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Amidst the ongoing volatility of cryptocurrency markets, numerous crypto investors are pondering whether it’s prudent to liquidate their holdings to safeguard against potential additional losses, or if there is hope for a swift market rebound.
While historical data indicates that cryptocurrency markets typically rebound following bearish phases, it’s crucial to acknowledge that not all assets recover equally during such downturns.
Consequently, the prudent approach entails selecting high-quality cryptocurrency projects with a strong likelihood of weathering the bear market and flourishing in the long term.
In this regard, Legit.ng has listed the following ten stand-out cryptocurrencies as top candidates for investment in September 2023.
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Bitcoin – (Market cap – $505bn)
Bitcoin, an autonomous peer-to-peer digital currency, was initially outlined in 2008 and subsequently launched in early 2009. Its creator operated under the pseudonym Satoshi Nakamoto, and their true identity remains undisclosed.
Despite the emergence of numerous alternative cryptocurrencies and blockchain platforms following Bitcoin’s introduction, it continues to dominate the cryptocurrency landscape in terms of market capitalization.
Presently, the Bitcoin market finds itself in a precarious state, with the foremost cryptocurrency globally fluctuating around the $26,000 threshold over the past seven days.
Solana – (Market cap – $8.2bn)
Solana stands as a blockchain platform of exceptional performance, endowed with the capability to execute smart contracts. Having inaugurated its mainnet in 2020, Solana has swiftly positioned itself as a highly regarded contender rivalling Ethereum within the realm of smart contracts.
Currently, Solana enjoys prominence as one of the foremost blockchain networks, notably rivaling Ethereum’s influence.
Its robust and efficient platform is experiencing widespread adoption across various sectors encompassing decentralized finance (DeFi), non-fungible tokens (NFTs), and blockchain-fueled gaming.
Ethereum (Market cap – $197bn)
Ethereum functions as a blockchain network that facilitates the execution of smart contracts, thus empowering the realization of intricate applications like decentralized lending protocols and non-fungible tokens.
The inception of the Ethereum initiative can be attributed to Vitalik Buterin, who unveiled the Ethereum whitepaper in the latter part of 2013. The official launch of the Ethereum blockchain transpired in July 2015.
At the core of the Ethereum blockchain lies its native asset, ETH, which serves as an enticement for users to actively participate in network security.
Initially reliant on a Proof-of-Work consensus mechanism, the Ethereum network underwent a transition to the Proof-of-Stake model in September 2022.
BNB (Market cap – $33.3bn)
BNB emerged as a token introduced by the Binance cryptocurrency exchange in 2017, serving a dual role.
Token holders enjoy exclusive privileges while utilizing Binance’s services, encompassing reduced trading fees. Simultaneously, this token operates as the inherent asset of the BNB Chain blockchain.
BNB Chain represents a variation of the Ethereum network, distinguished by its notably lower transaction fees, thereby enhancing user affordability.
Furthermore, it provides a convenient avenue for developers to effortlessly deploy decentralized applications compatible with the Ethereum Virtual Machine (EVM).
Once recognized as Binance Coin, BNB has subsequently undergone a comprehensive rebranding process.
Uniswap (Market cap – $2.6bn)
Uniswap stands as a decentralized cryptocurrency exchange that played a pivotal role in introducing and popularizing the automated market maker (AMM) model.
This innovative framework negates the necessity for traditional order books, offering an elegant avenue for direct token swaps on the blockchain, effectively bypassing intermediaries.
Recent records highlight the Uniswap protocol’s remarkable achievement, attaining a noteworthy daily trading volume of $11.84 billion. This milestone significantly surpasses the protocol’s prior daily volume record, nearly doubling its magnitude.
This remarkable surge in trading activity underscores the Uniswap protocol’s integral status within the cryptocurrency markets, showcasing its ability to efficiently manage substantial transaction volumes, even during periods of market turbulence.
Cosmos (Market cap – $2.4bn)
Cosmos operates as an interconnected network engineered to enable seamless interoperability among distinct blockchain platforms.
