The world of Blockchain, Bitcoin, and Altcoin have opened the assets market to everyone in every corner of the globe. Assets Trading, which used to be for a selected few, has become common for people from diverse backgrounds. Everyone recognizes that it is vital to generate more than one source of income.
A crypto wave is about to hit Nigeria. For the last 90 days, the country has ranked top in searches for 'Bitcoin' and 'Crypto' according to Google Analytics.
Nigeria is at the forefront of crypto adoption in Africa. We can be assured that now is one of the best moments to enter the crypto space. Early adopters will pull ahead of the pack and make huge gains. The trend is clear, but some people are still reluctant, mostly because they don't know where to begin.
If you're in this category, this article is for you. Here, we will review the ten best altcoins to buy right now, in no particular order.
Check out this article on cryptocurrency trading and how to open a crypto wallet.
A great project, Polkadot, is a network of use-specific blockchains that can communicate with one another. The idea is that certain services or products are directed to individual chains. As a result, the network won't get congested as it happens with Ethereum. Everyone will have their lane on the network. So far, the trend for the DOT coin has been positive.
The uptrend is because the protocol has undergone some significant updates. Many new DeFi projects are being created on or moved to Polkadot from other blockchains. Regardless of the reason, DOT seems to be on an upward trajectory with no stop in sight.
The second-biggest altcoin by market cap, Ethereum, has become the tremendous success of the DeFi revolution. Practically every major project in Decentralized Finance originated from the ETH network, thus, driving massive Ether demand. The second significant development of ETH is the advent of Ethereum 2.0.
In the update to the network, there are plans to make some significant changes to the rewards.
First, part of the transaction fee in Ethereum 2.0 will be burnt. This feature will drastically reduce the supply of ETH in the future.
Second, a good portion of Ether will be staked in pools making the circulating supply even lower. Both factors will positively impact the price of ETH in the future.
So, even if the 30 days chart shows many lateral movements, ETH's future is very bright.
For more on information on DeFi, read DeFi Apps: What you Need to Know (2020)
Cardano has been around for a while. It is a project that has seen a long development, filled with delays and missed deadlines. This has tarnished its reputation among the investment community, but things are about to change.
First, the main network is up and running, with the Shelley update done in July. This means that not only the Proof of Stake algorithm Ouroboros is live, but staking is also open to holders of ADA.
Second, before the year's end, the Cardano network smart contract capability will be implemented. This will enable the development and deployment of Dapps on the blockchain, pushing ADA demand higher.
Cardano's 30-day chart is currently showing a downward trend. However, with the new smart contract capabilities, the usability of Cardano will improve. So, now is a good time to buy some ADA, stake it, and wait for the price to rise.
The most successful fork of the Bitcoin network, BCH, has seen major developments in 2020. The Avalanche update has gone through and now, BCH is one of the most secured networks out there. Unlike Bitcoin, Bitcoin Cash can run smart contracts and there are major developments in the Bitcoin Cash blockchain as we speak.
As the alt season heats up, more people will find its way into the BCH network. There is no better time to buy some Bitcoin Cash.
BNB belongs to Binance, arguably the biggest crypto exchange in the world. It is one of the fastest-growing coins of 2020.
It is already one of the top 10 cryptocurrencies, despite having a short history, according to CoinMarketCap. This success can be attributed to the support it gets from the crypto exchange giant of the crypto world.
The chart shows an upwards trajectory for the BNB coin.
The LINK token has had great success as it is being used in the most popular decentralized oracle in the blockchain. The token's growth has been parabolic and already sits at the 5th position in the liquidity charts. As more DeFi projects are developed, and more Dapps need to use oracles for essential functions, Chainlink usage will continue to grow to new heights.
The 30-day chart shows a minor correction in the price of this altcoin. This correction is good news for newbies in the market.
There are three reasons why everyone should buy Litecoin. First, LTC possesses a large market cap since it is in the top 5 altcoin list in the market right now. Second, it has high liquidity being one of the oldest altcoins out there. Finally, LTC has a high trade volume, as it is one of the most swapped coins in exchanges.
LTC is a must-add in any diversified crypto portfolio.
Cosmos is one of the most ambitious projects in the world of blockchain. It is a network of blockchain much like Polkadot. ATOM attempts to solve speed problems without sacrificing security or decentralization. As such, the ATOM coin is one to watch out for in the future.
The price of ATOM has already seen major growth in 2020. So, it is safe to say it is one coin every investor should follow closely.
Tezos is a Proof of Stake blockchain that already allows token delegation and staking rewards. It has one of the most impressive development teams behind it and support from significant players in the crypto space.
As such, the price of XTZ has seen significant growth in 2020. Yet, it is one of the most volatile in the list, and it also sees corrections regularly. Either way, XTZ should be in the minds of every crypto investors.
The cheapest token on this list is AKRO and is definitely one of the most promising for investors. The Akropolis project is live in Both Ethereum and Polkadot, and it is using resources from both blockchains. It is a DeFi platform that is currently open to provide loans and rewards via staking. As such, its growth potential is almost limitless.
The AKRO token has already seen major growth in price. But it remains accessible for any investor looking to enter this promising new project at its early stages.
The altcoin market is heating up. A lot of newbies are beginning to invest in cryptocurrencies and perhaps we are at the start of a new bull market. Every Nigerian looking to begin investing should give a hard look to the altcoins listed in this article to start their trading career.
To begin your crypto journey, learn how to buy bitcoin in Nigeria with the Nigerian Naira.
