In this guide, we will explain what is the best crypto to buy now, including other top cryptocurrency picks and where to buy them. There will also be a breakdown of the factors to consider while buying or trading cryptocurrencies, such as the process and the security measures.
Nowadays, many people are considering owning crypto but don’t know the right time to buy or what token or coin is best, while others still don’t know what cryptocurrencies are. Before you uncover the best cryptocurrency to buy now, we will explain what they are, how they operate, and if it’s a smart idea to purchase cryptocurrencies at this time.
What is cryptocurrency?
A cryptocurrency is simply digital money that people can use to buy, sell, or trade on crypto exchanges the same way we use fiat currency. The main difference is that cryptocurrency is non-tangible, and it operates freely from user to user without a centralized authority such as a central bank or government.
As of September 2022, more than 21,000 cryptocurrencies existed on the market, and if the space continues to expand, that number looks set to keep growing.
Should you buy cryptocurrency now?
The crypto space is volatile, and so there’s no straightforward answer as to whether it would be a good idea to invest in cryptocurrency now. Even the most well-known projects, such as Bitcoin and Ethereum, can experience dramatic price movements.
Like buying or stock trading on the stock market, you will be more adept at making an informed decision after weighing various factors, such as the effects of inflation, increased interest rates, and political and economic turbulence.
The cryptocurrency market tends to move in cycles; using technical analysis such as support and resistance levels will help you identify the market’s low and high points.
Crypto beginners’ corner:
A closer look at the best crypto to buy now
With more than 21,000 digital currencies, picking some of the best cryptos to buy now can be overwhelming, so as a beginner, you should first invest spend time getting your bearings in the middle of the crypto space.
To help you with the search, we have compiled a list of the best cryptocurrencies to buy right now based on various factors that affect their performance, such as market capitalization, features and fundamentals, and suitability for investment.
1. Bitcoin (BTC)
The pioneer cryptocurrency set the foundation for the development of other crypto assets. With a market cap of slightly more than $350 billion at the time of publication, Bitcoin commands the largest share of the entire crypto market.
Bitcoin embraces the concept of scarcity, and its ability as a store of value continues to draw investors towards the asset. The maximum supply of Bitcoin is 21 million; out of this, around 19.15 million are already in circulation.
What’s more, Bitcoin uses a Proof-of-Work (PoW) validation mechanism that attracts risk-averse investors who are more concerned about the safety and security of their funds. Notably, Bitcoin is not backed by any government authority, nor does it have a central bank to facilitate its use.
Furthermore, many companies, such as Visa and MasterCard, also allow the use of Bitcoin and other cryptos to facilitate payments, which increases the chances of adoption as more people shop using crypto. As a result of its growth, the flagship digital asset is also experiencing more institutional adoption.
The Nasdaq (NDAQ), the second-largest stock market operator in the United States, announced in September 2022 that it would launch a crypto custody service. Nasdaq’s goal is to capitalize on the growing demand for cryptocurrency among institutional investors. BlackRock (NYSE: BLK), the biggest asset management firm in the world, also announced in August that it would provide cryptocurrency services, including Bitcoin, to its institutional customers.
It’s also worth noting Investment giant Fidelity also added Bitcoin exposure to its exchange-traded funds (ETFs); at the same time, Bitcoin ETFs continue to rise.
2. Ethereum (ETH)
Ethereum is the second-largest blockchain network by market cap after Bitcoin. Launched in July 2015 by a team of developers led by Vitalik Buterin, Ethereum is arguably the largest smart contract platform in the market, which attracts multiple developers due to its ability to support multiple use cases, such as non-fungible tokens (NFTs).
Since its launch, Ethereum has witnessed tremendous growth of 14,155% as of the beginning of September 2022. As the second-largest cryptocurrency by market cap, Ethereum is way ahead of most crypto projects and has only Bitcoin to beat in the crypto space.
