Is it safe to invest in the best performing cryptocurrencies, including Bitcoin, Dogecoin?
Cryptocurrencies are considered high-risk investments due to the unpredictable and volatile nature of the market. Cryptocurrency seems to be the word on everyone’s tongue right now.
Whether you’re a curious observer of the accelerating online phenomenon on social media, or considering investing in a digital currency, there’s no hiding from the crypto universe.
The sudden surge in popularity has been fueled by record-high market gains since one year and the mention of public figures such as Elon Musk and Snoop Dogg on Twitter.
Musk’s own company, Tesla, invested $1.5 billion in Bitcoin in February 2021.
Despite this recent interest, cryptocurrencies have been around much longer with Bitcoin’s first digital token established in 2009 – proving that they are more than just the latest internet buzz.
Musk’s own company, Tesla, invested $1.5 billion (£1.06 million) in Bitcoin in February 2021, and SpaceX announced plans to send Dogecoin to a “real moon” just three months later.
Cryptocurrency prices are changing all the time, either way with big swings, making it attractive when the arrow is green, but less when it’s red and down.
But recently when Musk announced that Tesla would no longer accept Bitcoin as payment for its products due to “environmental concerns,” the market was sent in a spiral.
It was felt days later when China announced plans to tighten its laws around cryptocurrency trading and exchanges, which saw the market fall further downwards.
It is this volatile move that has turned cryptocurrencies into high-risk investments and led to the watchful words expressed by regulatory bodies such as the UK’s Financial Conduct Authority.
Still, crypto users don’t seem to be phased out, and many see the potential rewards outweigh the risk.
According to Coinbase, here we look at the 7 best performing cryptocurrencies on the market. Bitcoin
The world’s first cryptocurrency is the most established and valuable cryptocurrency with a market capitalization of 6282074.26Turkish Lira, leading others to follow.
In April, the price of one Bitcoin reached new highs when it was marketed at 567429.26 Turkish Lira, but in early May it felt the full weight of the crypto crash that followed.
Bitcoin’s current price is listed as 340,000 Turkish Liras (July 04) – an increase of 277.34% over the course of 12 months.
Tesla, and more commonly China, continues to recover from its blows in the last week, with an upward trend of 8.72% and 1.61% in the last 24 hours.
It may be the oldest cryptocurrency, but its market dominance is as vibrant as ever. Ethereum
Ethereum regained its title as the second largest cryptocurrency by market capitalization in 2018 and has not allowed it to get behind Bitcoin since.
Much later than its competitor, Ethereum, founded in 2015, has a market capitalization of less than 2755.46 Turkish Liras.
It also had a productive year with stable market gains from December 2020 to the end of April, with a sharp increase leading to a new record high price of £37214.02 Turkish Lira.
The 15.64% rise in the share price was preceded by the accident on May 23, when the price per coin value reduced more than half of that number to 14608.41 Turkish Lira.
Ethereum’s current price stands at 24114.4 Turkish Liras – an increase of 1,100.64% over the year.
Unlike some other cryptocurrencies, Tether is known as a stablecoin that aims to maintain stable cryptocurrency valuations across the market.
Today it has kept a price of around US$1 equivalent at 852.82 Turkish Lira and there is an appeal from investors who want to avoid the excessive volatility of the market.
The cryptocurrency has a controversial history, with the New York Attorney General accusing Tether’s parent company of hiding significant losses of $850 million in 2019.
The market cap fell at the time, but has recovered ever since, but investors in the UK are paying attention to the fact that its price fluctuates relative to the current USD-GBP exchange rate. Binance Coin
Binance Coin is another cryptocurrency that is enjoying the highest level of the market in 2021.
In May, it reached a new record price of 5910.92 Turkish Liras, falling to 1812.43 Turkish Liras in the subsequent accident. One Binance Coin is now listed as the equivalent of £3266.68.
It saw an increase of 11.35% compared to last week, which is still significantly reduced in the month’s trading, but could see significant gains over the year if more users are removed.
Binance Coin, which has a market capitalization of 487.67 Turkish Liras, has seen an increase of 1,931.23% in 12 months. Cardano
Cardano, which has declared itself a “green cryptocurrency,” has weathered a bit of a storm brought on by environmental concerns that Tesla CEO Elon Musk spoke of.
Its founder, Charles Hoskinson, estimates that Cardano’s entire system uses less than 0.01% of the energy consumed by Bitcoin’s network and the controversial mining process.
And as a result, despite the signals brought by the experience of the general market, there has been an increase of 16.47% compared to last week and 38.55% in value in the last month.
The current price of 14.77 Turkish Lira is the result of an increase of 2,653.49% in the year. XRP
XRP, the digital token created by Ripple, made headlines in April 2021 as it outpaced Bitcoin and Ethereum as it saw significant market gains beyond its more moderate competitors.
With a market cap of 396383.27 Turkish Liras, it is the seventh largest of the existing cryptocurrencies listed.
XRP reached 17.18 Turkish Lira on April 14, but its value was reduced to a third of that due to China’s collapse and has since returned to 8.77 Turkish Liras per coin.
Founded in 2012, the company’s current price echoes a 3.03% increase in the last 24 hours and a significant increase of 351.74% over the past 12 months.