Dogecoin has been particularly sought after this year, with its market capitalization increasing from $1.07 billion in January 2021 to $62 billion now. Its huge fanbase is gearing up for the biggest rally ever. However, in the meantime, let's take a look at these 10 cryptocurrencies that you can buy while waiting for the Dogecoin rally to reach its peak.
Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it's backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether's value is supposed to be more consistent than other cryptocurrencies, and it's favored by investors who are wary of the extreme volatility of other coins.
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies. At the beginning of 2017, the price of XRP was $0.006. As of July 1, 2022, its price reached $0.31, equal to a rise of more than 5,066%.
If you have been following cryptocurrencies for most of 2022, you know that ApeCoin has been attracting a lot of hype this year. It is linked to the world-famous Bored Ape Yacht Club NFTs. When ApeCoin first hit the market, it rallied by thousands of percentages before a correction followed. However, there is still a lot going on with ApeCoin that makes it one of the best altcoins to buy now One of the big developments around ApeCoin is the launch of the Other Side Metaverse. The big deal about the Otherside Metaverse is that lands are being sold in APE tokens. This means there is intrinsic value to ApeCoin and as adoption of the Metaverse grows, so will the value of ApeCoin.
One thing that makes Ethereum rise to the top among the cryptocurrencies to buy right now is its strong ecosystem of Dapps. Since it launched as the first Dapps blockchain back in 2015, it has dominated the market. Today, most Dapps, be it DeFi, NFTs, or otherwise, run on the Ethereum blockchain. As more of these cryptocurrencies come up, the value of ETH, the utility token in the Ethereum ecosystem, will only go up. Besides, the Ethereum developer team has been working hard to deal with the scalability issues that have plagued this blockchain for years. For the last two years, Ethereum has been in the process of a transition to Proof-of-Stake, and it comes with several benefits to Ether, including making ETH deflationary.
Binance Coin is another common-sense cryptocurrency to buy this July and hold for the long term. That's because it is the cryptocurrency used for paying fees on the world's largest cryptocurrency exchange by volume. Binance users are incentivized to use BNB because Binance offers a discount to anyone who chooses to use BNB to pay fees. Since Binance has a large ecosystem that includes the Binance Smart Chain, it then follows that Binance Coin is one of the cryptocurrencies with the highest utility in the market today.
Solana was the top cryptocurrency performer of 2021 and rallied by over 10,000%. While it started in 2022 bearish, SOL is one of the top altcoins that could perform well in this year and beyond. Solana is the best cryptocurrency to buy and invest in today for its core functionality and growing adoption. To grasp how big of a deal Solana is, consider the fact that it is one of the most scalable platforms blockchains in the market today. Solana can handle up to 50k transactions per second at transaction costs of under $0.01.
Dogecoin easily stands out as one of the most undervalued altcoins to buy this July. That's because its community and levels of adoption have been going up. All this, while its price hasn't reacted much. It is one of the top meme coins that did not retest its all-time highs in the November 2021 cryptocurrency rally. However, there are some strong indicators that Dogecoin could emerge as one of the hottest meme coins to buy in 2022. To understand why you just need to look back at why Dogecoin did so well in 2020 and early 2021.
Shiba Inu was one of the hottest meme coins in 2021 after it rallied by over 48,000,000%. While it has since cooled down, it still holds a lot of potential as a top meme coin that could explode further in 2022 and beyond. Last few years, Shiba Inu thrived mainly on the hype around meme coins triggered by Dogecoin. However, it has since developed a character of its own, and its intrinsic value is on the rise. For example, last year, the team introduced ShibaSwap, a DEX for trading Shiba Inu and other cryptocurrencies.
Cardano is a large-cap cryptocurrency that also makes it to the list of top cryptocurrencies to buy in July. Cardano is a platform blockchain and, like Solana, Avalanche, and the rest, is one of the biggest Ethereum competitors in the market today. Cardano stands out from the competition for its security features. This is all thanks to its Ouroboros Proof-of-Stake algorithm that is peer-reviewed and proven to be secure, scalable, and decentralized.
Avalanche is a smart contracts platform that has gained traction as a launchpad for various Dapps ranging from Dapps to NFTs. Avalanche shot to popularity in 2020 as a top Ethereum competitor and has gained significant traction in the market. This has to do with Avalanche's key metrics, such as scalability and low costs. Avalanche is known for handling up to 4500 transactions per second and at pretty low costs.
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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.