If there is a question every investor (new or old) in the cryptoworld wants an answer to, it is probably about which is the best cryptos for long-term investment.
From Bitcoin and Ethereum to Shiba Inu and Tron, people who are familiar with the market are aware that crypto investments can be overwhelming, with some coins having insane growth potential, while some are constantly losing value. Volatility is the name of the game.
If you want your investment to maintain its value and grow in the long run, here are the top 3 crypto assets that you can bet on for long term rewards:
1. Bitcoin
With a market cap of $1.1 trillion, Bitcoin is easily the most well-known digital currency globally. Not only is it the first of its kind, it has also been certified by crypto analysts to have a huge influence on the success or failure of other coins. This means when the price of Bitcoin goes up, the prices of altcoins tend to experience a corresponding movement, and vice versa.
In May 2016, one Bitcoin was selling for $500. As of August 11, 2024, the value of the asset is in the range of $60,000. That is a whopping 11,900% increase in less than ten years. In essence, if one had bought two Bitcoins in May 2016 for the price of $1,000, such an investor would have roughly $120,000 today!
Bitcoin is not only the forerunner of crypto investment, it is also a game changer that can't be ignored, making it one of the best cryptos for long term investment.
2. Ethereum
Ethereum is the second largest crypto currency by market capitalization, only behind Bitcoin. However, unlike Bitcoin, Ethereum is more than just a digital currency; it is a technological platform that supports many applications.
The Ethereum blockchain hosts smart contracts, decentralized applications (dApps), and non-fungible tokens (NFTs), making it a versatile and valuable asset. Two years ago, there was an upgrade known as “The Merge” that transitioned Ethereum from a proof-of-work to a proof-of-stake mechanism. This means that Ethereum blockchain experiences improved efficiency and scalability.
Considering the technological advancements in Ethereum, it is bound to experience more adoptions in years to come, leading to an increase in demand and by extension, increase in value.
3. Doge
Known for its massive (and active) community, being in the top ten market caps of all digital currencies worldwide, and boasting a high trading volume, Doge is one of the best cryptos for long term investment.
One of the reasons this digital asset is considered a smart long term crypto investment is its widespread acceptance and use in various transactions. Many businesses like Tesla and Air Baltic accept Dogecoin as a means of payment. This will eventually increase its demand and adoption, leading to an increased value. In fact, Doge’s trading volume recently hit the billion dollar mark.
Additionally, Doge’s inflationary supply model ensures that there is a steady influx of new coins entering the market, which can help stabilize its price over the long term. Unlike Bitcoin, which has a capped supply, Doge’s supply can make it more accessible and less prone to extreme price volatility. If you want to invest in a cryptocurrency with a safety net similar to that of the Bitcoin, Doge is probably the one for you!
Key Takeaway
People who have consistently followed the crypto market will probably tell you that when it comes to the value of cryptocurrencies, nothing is certain. The market is volatile, and several factors can influence the rise and fall of the value of an asset. However, if we have learned anything over the years by following crypto trends, analysis, and coin valuations, it is safe to say that Bitcoin, Ethereum, and Dogecoin are some of the best cryptos for long term investment.