The world of cryptocurrency is constantly evolving and so is its trading. This is because of the high volatility inherent in the trading of these digital currencies. This means that finding the right cryptocurrency with a good potential for ROI can be a daunting task.
Apart from Bitcoin Ethereum, and stablecoins, there are thousands of different cryptocurrencies, which can make it overwhelming when you’re first getting started in the world of crypto. To help you get your bearings, we have researched for you the best cryptocurrencies to invest in based on their market capitalization or the total value of all the coins currently in circulation.
Note: Bybit has overtaken Binance to become to favourite crypto exchange for Africans. To use Bybit, you need to sign up and complete your KYC.
Overview of the Bybit exchange
After Binance stopped offering naira trade, Bybit became the number one exchange for Nigerians. This has been replicated across various parts of Africa.
Bybit began in 2018 and has since become a household name in the crypto exchange space. One feature that makes Bybit so unique is that it gives you leverage and control over your assets. This is true both for retail traders and institutional traders alike.
Bybit’s core mission is to provide a secure and reliable platform that empowers you to navigate and explore the ever-changing world of cryptocurrency seamlessly.
To be able to trade and use the platform, you can sign up.
5 Cryptocurrency to buy on Bybit for maximum profit potential.
Here are the best cryptocurrencies to invest in on Bybit.
1. Bitcoin
As the pioneering cryptocurrency, Bitcoin remains the cornerstone of the crypto market. Its established status, high liquidity, and widespread acceptance make it a fundamental asset in any crypto portfolio. Bitcoin holds the largest market cap and has a strong influence on market trends and an increasing institutional interest. Also, its adoption by major financial entities contributes to its long-term value.
Created in 2009 by Satoshi Nakamoto, bitcoin (BTC), we can arguably say that is the original cryptocurrency, As with most cryptocurrencies, it runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, bitcoin is kept secure and safe from fraudsters.
Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one bitcoin for about $500. As of Sep. 19, 2024, a single bitcoin’s price was around $60,334. That’s a growth of more than 11,280%.
2. Ethereum (ETH)
When queried about the most promising cryptocurrency for investment purposes, altcoin enthusiasts will invariably cite Ethereum as the top choice. The ETH blockchain platform is a comprehensive crypto ecosystem that enables the execution of smart contracts and supports a wide range of decentralized applications.
The decentralized applications on the Ether blockchain make it a universal means of payment. As a result, the liquidity of Ether has grown to a level that other blockchains cannot match. Additionally, Ethereum has received exchange-traded fund (ETF) approval, which is a significant accomplishment for a cryptocurrency.
In 2024, when selecting a cryptocurrency to invest in, consider the global rollout of the blockchain platform Ethereum 2.0. It includes significant enhancements in security, the expansion of the decentralized finance (DeFi) concept, and an increase in the blockchain network’s speed. These improvements have the potential to drive the growth of promising cryptocurrencies. There was a period in the history of the crypto market when Ethereum’s growth was five times more intense than the BTC market. The world’s second-largest coin may hit a new all-time high
3. Solana (SOL)
The Solana blockchain is a third-generation platform that offers enhanced features reminiscent of an improved version of the Ethereum smart contracts platform.It was designed for decentralized applications and crypto-currencies, known for its high-speed transactions and low costs.
Solana runs on unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. SOL, Solana’s native token, powers the platform.
When it launched in 2020, SOL’s price started at $0.77. As of September 19, 2024, its price was around $139.36, a gain of more than 17,280%.
Solana’s unique consensus mechanism, Proof of History (PoH), allows for extremely fast transaction processing and high throughput.
Solana’s ecosystem is rapidly expanding, with increasing activity in DeFi and NFT spaces.It has low transaction fees compared to Ethereum which makes it an attractive option for users and developers.
4. Tether (USDT)
Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations.
In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favoured by investors who are wary of the extreme volatility of other coins.
Instead of saving with your local currency, you can use USDT. If your currency goes down against the dollar, you are protected.
5. Binance Coin (BNB)
Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform.
Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
BNB’s price in 2017 was just $0.10. As of September 19th, 2024, its price had risen to around $564.75, a gain of more than 519,478%.
Conclusion
When it comes to investing in these digital currencies, there is a significant risk. Unlike the stock market and other investment options, cryptocurrency has a very high volatility. This means a coin can do well today and fluctuate 1000% in the next few seconds. On this note, one must do very thorough research before leaping.
No doubt, the digital currencies listed above have great potential in terms of high ROI, but it is essentially to do one thorough assessment, to come up with an informed investment strategy
While Bitcoin and Ethereum provide stability and foundational value, Solana, and others offer unique technological advancements and growth potential.
When you act on the information provided here and stay informed on the latest market trends, you can make a strategic investment decision on Bybit to maximize profit and minimize loss.