Crypto news: The FIVE cryptocurrencies to watch – experts
Cryptocurrencies like Bitcoin are 'apolitical' says financial expert
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Cryptocurrency has become a popular method of investment, but its volatility and lack of regulation has also attracted criticism. According to cryptocurrency experts, market leaders like bitcoin and Ethereum continue to attract interest at the current time.
David Weliver, founder of Money Under 30, told Express.co.uk: “The number of different cryptocurrencies continues to grow – last I checked the popular crypto trading platform Coinbase tracks close to 100 different currencies.
“The original cryptocurrency, bitcoin, is still something of a proxy for the entire crypto market and has a total market cap of nearly $1trillion as of September 1, 2021.
“The feature that makes bitcoin so intriguing as a currency replacement is the hard cap on bitcoin supply.
“By design, only 21 million bitcoins can ever be created. This creates scarcity that, in theory, will ensure bitcoin’s value indefinitely.
“As the original crypto, bitcoin also draws the most regulatory attention, a critical factor in determining the future viability of all cryptocurrencies.
“Regulatory news specific to bitcoin – even rumours – usually affects all crypto prices.”
But as well as bitcoin, Ethereum is also a cryptocurrency stealing the spotlight.
Mr Weliver added: “Second to bitcoin, keep a close eye on Ethereum. In many ways, the technology behind Ethereum is better than bitcoin.
“Like bitcoin, Ethereum can be used as a digital currency, but Ethereum can also be used to execute smart contracts – digital contracts stored on a blockchain that can be executed automatically when defined conditions are met.
“There are countless useful examples of smart contracts. Consider travel insurance – a payout could automatically be generated if your flight is cancelled.”
Mathieu Hardy, Chief Development Officer at OSOM Finance, noted that there are cryptocurrencies other than Ethereum linked to smart contract platforms which are gaining people’s interest.
Mr Hardy said that Cardano (ADA) will soon be launching smart contracts capabilities “that has a lot of people excited.”
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Cardano is expected to launch its smart contract functionality on September 12.
Mr Hardy added: “Solana (SOL) seems to be delivering on the promise of a more usable blockchain than Ethereum for DeFi and NFTs.
“Solana is also a great collaborator with other chains (with Terra, for example, to bring bSol to anchor) and has focused a lot on bringing people in; and improving the tooling for developers.
“That’s important to be able to build something meaningful.
“Cosmos (ATOM) as collaboration is important and the silos between chains are slowly breaking down, allowing liquidity and information to flow more freely, the IBC (Inter-Blockchain Communication Protocol) could play a key role.”
Although there have been some exciting developments in cryptocurrency recently, anyone considering investing in any cryptocurrencies should be aware of the risks involved.
Crypto markets are notoriously volatile and are known to be very unpredictable.
The information in this article does not equate to financial advice.
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