Thinking of the right investment to get into right now? You will agree that there are quite a few options to choose from when it comes to short-term and long-term investment opportunities. There is also the option of choosing between physical assets like real estate, gold, and silver or digital assets like cryptocurrencies. And if you are particularly interested in cryptocurrencies will need to know the best ones to buy right now and the right place to shop for cryptos.
If you are already familiar with eToro know that it is a trusted platform that is popular among traders. The social trading platform allows traders to share trading signals and copy trades. But it has since evolved to become one of the most popular places to buy cryptos. Want to find out the best crypto to buy on eToro or need to learn more about investing in cryptos? You will learn more in the sections below.
What are Cryptocurrencies?
For the benefit of those who are not quite familiar with cryptos, let’s start by defining the key term that we will be talking about here. Cryptocurrency is a digital currency that can be used with the help of the internet. The progress in digitalization has led to the development of currencies that make use of a decentralized digital network to share value among users.
Related: Understanding How Crypto Mining Works
While there are a lot of terms to be familiar with when it comes to cryptos, the bottom line is to understand that there is a lot of potential to earn and invest for savvy investors. Of course, you will need to approach cryptocurrency investments with a lot of caution, and it helps if you learn all there is to know about the usefulness of cryptos and how to take advantage of them.
If you have followed Bitcoin closely for the past decade, you will find that it has grown in value to be one of the most popular currencies in existence today and not just taking into account those of the digital nature. Investing in new cryptos surely could have you set up properly in terms of financial security. But while it is true that there are other investment opportunities for you to consider, you want to follow cryptos closely as it has a lot of future potential. This link https://www.investopedia.com/tech/question-why-should-anyone-invest-crypto/ has more on the benefits of investing in cryptos.
You will find below some of the best cryptocurrencies to buy on eToro right now, but first, let’s share some of the things to look out for when buying cryptos.
How to Buy Cryptocurrency?
As with other forms of investment, you want to be critical about the best ways to avoid getting into problems. And as such it will help that you know the details to look out for when in the crypto market. Whether you are a newbie buying for the first time or on the lookout for other assets to add to your crypto portfolio, below are some of the things you want to look out for.
The Community
When it comes to a viable investment opportunity, it helps that there is a lot of chatter around it as it guarantees there could be a lot of room for profit. A cryptocurrency like Bitcoin that enjoys so much following will surely be worth considering as you can see that there is a large community behind it. The same goes for some others that are trending right now that have thousands of people discussing the earning rate. You could make use of the internet to search for the popular cryptos right now to see the options that turn up and you can check through online discussion boards about cryptocurrencies to find out what people have to say about the options available.
The Brains Behind It
You can also expect that a technology that operates on a specific type of network will need a team of experts behind it. You don’t want to just follow up on the progress with the development but also want to look at the management structure and other people who are investing in it. If you find options that have popular investors and entrepreneurs invested, you may also want to consider them as it could only mean that it appeals to investors who have a better understanding of financial investments and the market. You will need to carry out this fundamental analysis as it helps you get a better understanding of the team behind the crypto and where they are headed.
Technology and White Paper
You want a digital investment that has every down when it comes to tech support and can boast of uninterrupted uptime. While it will be up to you to have internet access to be able to check up on your investment, you don’t want to worry about not getting the right tech support. Bitcoin and many others operate on a blockchain technology that could be decentralized. And could also make use of Smart Contracts and virtual machine technology like Ethereum which makes it easy for developers to create apps on a larger scale.
The white paper is also important as the document contains all the plans and visions of the currency. You can find information such as the technology, team, and plans for the crypto which can help you better understand its purpose and if you can find it useful to invest in. You must try to check the details of the white paper as it helps put to rest the fact that the currency is legit and has the right foundation that can help you get the best out of the investment. This page has more on why white papers are important for cryptos.
Price History
Experts also advise that you consider the history of the price of the asset before investing. It is not just with cryptos as you want to also take this approach with investing in other assets such as precious metals and stocks. The price history will help you understand the past performance and if there is any chance of volatility. Popular options like Bitcoin and Ethereum have enjoyed their fair share of highs and lows and you also want to know what happens when it dips. Getting an idea of the market reaction to the price fluctuation can also help you determine if a currency will be worth investing in or not.
The Best Cryptocurrency to Buy on eToro?
Now that you have an idea of some of the things to consider when in the market for cryptocurrencies, you can now check below to find some of the best cryptos to buy on eToro right now.
Bitcoin
Often referred to as the original cryptocurrency, Bitcoin was the first crypto to be developed in 2009 using blockchain technology on a decentralized network. And if there is the one crypto that you want to own surely should be Bitcoin. The fact that it has survived all these while and has become one of the most popular assets right now with a market cap of over $750 billion means that there is a lot of opportunity right now for newbies. Given the fact that as of May 2016 Bitcoin sold for $466 and as of February 2022 was valued at $35313 only means there was a growth of 7,600% in the six years gives you something to ponder on.
Ethereum
The next biggest crypto after Bitcoin is Ethereum and if you want to consider buying anyone should also take a closer look at Ethereum. It is a favorite among developers due to its flexibility for use in different blockchain applications like in the case of non-fungible tokens (NFTs). With a market cap of over $340 billion can also expect that there are a lot of investments right now in the currency. And with the tremendous price growth, it has recorded in the past six years from $10 in 2016 to $2495 in April 2022 only means that now is the best time to get in if you want to make a good profit in the coming years.
Binance Coin
This crypto was developed to help with carrying out transactions easily on Binance one of the largest cryptocurrency exchange sites right now. And since it was launched in 2017 has grown beyond as an asset that enables trading on Binance. You can also make use of it to book travel, payment processing, or carry out any form of online trade. You can also trade it for other cryptos such as Eth and Bitcoin easily. And for the fact that many people on eToro purchase Binance coin daily only means that you want to tap into the potential as well.
With a market cap of over $57 billion can rest assured that there is a large community behind the crypto. As of 2017 when it launched, the Binance coin sold for a few cents, and as of February 2022 was priced at $349 shows there is a steady rise in the price and could offer good business for the long-term investor looking for the best cryptocurrency to buy on eToro right now.
Tether (USDT)
If you are looking for stable crypto that is backed by fiat currency will surely find Tether to be appealing. This means that you won’t have to worry much about price volatility with Tether as it ranks closely with the performance of other currencies. This could be the best option for a newbie looking for a low-risk coin to invest in. Its widespread adoption is also another reason why you want to consider this coin as you can benefit from the stable value when it comes to exchanging it for other currencies. The fact that the price is low and pegged at $1 only means that you can buy as much as you can and put them in store for the long term.
Cardano (ADA)
Needing something that embraces proof-of-stake and has minimal impact on the environment in terms of energy utilization will surely find Cardano to be worth considering. While you can be sure of finding many people buying it on eToro daily, which could only mean there is a lot of potential for the crypto, you will also find that it has a good number of following which is another reason why you want to consider it.
Although the price growth has been quite modest since it was introduced but you can tap into the future potential as it is widely accepted right now for its potential to disrupt the traditional methods. When it comes to the best cryptocurrency to buy, you want to look at those that have a wide potential for growth in the future, especially when considering the new options available right now.
Final Note
While you can expect to find numerous options to choose from when looking to buy cryptocurrencies, you want to check the ones listed above if you need some of the best coins worth buying right now. Remember to follow the tips provided on how to buy cryptos and do well to consult wide to help you make a better decision.