Ethereum’s unique blockchain technology puts it among the best crypto to buy now. For example, it allows developers to generate their cryptocurrencies and install smart contracts using the blockchain.
Importantly, it’s expected to gain more traction since it successfully completed “The Merge” upgrade on September 15, 2022, which saw its transition from Proof-of-Work to a Proof-of-Stake (PoS) consensus mechanism. This upgrade aims at reducing the network’s energy consumption and gas fees while making it more readily scalable.
With these changes in place, the Ethereum blockchain is expected to attract more investors who would want to take advantage of the decreased gas fees.
All the same, as a precaution, transactions still take longer to process on the Ethereum network due to overload. Those looking to buy Ethereum should also be aware its security has also been a bit of a problem on the platform previously, but the upgrade aims to make it more secure.
3. Cardano (ADA)
Cardano is a blockchain that uses the Proof-of-Stake consensus algorithm and has increased scalability characteristics. These features allow Cardano to boost decentralized finance (DeFi) projects and NFTs. The construction of decentralized apps, or dApps, may also be carried out on its blockchain in a variety of different domains, including as gaming, polling, and access management.
The Alonzo hard fork, which went live in September 2021, included the incorporation of smart contract capabilities, which was a significant update for Cardano. As a result of this hard fork, ADA is now capable of scaling and operating at a higher speed than it did in the past. In addition to this capability, it enabled ADA to provide the developer community with a DeFi application development platform and enhanced programmability.
The upgrade also included the ability to run smart contracts on the Cardano blockchain, in particular, the Plutus smart contracts facilitate the dependable, speedy, and secure development of dApps. In addition to this, a second hard fork known as Vasil was released on September 22, 2022. This fork is anticipated to boost the scalability of the network even more.
Elsewhere, Cardano has also seen widespread adoption with the world’s first digital asset bank Sygnum Bank announcing that their ‘clients can conveniently and securely stake Cardano’ through the bank’s institutional-grade platform ‘to generate staking rewards.’
While Georgia’s wine industry made a partnership with the Cardano Foundation to implement a traceability solution based on its blockchain technology to ensure the authenticity and quality of Georgian wine.
Finally, Cardano plans to establish an incubator program to help drive innovation and solve everyday challenges across Africa. If it lives up to the aims of that plan and it continues to scale, it will add to the reasons it’s one of the best cryptos to buy right now.
4. Binance Coin (BNB)
Binance Coin (BNB) is the cryptocurrency that underpins the Binance ecosystem. It is a coin that was minted on the Binance Smart Chain (BSC) blockchain that complies with the BEP-20 standards.
Furthermore, Binance Coin is the native token for Binance crypto exchange where it is traded as well as on multiple other exchanges and platforms. BNB provides users additional benefits such as cheaper costs and the ability to make investments, facilitate loans and transfers, donate to charitable organizations, and purchase virtual gifts, among others.
In 2017, when it was first introduced, the BNB coin was worth just $0.10. The value of the coin went on to reach an all-time high of $690.93 on May 10, 2021, setting a new record. The BNB token has proven to be a very useful asset for the Binance ecosystem, which has developed from a simple token trading platform into a complex and varied marketplace.
Binance Coin is not just the native cryptocurrency that exists inside this burgeoning ecosystem, but its uses have also grown considerably, for instance, users of BNB can:
- Earning staking rewards through staking on the BSC blockchain;
- Paying for goods and services through the Binance Card feature;
- Accepting and making payments on the Binance Pay service;
- Claiming discounts for transaction fees on spot, margin & futures market trades.
Binance after its introduction, implemented a system for the quarterly buy-back or burning of its tokens, with the goal of lowering the total amount of its circulating tokens and increasing their value.
In December 2021, the company introduced the quarterly auto-burn process that allows on-chain automatic calculations to verify how much of the token must be burned according to its prevailing price and the number of blocks produced on the BNB chain in a particular quarter.
