes starting from cross-border financial transactions to smart contracts. Ripple is an overall deal that makes crypto and fiat transactions easy and efficient. Unlike other crypto exchanges, Ripple joins hands with banks and financial institutions to lower the exchange rates and provide real-time possibilities. Besides, a long-lasting court case between Ripple vs SEC has recently shown developments that could strengthen the stand for Ripple.
After bitcoin reached its extreme popularity, people realized that there are a few scalability and expansion issues that need to be addressed. Instead of adding more features to bitcoin, a few of them choose to unravel a new cryptocurrency called 'Bitcoin Cash.' With the increased number of transactions, decreased transaction fees, and rapid processing model, Bitcoin Cash had a smooth way into the top 10 list.
Similar to ethereum, Cardano is also a decentralized blockchain platform that uses its native currency 'Ada' to streamline peer-to-peer transactions. After leaving ethereum, Charles Hoskinson founded Cardano in 2015 to use a fraction of energy demanded by bitcoin and ethereum. Through its proof-of-stake protocol, Cardano maintains a low energy-consuming platform with high features.
With extraordinary features on scalability and faster transactions, Polkadot emerges as a major breakthrough in the digital currency market. Polkadot can be used as a bridge between networks, which means applications can be built on the platform that works both on ethereum and bitcoin.
USD Coin is another famous cryptocurrency that is pegged to the US dollar to support stability and less volatility. Since USD Coin doesn't have its own platform, it runs on ethereum, Stellar, Algorang, and Solana blockchains. Launched in 2018, USD Coin is backed by a consortium called 'Centre,' which was founded by members of the Circle, crypto exchanges Coinbase, and Bitcoin mining company Bitmain.
Initially traded in Ethereum blockchain, Binance Coin then came out and started trading at Binance exchange. With over US$50 billion market capitalization, Binance Coin is widely used for online payments to several international platforms such as Canva, Torrent, Storm, and many others.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.