Orchestrated by the Cosmos Hub, a blockchain operating on the Proof-of-Stake consensus mechanism, this network serves as a conduit for establishing interactions even with blockchains external to the Cosmos ecosystem, such as Bitcoin and Ethereum.
At the core of Cosmos lies its native asset, ATOM. Users possess the capability to stake their ATOM tokens, thereby contributing to the network’s overall security while simultaneously reaping the benefits of staking rewards and a share of the transaction fees garnered by the network.
GMX (Market cap – $326m)
GMX stands as a decentralized cryptocurrency exchange with a distinct focus on derivatives, particularly perpetual futures contracts.
Currently operational on both the Arbitrum and Avalanche blockchain platforms, the GMX exchange provides a versatile trading environment.
This platform offers traders the capability to engage in trading with leverage of up to 50x, showcasing a competitive edge in comparison to the majority of centralized cryptocurrency derivatives platforms.
This leverage amplifies trading potential, granting users the opportunity to magnify their exposure and potential gains within the market.
Stellar (Market cap – $3.2bn)
Stellar emerges as a cryptocurrency that initially stemmed from XRP’s roots. Jed McCaleb, a key figure in XRP’s creation, played a pivotal role in co-founding the Stellar project.
Lumens, referred to by the ticker symbol XLM, serves as the native asset within the Stellar blockchain ecosystem. Employing a consensus algorithm akin to XRP’s, the platform enables economical and swift transaction processing.
Recent performance metrics depict Stellar as one of the most noteworthy cryptocurrency achievers, showcasing a remarkable price surge of +63% within the past month. This substantial price change underscores the platform’s growing prominence and positive market reception.
Litecoin (Market cap – $4.7bn)
Litecoin, a cryptocurrency that emerged in October 2011, holds the distinction of being among the earliest “altcoins” in circulation.
Distinguished by its unique attributes, Litecoin boasts a maximum coin supply of 84 million, fourfold that of Bitcoin. Operating on a targeted block time of 2.5 minutes, this speed is quadruple the pace of Bitcoin’s block generation.
Notably, LTC transactions exhibit heightened efficiency and expediency compared to BTC transactions, rendering Litecoin an apt choice for everyday payment scenarios.
This inclination toward swift and economical transactions enhances Litecoin’s appeal as a practical alternative.
Shiba Inu (Market cap – $4.7bn)
Shiba Inu, a meme-based cryptocurrency, made its debut in 2020 under the guidance of an individual utilizing the pseudonym “Ryoshi.”
Drawing substantial inspiration from the Dogecoin cryptocurrency, its branding prominently features the Shiba Inu dog breed.
Notably, Shiba Inu diverges from Dogecoin in its structural implementation: whereas Dogecoin possesses an independent blockchain, Shiba Inu is established as an ERC-20 token on the Ethereum blockchain.
The year 2021 marked a significant surge in popularity for SHIB, propelling it to become the second-largest meme coin in terms of market capitalization, trailing solely behind Dogecoin.
Furthermore, SHIB stands out as a prominent penny cryptocurrency in current times, garnering notable attention within the crypto landscape.
Disclaimer: The information gathered in this article is purely for knowledge purposes and does not constitute financial advice, investment advice, trading advice or any other advice.
Nigeria emerges most active crypto country amid CBN ban on transactions
In a related post, Legit.ng earlier reported that in the face of the demanding phase in the cryptocurrency market, Nigerians have consistently showcased unwavering enthusiasm and a keen interest in Bitcoin, Ethereum, and various other cryptocurrencies.
According to data from Leverage Trading, Nigeria has emerged as the nation with the most pronounced interest in these three search terms, as its citizens remain actively engaged in acquiring, trading, and seeking information about Bitcoin.
As the cryptocurrency market experiences ongoing turbulence and volatility, often labeled as the “crypto winter,” participants worldwide have been responding with diverse strategies and adaptations.
Source: Legit.ng
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