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Shiba Inu to Dogecoin: 7 best Cryptocurrencies for
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Shiba Inu to Dogecoin: 7 Best Cryptocurrencies for Long-Term Investment

Over the past few years, the cryptocurrency market, which is still in its infancy, has gained a lot of momentum and attracted the attention of many young Indian investors towards it. Individual and institutional investors these days are keen to invest in digital currency to make profits – both long-term and short-term -. Undoubtedly, cryptocurrencies like Bitcoin and Ethereum blockchain are among the popular cryptocurrencies that most people are familiar with. Young investors, wanting to invest in the cryptocurrency industry, are confused about where to invest. However, just like the stock market, profit and loss are also part of the crypto industry and are subject to market risk.

Manoj Dalmia, founder and director of Proassetz Exchange, said that meme/tokens and the world at large are on the edge of their seats with the latest bull run in the Crypto space. Global stock exchanges are listing Doge and Shiba Inu which are gaining attention due to the recent price growth.

“The new high-end investment class for Crypto assets has done great with a profit performance of over 1,000% in the past year. Coins and tokens with very hard fundamentals are still promising for further growth. Bitcoin, Ethereum, Cardano, etc. are already the candidates. The most worthy in the crypto industry.”

He said that the cryptocurrency space and the alternative investment sector is no longer oblivious to investors but rather has developed into a mature market long ago. Not just a haven for tech developers and geeks, even giants and traditional investors are starting to put their trust and amplify acceptance. The high growth volume has proven this point.

“The amazing performance of the indicators is also causing magical changes, two major price indicators like RSI and moving average on high performance like Shiba Inu broke its resistance and became a strong support at Rs 0.00192 ($0.0000255) where the moving average played an important role. Manoj said that the crypto assets have attracted a large number of traders in India and around the world.

However, investing in the cryptocurrency market comes with its share of risks and challenges. One needs to trade with caution and direction. Speaking about risks and challenges, he said the industry like any other financial industry comes with some risks and challenges such as regulatory and legal issue, asset custody and understanding technology, but again, global acceptance is slowly eliminating these risk factors. “Exchanges provide high-quality services and help users understand cryptography with the help of information centers like an academy where one can understand technology. The industry has provided a thriving space for all classes of investors and the growth is evident in itself.”

Ashish Anand, co-founder and CEO of Brú.Finance, said that the cryptocurrency sector has consistently attracted the attention of the masses. Even though the landscape of India is quite gray at the moment, that certainly hasn’t stopped millions from getting their hands dirty with cryptocurrency trading.

“This comes with many risk factors, volatility is often significantly high because the market is mostly speculative. Moreover, a large share of cryptocurrency traders and sometimes owners have an influencer-led investment psychology. This type of market has shown appreciation for investments in Early stages rather than mature stage investments as in the case of an initial public offering, which further defines the easy money mindset that cryptocurrency traders practice, without thinking about the long term.Moreover, some inherent risks stem from technological risks such as smart contracts or any organizational risk.

Manav Bajaj, founder of Panther Quant, said that cryptocurrency is undoubtedly one of the biggest sectors that are growing exponentially and well globally. The market capitalization valuation of the entire crypto industry has grown to more than $2 trillion recently from just $350 billion in mid-2020.

“In India, the cryptocurrency is said to be in an embryonic stage and yet we already have over 15 million users. The majority of this sector is very unregulated and volatile which makes it very important for a retail trader to know where to put their money in,” Bajaj said.

Here we are discussing some of the cryptocurrencies that have topped the market cap charts time and time again and can be good choices for your long-term investment.

Here are the 7 Best Cryptocurrencies for Long-Term Investment »

1) Bitcoin (BTC)

Bitcoin (BTC) was created in 2009 by someone under the pseudonym Satoshi Nakamoto, and is the original cryptocurrency. BTC is also known as “digital gold” and is the largest cryptocurrency in the world. The price of bitcoin per token has risen nearly 113% annually and reached a new lifetime high of around $67,000 per token.

2) Ethereum (ETH)

The Ethereum blockchain is rapidly gaining crypto and is always in competition with Bitcoin. With a market capitalization of around $469 billion, Ethereum or ether is the second largest cryptocurrency by market capitalization. Recently, the share of ether in the cryptocurrency market increased from 18 percent to 20 percent. It is a decentralized blockchain platform that excludes third parties. The price of the Ether token increased by nearly 458% during the trading of 2021, according to the report.

3) Cardano (ADA)

Cardano is also a decentralized blockchain platform that uses native cryptocurrency. It is noteworthy for its early adoption to validate the Proof of Stake. Cardano (ADA) enables secure peer-to-peer transactions. Cardano is also working like Ethereum to enable smart contracts and decentralized applications, which are powered by ADA, its native currency. Cardano’s ADA token has seen relatively modest growth compared to other major cryptocurrencies.

4) Ripple (XRP)

Launched in 2013, Ripple is one of the largest digital asset projects in the industry, with a market capitalization of tens of billions of dollars. Ripple’s total supply of 100 billion XRP tokens still qualifies it as a low-value crypto asset. Currently, Ripple is used for cross-border payments by more than 250 banks and has an impressive time processing transactions with minimal fees.

5) Dogecoin (DOGE)

Dogecoin is a meme coin, a cryptocurrency based on or inspired by memes. There are 128 meme coins with a total market capitalization of over $44 billion. The largest meme coin is Dogecoin with a market capitalization of $32 billion.

According to its website, Dogecoin is “an open source peer-to-peer digital currency favored by Shiba Inus worldwide.” The Shiba Inu is a breed of hunting dog from Japan. Notably, SHIBA INU (SHIB) is a different cryptocurrency.

DOGE coin has gained a high mining rate since its launch. In 2021, Dogecoin got a lot of attention from Reddit users and of course Elon Musk. Interestingly enough, Elon Musk also owns Dogecoin, along with Bitcoin and Ether.

6) Shiba Inu

On Sunday, Shiba Inu surged to record highs over the weekend to become the 11th largest cryptocurrency by market cap. Founded in 2020 by an anonymous person named Ryoshi, SHIB stock surged 50% on Sunday and reached an all-time high. The Shiba Inu coin website notes that it is “a decentralized meme that has evolved into a vibrant ecosystem.”

In September, Shiba Inu stock rose nearly 40 percent after US-based Coinbase said its customers can trade, send, receive or store SHIB on its platform.

7) Polkadot (DOT)

Polkadot allows transfers via the blockchain for any type of data or asset, not just tokens. This coin provides a bridge to networks so that many applications built on Polkadot can also run on Ethereum and Bitcoin. However, it is more scalable and faster. Polkadot already has a monetary value on the exchanges, which makes it a cryptocurrency worth watching.

Also Read: Your Daily Market Sharing Guide: Things to Watch Before the Market Opens

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