This week, we have reviewed the most profitable/valued coins for you. We will have top 8 cryptocurrencies plus a bonus coin news for you, which makes its investors happy by rising. Accordingly, you can think of buying or holding them.
Top 8 Cryptocurrencies to Buy and Hold in This Week
1. Ethereum Classic
Ethereum Classic has also had a week to remember, having seen a decline of just 2.2 per cent. It has also been the fifth largest cryptocurrency in terms of market cap, sitting comfortably below Ripple at $2.6bn and Cardano at $4.2bn.
It has now completely erased the losses that it saw in late November, and is now back at its January all-time high of $1.57. This is despite the recent crackdown by the Japanese Financial Services Agency on ICOs and recently implemented onerous KYC regulations.
2. Dash
Dash also had a very strong week, and it is quickly closing the gap with Monero to become the seventh largest cryptocurrency by market cap. It has now jumped above Monero for the first time in nearly six months.
It has also seen an incredible $918m in net cryptocurrency inflows so far in 2017, which is around half of the total that has gone into Bitcoin.
3. Lisk
Lisk is a cryptocurrency project that has not made a great deal of progress since its inception. The project was created in 2014 and has built on the Ethereum protocol, but has seen very little uptake.
It is currently valued at just $47m, and is down from its peak of just over $100m in January, while the ICO that it recently held failed to create the buzz that it was looking for.
4. Ripple
Ripple has created something unique for the crypto space, which we have not seen before. Ripple has been in the news recently for being the “next Bitcoin”, and it has used the Bitcoin precedent to push forward its own cryptocurrency and blockchain technology.
The Ripple blockchain is known as the Ripple Reserve Network and is designed to facilitate international payments and credit.
This Ripple reserve is similar to that of the Bank of England in the sense that it is only used for settlement transactions. Unlike Bitcoin, it doesn’t have a fixed limit and has the potential to be quite stable over the long term.
5. Bitcoin
Bitcoin continued its rollercoaster-like ride this week and has completely shredded its prior all-time highs of $5,200, a 1,100 per cent rally in the past year. The cryptocurrency remains way over-priced on a fundamental basis, despite the hype and high-profile partnerships with big name merchants such as Microsoft and Expedia.
Although there have been technical improvements, the fundamental underpinnings of the currency and the world economy remain the same as they were 12 months ago.
Being the world’s most valuable cryptocurrency is not a major advantage. While it is a benefit when it comes to transactions and gaining market share, it is a hindrance when it comes to tax and regulation and understanding the fundamentals of the currency.
Currency that is based on blockchain technology rather than on a centralised authority such as a bank or government. Bitcoin payments are made peer to peer, with no bank or financial institution being involved.
Long-term investors should note that Bitcoin is only 21 years old and has no sovereign backing and a highly speculative bubble.
6. IOTA
IOTA is another example of a coin that has had a relatively strong week. It had a huge dip in December that caused many of the long-term players to pile in. Its latest surge means that it has reached a market cap of $9.4bn and is valued in the region of $3.8bn. With this increase, IOTA has found its place in top 8 cryptocurrencies to buy and hold in this week.
7. Monero
Monero had an incredible start to 2017, but it has since consolidated around the $225 mark. It is currently the seventh largest digital currency by market cap. Despite the recent speculation over the Monero experiment with the government, its strength shows that there is still very much a long-term investor following it.
8. Ethereum
Many cryptocurrency experts and enthusiasts have been calling for Ethereum to take the crown of the largest digital currency ever created. Ethereum has been making the headlines for a variety of reasons this week, but one key thing stood out.
The Ethereum technology that is currently in development is proving to be far more useful than Bitcoin in so many ways. It has many applications including taking the financial world by storm, but it is also quite powerful when it comes to gaming and artificial intelligence.
Bonus: EOS
EOS was one of the coins that made its investors happy during the week.
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What is an independent digital currency, and what does it need to prove?
Monero relies on the blockchain, and by definition relies on blockchain technology, it is possible to create a new blockchain without being involved in such a project – just put a crypto-currency that uses the ledger, and it will be peer reviewed. The only restrictions on what can be created on the blockchain are any “smart contract” (not just any decentralized contract, like Bitcoin or Ethereum).
In addition, cryptocurrencies like Bitcoin, Ethereum, and Litecoin rely on the blockchain and ledger, which are more of an experiment – but are actually very secure. What are the drawbacks?
You have a lot of advantages over just Bitcoin, but there is still a long way to go before the community gets as excited about an alternative to fiat money or cryptocurrency as Ethereum. Therefore, what is your preference as far as the community goes forward? What makes you more interested, or less enthusiastic about, an alternative to fiat money?