Cryptocurrency is making headlines every day and recently it was all over the news owing to a big market crash after China bans cryptocurrency use. When the news broke out, all the cryptos went red and have since recovered slowly. Bitcoin, the highest-valued cryptocurrency shot down by more than 23% to $30,415, its lowest value this year. Other cryptocurrencies also followed the unfortunate pattern with Ethereum reduced by 22%, Binance Coin dropping 24%, Cardano by 19%, and the popular Dogecoin by 24%.
When the news about China's crypto crackdown crashed the cryptocurrency market, a report from JP Morgan emerged that investors were letting go of Bitcoins for gold. This gave the market more of a reason to plummet. But amidst all this, the anti-Elon Musk cryptocurrency, StopElon, soared more than 1,800%.
So the question that arises now is, what are the best cryptocurrencies to invest in after the market crash? One way to measure that is by its market cap. While it's easy to observe the real-time price of a crypto, it doesn't tell the investor the full story. As per the market cap, here are the best cryptos to buy today, in May 2021.
Market Cap: $732 billion
Bitcoin's price increased from under $1,000 to over $60,000 since its arrival in 2017. Due to a tweet made by Elon Musk about Tesla not accepting Bitcoin anymore, the value fell down last week. But that's no reason to ignore the huge market cap it still holds. Bitcoin's price today is $39,328.
Market Cap: $304 billion
In the course of 2020 and 2021, Etherum's price increased from $200 to approximately $3,000. In May, it broke its own record and reached a high of $4,350 before falling down this week. Etherum's price today is $2,647.
Market Cap: $59.2 billion
Binance Coin made by the crypto exchange Binance was launched in 2017 and slowly reached the $60 per coin mark. In February 2021, the value shot up to about $600. Seeing the same fate as every other crypto in the market during the crash, Binance Coin's price today is $364.
Market Cap: $58.4 billion
Tether is known as the leader of "stable coins" in the market. The value of stable coins is linked to a currency, and for Tether it is the US dollar. So the value of one Tether will always be $1, no fluctuations there.
Market Cap: $52.3 billion
Cardano is one of the most affordable and promising cryptocurrencies in the market today. In early 2021, Cardano's price grew to be around $2 after starting from $0.10. It faced the market fluctuations better than many other coins but ultimately plummeted about 20%. Cardano's price today is $1.63
Market Cap: $46.7 billion
The meme-cryptocurrency reached its all-time high of $0.70 in April 2021. Following the Dogeking, Elon Musk's Saturday Night Live appearance, it did fall slightly but jumped back to join its peers with rising prices. Dogecoin's price today is $0.38
Market Cap: $41.3 billion
While Ripple was a no-show for most of 2017 and 2018, it only grew to hit the $0.60 value in 2020. After the market's crash, Ripple's price today is $1.17
Market Cap: $26.6 billion
Launched in 2020, Polkadot is relatively new crypto that was trading for a nickel's value until it shot up to approximately $41 recently. But the market crash did no favors to the price. Polkadot's price today is $27.
Market Cap: 15.6 billion
If you haven't heard of ICP, it is understandable because it was launched in the market in May 2021. But since its launch, it jumped to the top 10 biggest market cap list. The value increased from zero to $488 within a day. Internet Computer's price today is $125.
Market Cap: $14.5 billion
Bitcoin Cash and Bitcoin are not the same. In terms of the value, Bitcoin Cash had a big goal to reach, when compared to Bitcoin. In 2018, it reached a high of $4,000 and then settled at $400 for the later years. Recently, the value increased to $1,500 but has been steadily declining and now stands at $770 today.
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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.