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The evolution of cryptocurrency has taken over the world by storm. With thousands of digital currencies crowding the market, crypto investors are looking to make a fortune in between the promising projects with long-term growth potential and quick cash grabs that won't last through a bear market. Although bitcoin millionaires are very rare, their stories have reached even the rural basins, instigating curiosity and willingness among many to invest in top cryptocurrencies. Initially, it was just the digital payment methods that replaced the whole idea of carrying cash. Everything starting from buying food and groceries to paying for cabs and general services has transitioned the way we deal with money. But using cash payments for all was a pain and besides, cash is untraceable and spent anonymously. Therefore, digital payments emerged. However, before digital payments could completely steal the market, the concept of digital currency payments is taking over the routine. Made by a bit of code that is powered by the citizens of the internet, top cryptocurrencies are used as an investment model and payment routine. But when you are picking a digital currency for long-term investment, volume, market capitalization, its long-term performance, etc plays a big role. In this article, Analytics Insight has recognized top cryptocurrencies by volume.
Although Tether has been doing well in the market recently, it has run into trouble many times in the recent past. The world's first stablecoin is backed by the US dollar. However, many are raising questions on its stance over the US dollar reliance. Tether has somehow broken the barrier the digital currency has been facing as its price rallied to a satisfying level. After a two-month halt that sparked investors' concern and speculation, the tether has started printing again.
In simple terms, bitcoin is on a healing row now. After hitting the record US$60,000 mark in May 2021, the bitcoin market suffered many blows from all sides. Initially, it was Elon Musk's decision to scrap off cryptocurrency payments due to climate change, then, the bitcoin halving, and finally, the big hit came from the Chinese government. The ban stagnated the world's largest bitcoin farm to think otherwise. Finally, it is time for bitcoin to come back to its position. As the world's largest and most popular cryptocurrency, bitcoin is expected to reach US$100,000 mark by the end of this year, according to experts.
When bitcoin was making so much buzz during its record rally, ethereum on the other hand went up smoothly. The digital currency has gained almost 30% in the last week, taking its close to its May all-time high of over US$4,360. Recently, ethereum has broken its US$4,000 barrier for the first time in three months, indicating a further surge to come.
Ethereum Classic is a comparatively anachronistic digital currency that is anticipated to stay in course with proof of work (PoW). However, despite its growing market capitalization and volume, ethereum classic stays behind in the cryptocurrency race and is less known among many investors. The major reason is the PoW protocol behind it. PoW is comparatively cumbersome, inefficient, and costly from both a monetary and environmental perspective.
Bitcoin Cash was forked from Bitcoin in 2017 and has grown and developed into an asset in its own right. However, there are some huge differences between bitcoin and bitcoin cash. Compared to bitcoin, bitcoin cash is being used by more people at the same time, thanks to its lower transaction cost and quick data transaction.
Binance USD is one of the popular global exchanges offering cryptocurrency trading, staking, margin trading, institutional services, and various other products. The digital currency comes with low fees, multiple payment options, and several services for advanced traders and institutions. Binance USD is preferred by many investors to earn interest from staking different assets.
Filecoin is a decentralized protocol that permits anyone to provide verifiable storage and other parallel services. The cryptocurrency currently has over 3000 storage providers and over 10,000 developers building applications on its network. The wide usage of its protocol has been able to generate over US$1.4 billion in protocol revenue.
XRP's price action has been a rather interesting rollercoaster ride in the recent past. The altcoin made a shooting move from US$1.9 to US$0.5 in a matter of days and is now above US$1.2. But the price has been consolidating below the US$1.2 mark for a very long time battling to break the crucial resistance level.
Litecoin is trading higher in the market that feels like a mixed bag of tickers trading up and down. Fortunately, Litecoin is one of the few that is trading at a higher price in the digital market. The cryptocurrency looks to be forming what technical traders call an ascending triangle pattern. Litecoin may find support near the 50-day moving average, while 200-day moving average, indicating the crypto is likely in a period of consolidation.
Cardano is the world's third-largest cryptocurrency in terms of market capitalization. Over the past month, the cryptocurrency has seen a sudden surge. Currently, one Cardano token is being traded for US$2.80. However, the Cardano price is anticipated to grow drastically in the upcoming years. According to a market prediction, Cardano's price will teach US$3.68 by the end of 2022.
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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.
