Cryptocurrencies are everywhere these days, most noticeably Bitcoin, Ethereum, Litecoin, and the like. Although investment specialists suggest investors diversify their portfolios, most investors only seem to care about a handful of cryptos. In this article, we’ll talk about less travelled options, but promising ones. Keep reading and learn more.
From the Pizza Day to the Crypto Buffet
In 2010, Laszlo Hanyecs posted in an online forum that he was willing to trade 10,000 BTC for two Papa John’s pizzas. The sum that would make anyone a millionaire today was nearly worthless back then. It was so disregarded as a payment method that everyone was surprised when this guy struck the deal.
Twelve years later, there are more than 19,000 cryptos across dozens of blockchain platforms. While many of these cryptos are worthless, some deserve way more credit than they get. While obfuscated by a couple of famous names, some excellent crypto assets lie in the shadows.
The sheer number of options also means an option for every occasion. Some cryptos are used in online retail transactions, and surprisingly, when playing online casino games, while others are for investing in the stock market. After the crash of terraUSD, it is also quite a relief to know that other stable coins are pegged to solid gold.
PaxGold
“Pax” is the Latin word for “peace” and a suggestive name for an asset in such a volatile market. This crypto is considered a stable coin, but it’s pegged to the value of gold, not any fiat currency. Paxos Trust holds the gold that backs this cryptocurrency. PaxGold is the result of the collaboration between Paxos Trust and PayPal Holdings Inc.
FTX Token
FTX Token is among the favourite options for investors putting their money on margins and futures. You’ll often see this crypto and other famous names, like Ethereum, Bitcoin, and Tron. FTX Token is backed by Alameda Research, which belongs to Sam Bankman-Fried.
Binance Coin
One of the largest crypto exchanges worldwide also has its crypto. Binance was established in 2017 and is a well-known name in this market. It’s also a popular option for those investing in crypto assets for the first time.
XRP
XRP is a fantastic example of an open-source cryptocurrency. This crypto is stored in its ledger: the open-source XRP Ledger. XRP derives from other cryptos, such as Ripple, and aims to speed up international financial transactions. XRP isn’t commonly used in retail, like Bitcoins, but it’s still a reliable and stable option.
Dogecoin
Dogecoin is a pretty strong crypto asset, considering it was born from a meme. Other cryptos with similar origins didn’t take too long to sink. Just remember the Squid crypto, based on the Korean series “Squid Game”, which collapsed amid accusations of fraud. Dogecoin is no Squid, though. Even Elon Musk bought into its popularity lately, proclaiming himself the “Dogefather.”
Volatile Stability
The crypto market is well-known for its volatility, and it’s often compared with a casino. However, it’s possible to invest in this market from a relatively secure position. The golden rules are: diversify your portfolio as much as possible and never invest funds you can’t afford to lose.