Best Cryptocurrencies To Invest In August 2021
What will serve as the most profitable crypto investment opportunity?
As far as all cryptocurrencies are volatile, their rates change every second.
For example, with the “London” hardfork breakthrough, Ethereum becomes an MVP of the month, albeit it always used to lose to Bitcoin.
Interestingly, it is not on the current list, despite its recent July growth of $40 000.
Nonetheless, Bitcoin may still be a king of crypto, but what other digital currencies do you need to be aware of? Follow the thought with altynex.io.
1. Ethereum (ETH)
Nowadays, Ethereum is the absolute crypto-market MVP. Moreover, in recent months, its rate has been much more stable than Bitcoin. Earlier, it was supported by negative forecasts as if it might be down below $30 000.
The recent successful hardfork update and promising rate changes have also left a significant impact.
As a blockchain for DeFi and NFTs, Ethereum is one of the few digital asset networks that has achieved success on the adoption front. Besides, we can’t help but refer to the recent hack of the DeFi platform The Poly Network. In fact, ETH tokens were one of the three stolen assets.
The nature of this incident shouldn’t have played out well for the crypto. Regardless, the timely-appropriate response of the Network founders and quick return of the funds impacted Ethereum well.
Another impressive point is about how generous the reward for the location of hacker(s) was. It was worth $500 000! Plus, it is worth noting how swift was the tracking operation. In our opinion, this might be a phenomenon in the crypto world, right beyond the market.
NFT tokens are also going through prolific milestones: their trading volumes have been increased by 76,240% this year. And yes, indeed: the indicators have gone far beyond the absolute maximum.
Meanwhile, 37575.9 ETH have burnt for the value of $121 million, which also highlights the success of the hard fork.
According to the TradingView platform, Ethereum’s price is worth $3226 as of August 16th. If you invest in ETH now, it’d be available at lower risk. Besides, it’d be a long-term opportunity.
In the following video, you may check other benefits of Ethereum.
2. Ripple (XRP)
The second-best cryptocurrency to buy in August is Ripple. Two weeks ago, in Japan, Ripple Labs opened the first on-demand liquidity corridor. As in the case of the ETH hardfork, the bigwig event impacted well on the cryptocurrency perspectives.
To dive into the news, please watch the following clip:
Generally speaking, the growth dynamics looks more than positive. Over the last week, the token has grown by 35% against the US dollar. It’s 21% more against Ethereum and 24% more against Bitcoin. We expect that the main optimists of the market — “bullish investors” will play big this weekend.
To date, the annual maximum of XRP is worth $1.938. It serves as an excellent indicator, given some fluctuating shifts in the past (i.e., reaching no more than $1). We’d also like to recall that the all-time high (ATH) of XRP, $3.40, was recorded on January 7, 2018. And here’s fuel for thought: should we expect the same rate this year?
According to the TradingView platform, Ripple’s price is worth $1.29 as of August 16th. If you invest in XRP now, it’d be available at medium risk.
3. Cardano (ADA)
Cardano has been a slow burn when it comes to rolling out its roadmap. That restrained the price growth until the 2020’s Shelly update and the subsequent price increase this year.
Just in 2020, Cardano became a solid decentralized blockchain when the Ouroboros framework started working. The next item in the roadmap will be the Alonzo hardfork, which will allow the network to launch smart contracts. Initially, it was supposed to take place in early October 2021.
However, the Cardano crypto community is very excited about the upcoming hardfork. After all, we have an Ethereum example, which has set high standards for other cryptocurrencies.
Recently, the founder of Cardano, Charles Hoskinson, made a public statement with more information reveal regarding Alonzo. See the video below.
Subsequently, the hardfork launch date was postponed to September 12th. It may well explain the sharp increase in the price this week — ADA has increased by 41% over the past seven days and surpassed ETH by 27%!
Unlike XRP, ADA is much closer to its $2.42 ATH, which was reached in May 2021. To return and even surpass the high level, ADA overcame the resistance of $2.0 at the onset of the season.
According to the TradingView platform, Cardano’s price is worth $2.15 as of August 16th. If you invest in ADA now, it’ll serve as a long-term opportunity.
4. Avalanche (AVAX)
The first DeFi protocol, BENQI, was taken off on that cryptocurrency. That’s how Avalanche paved its way into the world of crypto. In the overall rating of cryptocurrencies, Avalanche is in the top-50, namely, numbered at 42.
Speaking of the price, it has increased by 13% over 24 hours and 19% over the last week, respectively. Currently, the rate of AVAX is worth $17.86. Interestingly, the founders claim that the Avalanche network is the first one based on smart contracts that can ensure transactions can be completed within less than a second. In fact, it was launched in September 2020.
Watch the video below to catch up with the definitions of Avalanche.
This week, another event occurred on the network following the launch of BENQI, the first lending/loan protocol on Avalanche. This last missing detail finally allows DeFi to take off on the crypto. To celebrate the milestone, Avalanche announced a liquidity mining initiative for BENQI — the estimated worth is about $3 million, to attract DeFi users to the protocol. It’s supposed to spice up the interest for future investments.
As says JD Gagnon, the co-founder of BENQI:
“Decentralized finance (DeFi) is primed to take off on Avalanche with the arrival of another cornerstone DeFi functionality. BENQI is joining a rapidly growing ecosystem of DeFi users, assets, and applications on Avalanche, and we expect users and developers to leverage BENQI to expand the utility of their assets.”
According to the TradingView platform, Cardano’s price is worth $19.27 as of August 16th. If you invest in AVAX now, it’ll be a short-term opportunity with a higher risk.
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Investment advice Disclaimer:
The information contained in this article is provided for educational purposes and does not constitute investment advice. Remember that every action related to crypto investments is worth the risks.