Whenever you hear the term ‘Cryptocurrency’, what is it that comes to your mind? If you say ‘Bitcoin’, then you belong to the vast majority of people in the world who think the same way. And there is nothing strange in it. That is because BTC was the premiere crypto introduced to the world, and ever since it hit the market, it has gained quite some popularity and at a great pace. It is also noteworthy that during these days in 2020, just a year ago, BTC fell to as low as $5,000. We all know what that means, don’t we? Yes, the value of BTC has surged beyond 1000% in one year, as BTC recently crossed the $50,000 mark.
However, more recently a lot of other virtual currencies have been climbing the ladder and are gaining market cap at a very high rate as well. Therefore, this trajectory makes us wonder how long will this era of virtual currencies last. And by the looks of it, it seems quite probable that these virtual currencies might just be the future of finance and transactions all around the world.
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If you are interested in investing in crypto, and are evaluating the options of crypto to invest in, you have come to the right place. In this article we will discuss and evaluate the top 3 performing digital currencies currently. These 3 currencies have been performing well in terms of the increase in their value and if you are looking to invest in a crypto besides Bitcoin, the following three crypto are the most suitable options for you, based on the recent trends:
1. Cardano (ADA)
The very first crypto we will be discussing is known as Cardano (ADA). What makes Cardano a bit different from other virtual currencies is its ‘proof-of-stake’ blockchain. This blockchain demands validation from the holders conducting the transactions. These participants of the transaction are thereafter required to put the specific amount of their ADA coin holdings on stake. This virtual currency has been one of the most prominent ones in terms of growing in value recently. It should be noted that this crypto has taken giant leaps in a very short time and now stands quite close to the second best crypto signals trading, Ethereum.
2. Stellar (XLM)
The second digital currency that has made it to our list is Stellar XLM. One of its key distinctive features is that this crypto is a distributor ledger network which also works on the blockchain system. The underlying currency, XLM in this network is basically utilized by financial institutions and general people to conduct transactions between each other mainly. The core purpose behind the introduction of Stellar was to facilitate the international payments i.e. make them easier, more convenient and timeless. Due to these reasons and several others, Stellar has recently caught the attention of the market and has therefore increased in value.
The key feature of Stellar which makes it prominent among other crypto options is its network speed. Everybody knows how tedious and time consuming the international payments can be as it can take from days up to weeks for the payments to process. However, the payments via Stellar network are executed within just seconds! Therefore, this virtual currency can prove to be very efficient and profitable for companies dealing with supply chain payments. This platform provides such firms with the best platform to make and receive payments.
3. Dogecoin (DOGE)
The origin of Dogecoin is rather interesting. Almost 8 years ago, Dogecoin was created as a virtual joke back in 2013. It is claimed that the two programmers, named Jackson Palmer and Billy Markus, programmed and developed this virtual currency in just a couple of hours.
Similar to the other digital currencies, the Dogecoin can also be used by its holders to purchase any goods and services providers who accept Dogecoin as a method of payment. Similar to the journey of Bitcoin, Dogecoin is also increasing in adoption and acceptance with the passage of time, and an increasing number of stores and companies are now accepting Dogecoin as a payment option. Another popular use of Dogecoin is trading it for other virtual currencies or exchanging with the equivalent fiat. Unlike these mainstream uses, there is also another unconventional use of Dogecoin, which is that the holders of this crypto tip other people on the internet on their content.
A significant event which greatly improved the reputation of this crypto in internationally was the tweets posted by the owner and CEO of Tesla, Elon Musk, who spoke multiple times about this crypto and even stated that he would want Coinbase to incorporate Dogecoin in the list of its virtual currencies (supported ones). This support was not only from Elon Musk, but several other notable figures and personalities spoke in support of this crypto. It is noteworthy that soon after the widespread publicity of this virtual currency, the value of Dogecoin surged beyond 55% following the support and publicity by the celebrities on Social Media and other mediums.