People were largely skeptical of cryptocurrencies when they first emerged in 2009. Many still are, but quite a few are warming up to the concept of wholly digital currencies that aren’t controlled by any government, bank, or other entity. In fact, based on recent reports, an estimated 13 percent of Americans invested in cryptocurrencies in the past year alone, and many more are considering the benefits of doing so. If you’re among them, deciding which ones deserve your attention isn’t easy.
Looking at Five Leading Cryptocurrencies to Consider Investing in
New cryptocurrencies seem to be entering the mix these days. Some are launched only to never be heard from again whereas others have held their ground. Resources like Coinbrary are available to provide further insight. While you’re thinking about the possible options and looking at central processing units, graphics processing units, and application-specific integrated circuit miners to help unlock new blocks, though, consider the following five top contenders in the cryptocurrency realm.
First launched in 2015, Ethereum rose to fame fairly quickly. At the time of this writing, it ranked second in the world of cryptocurrencies with only Bitcoin topping it. This has been the case off and on since its release. Its ongoing upgrades are expected to propel its value to new heights during the years to come, but its lack of a limited supply may detract from that worth moving forward. Keep in mind that there are additional versions of Ethereum to mine, including Ethereum Classic.
As the first of the blockchain-based currencies, Bitcoin is still getting plenty of attention from investors, businesses, and critics alike. Like other cryptocurrencies, Bitcoin has had its ups and downs since its introduction. Still, its highs are certainly nothing to sneeze at. As opposed to Ethereum, Bitcoin is only available in finite supply. That could send its value in an even more positive direction as it becomes increasingly scarce. Analysts expect its value to reach record highs during the coming year and potentially beyond.
Debuting in 2011, Litecoin has also earned a spot at the top of the cryptocurrency list. Like Bitcoin, it has a supply cap in place, though there will ultimately be far more Litecoins than Bitcoins once all is said and done. Litecoin has never quite reached the same highs as some of its fellow cryptocurrencies, but some investors see this as a positive aspect. Lower values mean it’s currently accessible to more people. At the same time, they may give it more room to grow in the future.
ZCoin hasn’t received quite as much attention as certain other cryptocurrencies, but it’s worth taking a closer look. This member of the cryptocurrency community gets a great deal of acclaim for its privacy and security protocols. Its value remains fairly low compared to some of its counterparts, but it’s expected to grow moving forward. That makes it more affordable for those who don’t have a fortune to invest. It’s also more of a long-term investment because its worth is forecast to increase more slowly and steadily than other cryptocurrencies.
Another touted cryptocurrency is Monero. It’s said to be a bit more private than some options, as transactions made using this cryptocurrency can’t be traced. This alternative is recommended as a long-term investment. So far, its value hasn’t skyrocketed to astounding heights like Bitcoin and some other cryptos have. Still, its value has been steadily increasing over the last few years.
Choosing the Right Cryptocurrency to Mine
Those are five of the most popular cryptocurrencies right now, all of which could be good options for miners and investors. Keep in mind that some are in limited supply, so there aren’t as many left to mine as there were in the beginning. Some require specific types of equipment to mine as well, so not all tools will work with them. Whether you’re looking for an option that could quickly rise in price or one that offers more long-term value, there’s bound to be one that will meet your expectations.