With over 7000 cryptocurrencies out there in the market, the total cryptocurrency market capitalization is estimated to be approximately US$1.3 trillion. The market cap which started at $1.41 trillion in July traded as low as $1.19 trillion, only to end the month at approximately $1.63 trillion, a 15.60% rally.
Here are five cryptocurrencies for investors to watch out for in August 2021.
Since its inception in 2009, Bitcoin’s value increased 9 million per cent from US$0.008. In 2017, it rose upwards of US$20,000 in just a week. In 2020, it reached its all-time high of US$65,000 in April. Due to the Chinese crackdown, Bitcoin’s value plummeted to US$30,000 but is now catching up and nearing the US$40,000 mark. The dip in price opened many investment opportunities for investors who want to cash in on Bitcoin’s potential.
In the last six months, Dogecoin has risen more than 15,000%, becoming one of the top 5 cryptocurrencies according to market cap. Even though it saw a steep decline amidst the market crash, market experts still believe this cryptocurrency will reach a new height as the hype around it does not seem to die down.
Given its popular use case, Ethereum is one of the best cryptocurrencies that investors can bank upon. Since its creation, the Ethereum network has been the best platform for blockchain-based apps, the foundation of rapid growing DeFi. The DeFi boom has benefitted Ethereum in many ways, including Ethereum’s all-time high price of US$4,350 in mid-April. With new launches coming soon, Ethereum’s price is about to rock it again.
Ripple serves the purpose of cross-border payment solutions which is leveraging this cryptocurrency. This digital currency can transfer fiat currencies and digital assets, quickly and cheaply. This utility will only grow in use cases, so it’s wise to buy and hold on to Ripple.
Litecoin aims to provide a fast, secure, and low-cost payments platform. Based on Bitcoin’s protocol, Litecoin had a rollercoaster ride in 2021. It started at US$124.31 at the beginning of 2021, rose to US$359.33 in May, and later slumped as a result of the market crash. Currently, investors are jumping on the chance of buying Litecoin’s at a lower price before the crypto shoots up.