5 Cryptocurrencies to Add to Your Watchlist Right Now
Updated: May 30, 2021
It is not a revolutionary concept that money has no intrinsic value to it, but it holds value in our modern societies simply because people have attributed value to this financial medium of exchange.
While many people may frown and squint their eyes at the notion that money has no real value, there are an equal, a perhaps even larger number of people who recognize that money by itself is in fact worthless, thanks to the rise of alternate forms of the digital currency known as cryptocurrency.
With an increasing debate on the value of fiat currency in time to come, more speculation has been placed on the worth of cryptocurrency in the digital era. Many retail investors have participated in hype events to bring various cryptocurrencies “to the moon”, so
In this article, we bring you the hottest cryptocurrencies at this point in time to add to or keep on your watch list.
NOTE: All information in this article is only for informational purposes and is strictly NOT financial advice.
Perhaps the most well-known cryptocurrency to date, Bitcoin is the golden child of many traders’ watchlist as it has captured the attention of many retail (people like you and me) and institutional (big investment institutions) investors alike.
People like Elon Musk have continuously voiced their support for this cryptocurrency and bought large volumes of Bitcoin. For a while, Tesla had even started receiving payments for its cars via Bitcoin.
Even institutional investors such as JPMorgan Chase and Co are on track to implementing cryptocurrency management in their portfolios, which seems to be a bright future for cryptocurrency as a form of alternative currency, besides gold.
Ethereum is the next most popular cryptocurrency after Bitcoin, which now trades at around the $3200 mark. This cryptocurrency’s biggest difference from Bitcoin is that Bitcoin strives to establish itself as an alternative monetary system, but Ethereum strives to facilitate and monetize the operation of the Ethereum smart contract and decentralized application (dapp) platform.
As no government or company has control over Ethereum, it is then impossible to be stopped by anyone from using Ethereum’s services or receiving payments via Ethereum.
Ethereum’s price is only projected to grow from here, as more companies and organizations realize the benefits of this cryptocurrency.
This may be the hottest coin on the market right now, with its adorable Shiba-Inu logo and undeniable meme hype from Elon Musk and other retail investors on Reddit thread r/wallstreetbets.
This coin perhaps best encapsulates the risks of trading cryptocurrencies with its extremely volatile tendencies, as it depends highly on the mood of none other than “Papa Elon” himself, a term of endearment coined by the “diamond handed” traders on Wallstreetbets.
While its extreme volatility has burnt a huge hole in many traders’ pockets, its volatility has also proven to be a money tree for other traders who got in and out at the right time.
Dogecoin was created by software engineers as a joke to mock the intense speculation of cryptocurrency back in 2013, so if you decide to buy some just to be in on the joke, proceed with caution and invest a small portion of your portfolio, and then take out the principal amount so you can enjoy the ride without guilt.
XRP is a close cousin of Bitcoin engineered by Ripple, but XRP transaction confirmations take only a few seconds and incur very little cost, in comparison to Bitcoin which takes several minutes and incurs high transaction costs.
A number of banks already use Ripple’s XRP technology, such as Standard Chartered, Credit Union and Deloitte. Even our very own DBS Group Holdings has been experimenting with XRP technology.
Launched in 2011, Litecoin was among the first few cryptocurrencies to make its debut following Bitcoin, and has often been referred to as the “silver to Bitcoin’s gold, referencing Bitcoin’s status as a competitor to gold as an alternative asset.
While it functions similarly to Bitcoin, Litecoin’s transaction confirmation speed is much faster, around 2.5 minutes which makes it a winning feature over Bitcoin’s average of 9 minutes.
There are also an increasing amount of merchants who accept Litecoin as payment, which shows good potential for its value to increase in the near future.
Article written by Michelle Ang