Perhaps something users should be aware of, however, is that BNB is also vulnerable to regulatory issues. For example, in June 2022, BNB plummeted following an investigation launched by the Security and Exchange Commission (SEC) into whether Binance abided by the procedures during its initial coin offering (ICO) in 2017.
5. Ripple (XRP)
A project of Ripple Labs Inc., XRP’s primary use case is as a blockchain that facilitates cheaper and more convenient cross-border transactions.
XRP uses neither Proof-of-Work nor Proof-of-Stake consensus mechanism. Instead, it uses validating servers that verify the requested changes to the last ledger. XRP uses a decentralized technology with no central authority to determine who may set up a node or confirm transactions. That helps it process transactions between multiple currencies instantly and attract more investors who are moving away from the outdated SWIFT network that can incur delays.
The XRP blockchain has rapid transaction settlement, as ledgers are produced every three to five seconds. Ripple estimates that the XRP ledger can generally handle 1,500 transactions per second (TPS) and can scale up to 65,000 TPS. In contrast, the settlement speeds of Bitcoin and Ethereum are 5 TPS and 15 TPS, respectively.
More importantly, while Ripple is still embroiled in a two-year-long court case with the SEC, the company is confident of a win. Indeed, the company is also collaborating with universities across the world to support and accelerate academic research, technical development, and innovation using blockchain, cryptocurrency, and digital payments.
For instance, the XRP Ledger is maintained by more than 150 independent entities, including financial institutions, universities, and crypto exchanges.
These developments may lead to a significant price climb for XRP and attract more investors.
6. Polygon (MATIC)
Polygon is a crypto asset developed from the Ethereum blockchain, which aims to improve Ethereum scalability and infrastructure. It embraces the “layer two” concept that expands the Ethereum blockchain into a multi-chain network to improve transactions and confirmation speeds.
Additionally, Polygon is highly secure, highly scalable, and interoperable. It offers solid user and developer experience with flexible and customizable frameworks. Each dApp on Polygon operates on its dedicated resources and a fully customizable tech stack with sovereign governance.
With support from the Binance and Coinbase crypto exchanges, Polygon’s token (MATIC) is used on such platforms as a settlement currency, fees, and payment services. Owing to its presence on mainstream crypto exchanges, the coin is exposed to many users, and this may see its value increase.
In July 2022, Polygon launched the zkEVM scalability solution, which uses the zero-knowledge Proof technology to reduce transaction costs while increasing throughput. With around 37,000 decentralized applications under its belt by August 2022, the value of the MATIC token may well increase.
Some major companies are already onboarding the Polygon platform, including Meta and Stripe. Additionally, Polygon supports the Tether (USDT) stablecoin and invests in carbon neutrality, both of which could boost its future growth.
7. Decentraland (MANA)
Decentraland is a virtual reality platform operating on the Ethereum blockchain to allow users to develop, experience, and earn money from their content and applications. As the leading metaverse platform with a market cap of more than $1 billion, Decentraland continues to attract more users and investors in the video gaming space.
Decentraland uses the Decentralized Autonomous Organization (DAO) technology as one of its integral highlights. The DAO technology ensures genuine, decentralized governance where users have full control over the content and experiences generated on a specific parcel of virtual land.
Over the last year, Decentraland has generated millions of dollars from virtual land sales, which must be paid for in MANA, the platform’s native currency. With more than 20,000% gains since its official launch in February 2020, Decentraland is destined for more success, which makes it one of the best cryptos to buy now.
8. Solana (SOL)
Solana is a highly effective blockchain, with one of the advantages of the platform being its lower transaction fees, which draws more investors to the platform.
Solana can process up to 50,000 transactions per second due to its Proof-of-Stake mechanism, which increases validation speed and in September 2022, Solana-based transactions hit the 100 billion milestone. Besides, it uses Proof of History, which is an optimized, time-tracking extension of its consensus algorithm.
While it has stiff competition from Ethereum, