Bitcoin, Ethereum and company: what are the best cryptocurrencies to invest from Argentina (REUTERS/Dado Ruvic/Illustration/File Photo)
What are the best options to invest in cryptocurrencies in Argentina? Currently there are about 10 thousand different cryptocurrencies.While more than 40 percent of all the money in the crypto world is deposited in Bitcoin, and 20 percent in Ethereum, which leaves the other almost 10,000 cryptos to share 40 percent of the remaining capital, it does not mean that there are some smaller cryptos that are good investment opportunities.
The less money you have invested in each cryptocurrency, the easier it will be for its price to rise sharply, generating huge profits. Just as the opposite can happen, and produce huge losses.
There is no way to be sure which cryptocurrency will go up and which will go down. Analysts try to predict what movements the prices of the different tokens will make, and in this way, choose the ones that are most likely to rise. Based on various analysts, and the Twitter and Reddit forum communities, the best cryptos for 2022 are:
Ethereum is the largest cryptocurrency in the world after Bitcoin. It has more than USD 500,000 million of market value, more than 150 times that of the Argentine company YPF. So far this year, it has risen almost 500 percent.
Franco Capelo, CEO of the Institute of Technical Analysis, told Infobae: “Ethereum is simply a giant piece of land where you can build buildings. Those buildings are actually crypto projects, which means tokens can be created within the Ethereum blockchain.”
Solana is a new generation altcoin or “alternative cryptocurrency”. It offers different features that Bitcoin does not have, such as allowing users of its blobkchain to make decentralized applications (DApps), non-fungible tokens (NFT) and more. It is a competitor to Ethereum, since in principle they behave very similarly, so many investors consider it a good way to diversify. Unlike Ethereum, ithas priced almost 15,000 percent so far this year, although it rose more than 17,000 percent, but suffered a small correction. With all this, it went on to position itself as one of the 5 largest cryptocurrencies in the world, with a current market value of USD 68,000 million, and being the fourth largest non-stable cryptocurrency.
Bitcoin is the reigning cryptocurrency par excellence. With more than $1.14 trillion in market capitalization, it is the eighth most valuable asset on the planet. It is considered as digital gold, and its value is given by being considered as a safeguard of capital in the long term. So far this year, Bitcoin managed to double its price, and reach new historical peaks, although it currently suffered a setback that led its price to fall to USD 60,000 per unit.
FILE PHOTO: A representation of cryptocurrency Dogecoin is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
Dogecoin is a cryptocurrency that does not have much sustenance, since it was literally created in the wake of a meme. For many investors, this type of token does not have any kind of validity, but for others, Dogecoin is one of the best cryptocurrencies offered by the market today. The reality is that DOGE is currently the ninth most valuable token in the crypto world, with a market value of nearly $32 billion. So far this year it registered a rise of more than 5 thousand percent, although it rose 16 thousand percent at its peak.
For large investors and entrepreneurs, Dogecoin is the strongest crypto as a means of payment. This is the example of billionaire Mark Cuban, American businessman, investor, and owner of the NBA’s Dallas Mavericks. In August, Cuban said in an interview on CNBC: “It is a means that can be used for the purchase of products and services (…) The doge community is the strongest when it comes to using it as a means of payment.” Cuban’s opinion was backed by Tesla and SpaceX CEO Elon Musk, who already spoke well of Dogecoin even in the previous months.
Because of this volatility, and because it is the largest cryptocurrency meme on the planet, many look favorably on Dogecoin, and are aware of its potential to rise thanks to the interest of the crypto market for risk and the sharp rises in token prices.
Axie Infinity is the largest video game in the blockchain world. While it has 2 tokens, the one that is most traded is the so-called AXS, and it is positioned as the 25th largest token in the world. Its market value exceeds $8 billion, and it’s an ever-growing game.
Yanina Orrego, CEO of Capital Ediciones, toldInfobae: “Blockchain-based games do not stop growing. There are already millions of players dedicated to making money playing them. Today, games went from being an entertainment, to a way of working, and that has generated sources of employment, new companies, and much more. Axie Infinity has a lot of potential going forward, and 2022 may be the year in which its price explodes the most, if the developers do things right and get the game on track.”