In this article, we take a look at the 10 best cryptocurrencies for investment according to Reddit. For other cryptocurrencies, 5 best cryptocurrencies to invest in, according to Reddit.
Investors are well aware of the crypto catastrophe of 2022. Digital assets have lost more than $2 trillion in a massive route to crushing nearly all cryptocurrencies, including Bitcoin and Ethereum. Several cryptocurrency companies and startups have suffered huge losses and gone bankrupt. Galaxy Digital, founded by billionaire Michael Novogratz, posted a quarterly loss of $555 million in August, while exposure to FTX hurt him $77 million. Galaxy Digital calls itself a digital asset and blockchain company. Binance has also taken a hit since making his $3 million investment in his Terra project in 2018.
Additionally, hackers will have an open season in 2022, stealing millions of dollars in digital assets and exposing claims that P2P and decentralized technology are secure. For example, a hacker stole a whopping $600 million from Ronin, a blockchain bridge platform connected to Axie Infinity, of his game online.
What is the future of cryptocurrency
However, we would like to focus on another side of the cryptocurrency world. This aspect proves that there is more to cryptocurrency than speculation, meme coins and a ‘to the moon’ campaign without basic strengths.She in one of the world’s most famous venture capital firms. An Andreessen Horowitz has released an excellent overview report on the state of cryptocurrencies in 2022. The power of software and new technologies to shape the future. The VC firm’s report focuses on the technical aspects and forecasts of the cryptocurrency segment. These aspects shed light on the fact that cryptocurrencies are here to stay and new technologies such as blockchains, NFTs and decentralization will solve major problems in human society.
Photo by Adam Nowakowski on Unsplash
The report begins by explaining that the world is moving beyond single points of failure and central systems to decentralized and fair systems. These systems are more resilient in the long run.
According to the report, the cryptocurrency market evolves in cycles, and at first these cycles appear “chaotic”. However, deeper technical analysis shows that major cryptocurrencies are actually working to solve important problems, with thousands of developers in their communities. The world of cryptocurrency makes sense when investors learn to focus on the technical side and only focus on startups that use crypto-related technology to solve real problems. start.
According to Andreessen Horowitz’s report, developers are building on top of blockchain technology and have several options for it. This report lists several cryptocurrencies and technologies used by developers. These include Ethereum, Solana, Polygon, Phantom, and more.
Decentralized Finance (DeFi)
The report also mentions the usefulness of decentralized finance (DeFi). Major financial institutions say they are unable to meet the needs of millions of people around the world. For example, in the world he has 1.7 billion unbanked people. The report shares a key statistic: DeFi’s total market value went from 0 to $100 billion in just two years. He also said that
Andreessen Horowitz’s report shows optimism about the future of cryptocurrencies, but analysts agree that cryptocurrencies have a long way to go before they become more widely accepted and used. increase. For example, despite all the hype around decentralization, the world saw how interconnected the cryptocurrency market was when the Terra ecosystem, the two leading tokens, collapsed. At $1 by maintaining a ratio to the amount of Luna in circulation. Both coins hit zero when the UST started declining from the dollar peg, and the impact of this collapse affected several other currencies.
Leading companies such as Apple Inc. (NASDAQ:AAPL), Mastercard Incorporated (NYSE:MA) and Microsoft Corporation (NASDAQ:MSFT) are investing heavily in blockchain and cryptocurrency startups. These investments are expected to improve the fundamentals of the industry and help the industry move beyond speculation and memetic investments.
In this article, we have tried to pick the 10 most notable cryptocurrencies that Redditors believe are solid investments for 2023 and beyond. First, we used some Reddit trackers to list the most talked about cryptocurrencies on subreddits such as r/cryptocurrency, r/cryptocurrencies, and r/cryptomarkets. We then manually scrutinize these subreddits to ensure that the chosen cryptocurrency is mentioned in a positive sense (bullish) and why Reddit users are optimistic about these currencies. read. The process also used Chart Exchange’s sentiment tracker.
A quick look at Reddit’s cryptocurrency discussion boards shows that retail investors are bullish on Litecoin. Litecoin bulls believe that the currency, which uses the famous proof-of-work algorithm, offers very strong decentralization and efficiency. Litecoin recently made headlines when it saw an inflow of $500 million to its market cap in the last few days of December 2022.
Redditors love Litecoin, and recently there have been several comments praising the currency’s reliability and performance.
“Reliability is the key word. Litecoin has never let me down. Reddit user ‘sturdymcpoyle’ thinks it simply ‘works.’
Although not the most popular cryptocurrency, Monero still has a large community on Reddit. Monero bulls on Reddit praised the currency’s untraceability. They believe Monero is ideal for those who want to shop online without traceability. This is largely because governments around the world have shown zero tolerance for currencies that may be used online for illegal purchases or harmful online activities. It is based on facts.
8. Ripple (XRP)
Despite a major legal battle between the SEC and Ripple, many Redditors believe XRP is one of the best cryptocurrencies to buy right now. His CTO of Ripple, David Schwartz, recently said that the reason Ripple’s price is so low (he’s down 44% over the past year) is that cryptocurrencies could actually be the next big thing in the future. He said it’s because many people still don’t want to believe that there is sex.
But it’s a very clear statement from the CEO. Is there anything solid in this cryptocurrency?
In addition to the fundamentals and underlying technology, Red Dieter believes it is the perfect time to buy Ripple. Because if the company wins the legal battle, nothing, or very little, will go up for Ripple in the short term after the decision.
The crypto industry is poised for the long term as major players such as Apple Inc. (NASDAQ:AAPL), Mastercard Incorporated (NYSE:MA) and Microsoft Corporation (NASDAQ:MSFT) invest in blockchain and cryptocurrency startups. expected to be accepted and mature. .
7. Polka dots
Polkadot, like other cryptocurrencies, has been hit hard in 2022. However, Redditors believe the currency’s long-term growth prospects are still intact. Below is his DOT supporter’s comment that got a lot of support on Reddit.
“The Polkadot technology is sound, built from Substrate and tested on Kusama (Kusama is a fully independent blockchain, not just a testnet). It is refined and well-honed on Polkadot. Don’t get me wrong, I’m just paying homage to my predecessors (vitalik buterin of ETH and Charles Hoskinson of ADA).
But in my opinion Dr. Gavin Wood has designed it right and tooled it right in Rust and WASM.
I am a convert, an impressive Polkadot ambassador, self-taught to use Rust in the native Substrate environment, and entered the game with 80% of my crypto holdings invested in DOT.” A Reddit user named dwulf69 said.
However, this comment was posted two years ago. Many price prediction analyzes posted recently believe that DOT will be worth at least $10 over the next few years.
Polygon (MATIC) is a blockchain platform that enables the connection and scaling of blockchain networks. According to the latest report, MATIC was one of the most bought tokens among the top 500 Ethereum (ETH) whales in the last 24 hours.
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Disclosure: None. 10 best cryptocurrencies to invest in, according to Reddit was first published on Insider Monkey.