Did you know the total value of existing cryptocurrency was around $804 billion early this year?
Bitcoin is not just the first-ever and best-known cryptocurrency — it’s also the most valuable. But if you’re new to the space and want to start investing in digital currency, which ones are worth it? According to one source, there are nearly 23,000 cryptocurrencies. But that’s not the same as saying that all cryptocurrencies are worth sinking money into.
Investing in cryptocurrency doesn’t have to be a doom and gloom situation akin to a nightmare scenario where you discover that your health issues are symptoms of mesothelioma or some other aggressive form of cancer. But you can lose your proverbial shirt pretty quickly if you invest your hard-earned money unintelligently. The losses can add up quickly.
So, with that said, how do you know which cryptocurrencies are worth it? Continue reading to learn about four cryptocurrencies to consider if you’re new to crypto investing.
MetisDAO is a cryptocurrency you should have on your radar as a beginner investor. It’s an Ethereum Layer 2 solution designed to make up for some of Ethereum’s primary issues: storage, simplicity, scalability, speed, security, and savings. So, if you invest in MetisDAO, you’ll benefit from super-quick and super-cheap transactions. And you’ll get these benefits without sacrificing Ethereum Layer 1 security.
MetisDAO intends to enable businesses to operate entirely on the blockchain without requiring coding templates. It can be an excellent addition to your cryptocurrency portfolio. It’s not as well known as some of the bigger cryptos, so do some research before deciding.
Dogecoin is a cryptocurrency you’ve probably heard about. It was created in December 2013 by two men, Jackson Palmer and Billy Markus. It was created based on a dog meme and was intended as a joke to poke fun at the crypto space. Dogecoin had a lot of exposure a few years ago when Elon Musk, the billionaire founder and CEO of Tesla, expressed his fondness for the cryptocurrency. He waxed eloquently about Dogecoin on social media. That stoked interest.
Dogecoin is not capped in terms of supply, so there’s no cap in terms of how many Dogecoin can be mined. The upside potential of Dogecoin might not be as high as some other cryptos, but it can still serve a useful purpose. For instance, many Dogecoin owners use it on social media platforms to tip users who provide useful or interesting content. It can provide an inexpensive way to build your crypto portfolio and gain some diversification.
People who like Solana say the cryptocurrency is quicker and more efficient than the bigger, more popular, and more established Ethereum cryptocurrency. According to CoinMarketCap, Solana was among the top 10 cryptocurrencies by market cap for most of last year. So, it’s no slouch in the cryptocurrency universe.
Fool.com calls Solana the fastest crypto blockchain, and it’s also praised for its low cost compared to the likes of Ethereum. That doesn’t mean Solana’s perfect. One issue is downtime. But Solana is a promising option for any beginner interested in crypto investing.
- The Sandbox
Are you into the metaverse? It’s something that holds a lot of promise. If you’d like to invest in a metaverse-blockchain play and have a high tolerance for risk, consider The Sandbox. Gaming enthusiasts can use The Sandbox to create and sell their own NFTs.
As the metaverse and NFT spaces grow, investors could see the cryptocurrency boom over the long term. Again, there are risks. That’s why The Sandbox is the sort of cryptocurrency investment you should only make if you have a high risk tolerance.
In order for The Sandbox to grow, it will have to expand its user base, get more developers to come on board, and construct its platform.
If you want to invest in cryptocurrency as a new investor, these are some of the options to consider. But they are by no means the only cryptocurrencies to consider. Your best bet is to do your research, invest only as much as you can afford to lose, and enjoy the ride.
Photo by Jievani Weerasinghe on Unsplash