2021-10-16 00:09:33

5 crypto coins we’re watching now and why

Bitcoin shouldn’t be the only cryptocurrency you know about. Here are five others we have our eye on. (Source: Getty)

Never before has there been so much emphasis on the word “coins”. And what we mean by that is crypto coins.

As big as Bitcoin is, Ethereum is slowly but surely catching up and so are other coins.

You don’t necessarily have to just buy Bitcoin or Ethereum; there are other options

Also read:

While Bitcoin has its advantages, a Bitcoin-only approach isn’t always the most suitable strategy for crypto investing. It’s better to add other cryptos, such as alternative coins (or altcoins) to the mix. 

Here, we identify the five crypto coins we’re watching right now and why. 

Cardano (ADA-AUD). 

You may have heard of Cardano, and if not, you should start researching it. There is a passionate and growing community supporting ADA.

Cardano is becoming increasingly charming to big investors who don’t want to invest in the bigger coins but are still looking for solid bets. 

Cardano’s price increased by more than 100 per cent in August and continued to grow throughout September. 

It has become one of the most decentralised cryptos around, with 71.91 per cent of its current total supply staked by holders, earning them around 5-8 per cent annually on average. 

If you need proof of how fast ADA is growing, KISS bassist Gene Simmons tweeted in February that he had bought $300,000 of Cardano, saying it was, “one I believe in”. 

His investment has since doubled in value.

Polkadot (DOT1-AUD)

Second on our list is Polkadot. Don’t be fooled by its cute name. With a market value of more than $28 billion, it’s not one to be missed.

Polkadot is a new coin, launched in 2020, and is essentially a software that endeavours to incentivise a global network of computers to operate a blockchain on top of which users can launch and operate their own blockchains.

Polkadot is one of several contesting blockchains aiming to grow an ecosystem of cryptocurrencies. Other acclaimed examples of this include ETH and ATOM.

A close-up shot of physical Bitcoins and alt coins. Source: Getty Images

There are many investment alternatives to Bitcoin. Source: Getty Images

Between September 2020 and 30 September, 2021, Polkadot’s value grew a whopping 872 per cent, from $2.93 to $25.61.

Of particular interest is the much-anticipated Parachain auction process, where projects are allocated slots for building on the Polkadot cryptocurrency network, which kicks off next month.

Parachains are custom, project-specific blockchains that are integrated within the Polkadot and Kusama (KSM) networks.

Evergrow Coin (EGC)

Now for our third coin, we’ve identified Evergrow Coin.

EverGrow is a deflationary token that was designed to become more scarce over time. 

The interesting part is that all holders of EGC will earn an 8 per cent reward from every buy/sell transaction in Binance-pegged BUSD, which is automatically sent to your wallet by simply holding EGC in your wallet.

Some crypto analysts and experts compared the coin to Shiba Inu, Safemoon and others. 

Definitely one to look out for.

Binance Coin (BNB-AUD)

Fourth on our list is Binance Coin

BNB has a market value of $80,277,990,104. Let that soak in. Pretty big.

BNB is one of the most popular cryptocurrencies, and for good reason. 

It’s the cryptocurrency issued by the Binance exchange. BNB was initially based on the Ethereum network but is now the native currency of Binance’s own blockchain, the Binance chain.

A man sits in his home office looking at trading charts on his phone and computer. Source: Getty Images

Cryptocurrencies are a volatile asset class so it’s important to do your research. Source: Getty Images

According to data from BscScan, there are roughly 98.9 million unique addresses on BSC as of this month, with a daily transaction number of approximately 6.3 million. 

Comparatively, there were a total of nearly 172 million unique addresses on Ethereum on the same day, with about 1.1 million daily transactions, according to Ether Scan

Binance CEO Changpeng Zhao announced in a press release: “BSC’s growth has attracted 100 million more DeFi users with just initial funding of $100 million.

“With the new contribution of $1 billion, it can disrupt traditional finance and accelerate global mass adoption of digital assets to become the first ever blockchain ecosystem with 1 billion users.”

AxieInfinity AUD (AXS-AUD)

Lastly, we have AxieInfinity AUD

As the crypto space grows, the best cryptocurrencies to buy tend to become more and more difficult to decipher.

Let’s turn our attention to Axie Infinity Shards, the governance symbol for a blockchain-based game suggestive of Pokemon. It’s a player-owned game, with AXS acting as the polling device.

Axie was built on the Ethereum blockchain, and has gone parabolic this year, towering from 57 cents to its current level of around $126.

Keep in mind, all cryptocurrencies are a volatile asset class, so invest only with money you can lose, and always do your own research.

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