Bitcoin has been the talk of the market in recent years. It has become the de facto standard for cryptocurrencies. With the recent surge in cryptocurrencies, it sure does attract a lot of retail investors’ attention away from the traditional space. While Bitcoin is an obvious choice for investors warming up to the space, others are looking for cheaper yet promising altcoins to add to their portfolio. For those unfamiliar, an altcoin simply means an alternative cryptocurrency to Bitcoin. And each of them operates according to its own rules.
After the recent market dip brought by China’s crypto ban, the low crypto coin prices have caught the interest of Pakistani investors and skeptics. People, who were once against risking money in such a volatile market due to high prices, are now ready to make their first, albeit small cryptocurrency investment.
For you to get started, here are the top cryptocurrencies to buy and hold in May 2021. As of today, the crypto market is in recovery, which makes this an ideal time to invest.
Top Cryptocurrencies To Watch In May 2021
- Shiba Inu (SHIB)
- Ethereum (ETH)
- Cardano (ADA)
- DogeCoin (DOGE)
- Binance Coin (BNB)
A) Shiba Inu (SHIB)
Hailed as Dogecoin killer Shiba Inu is taken a huge dip in the crypto market. Based on the logo of’ ‘Doge’ itself Shiba Inu’ entered the world of cryptocurrencies is now 25% down. The value of Shiba Inu (22nd May 2021) has fluctuated between a 24 hour low of $0.00001473 and a high of $0.00001800. While Dogecoin has been on a steady incline since the beginning of 2021.
The market cap for Shiba Inu (SHIB) is $6,990,640,493 at the time of writing whereas, for Dogecoin the market cap for the currency is $65.80 Billion, which is a slight dip from where Forbes had placed it at $69 Billion, earlier in May 2021. So, this is the right time to buy as the price is declining rapidly. Right now you can buy 1,70,000 Shib coins at just Rs 100, isn’t it great. You can also wait a little bit as the price is expected to go down.
B) Ethereum (ETH)
What’s sending the second-largest crypto by market cap, Ethereum to the moon right now? Is it hype or is there something more? Sure, the speculative fever from non-fungible tokens (NFTs) and upcoming blockchain upgrades have previously fueled the parabolic moves in Ethereum. Another catalyst behind the recent surge is the growing use of this altcoin’s platform in decentralized finance (DeFi) applications.
Right now, although there are some competing blockchains claiming that they can process transactions faster and at lower fees, Ethereum is still the largest and go-to blockchain for DeFi. And as more applications are added to the blockchain, there is a good chance that Ethereum will be the primary platform. And it seems this is a key reason that is making a bull case for ETH for both short-term and long-term investors.
C) Cardano (ADA)
Coming up next, one of the best performing cryptocurrencies in the market is Cardano. For starters, the company’s enterprise platform lays out how Cardano is building a platform to accommodate usage in education, retail, finance, and healthcare. These industries face a common thread that pulls back from operating efficiently. And that is they have a high degree of centralization. We know one major reason why some cryptos are lacking mass adoption. It is because of low to zero real-world applications.
On April 29, IOHK, the company behind Cardano, announced Cardano’s blockchain technology will be used to revamp Ethiopia’s education system. One major benefit of utilizing Cardano’s technology is that the system will create a tamper-proof system for recording information related to five million students across 3,500 schools. If you are like many, you may be excited about Cardano’s strong prospects and real-world application. Would you agree that it will play a big part in the DeFi movement?
D) DogeCoin (DOGE)
It is baffling how a crypto coin that started out as a meme is now a leading player in the market. Unofficially endorsed by the “Dogefather” Elon Musk, Dogecoin is a cheaply priced cryptocurrency with immense growth expectations. Though the market crash had stumped the price of Dogecoin, it is still the fourth-largest cryptocurrency as per the market cap.
E) Binance Coin (BNB)
As per market capitalization, Binance Coin is the third-largest cryptocurrency, the first two being Bitcoin and Ethereum. In 2017, Binance Coin was launched by one of the world’s largest cryptocurrency exchanges Binance, as a utility token. Hence, the pricing of this crypto coin depends on its utility on the Binance platform. In simple terms, if more people use Binance Coin to trade other cryptos, its value will increase. Experts predict that by the end of May 2021, the price of one Binance Coin will hit $700.
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