To some people, cryptocurrency is an enigma. That’s fair. Crypto is still relatively new, and for many people, it’s hard to believe anything other than cash being used as a currency. But Crypto can be a great investment. Currently, cryptocurrency is in a relatively volatile state, but with some time it’s sure to bounce back. With so many different types of crypto out there, which one is the best? Well, you’ve come to the right article. Here are a few of the top cryptocurrencies available today.
Ethereum
Developers can create their own cryptocurrency using the Ethereum network. While it’s currently behind bitcoin in terms of value, it’s still ahead of other competitors. Despite being relatively new, it’s already exceeded its market cap several years after it was first created. Currently, it’s the most popular blockchain and is the second-largest cryptocurrency by market cap. The upcoming upgrade known as the “The Merge” is expected to boost Ethereum’s value even further. It will reduce the number of coins in the network, and it’s also expected to cut down on the energy consumption of the network. The project is scheduled to be fully implemented in August.
Bitcoin
Bitcoin has been around for quite some time, and it’s easy to see why it’s the leader. Its market cap is higher than that of other cryptocurrencies, and its price is higher than other types of investments. Because of its popularity, many businesses accept payments using bitcoin. Some of these include Visa, which recently started allowing its customers to pay with bitcoin. Also, payment processor Stripe recently started allowing its customers to pay with bitcoin. In May, it was reported that the Luna Foundation Guard would provide loans worth $1.5 billion in denominated Bitcoin and terra USD to help stabilize the exchange.
Tera 2.0
Terra Classic’s stablecoins were designed to power global payment systems. According to a report by CoinMarketCap, its native coin, LUNC, helped stabilize the prices of these coins. These are coins that are based on various fiat currencies, such as the US dollar, South Korea won, and the International Monetary Fund’s Special Drawing Rights. The decline in Terra Classic’s value in May was caused by the volatility of its stablecoins. This was a major setback for the cryptocurrency, as it had been performing well throughout the year. Following the crash, the original Terra network was rebranded as Terra Classic and then launched Terra 2.0, a blockchain without an algorithm. According to The Block, this new type of blockchain was created to help stabilize the ecosystem. The original network’s name has also changed to Terra Classic. The LUNC coins will be used to trade on the new version of the network.
Chainlink
According to a report by CoinMarketCap, Chainlink is designed to allow people to interact with external data feeds and payment methods through its decentralized oracle network. The developers of this project believe that smart contracts will eventually become the main form of payment. One of the main advantages of Chainlink is its strategic partnership with Google, which allows the company to connect its users to its various cloud services. According to a report by Securities.io, the project’s advisors include Eric Schmidt, the former chairman of Google, and Jeff Weiner, the former CEO of LinkedIn.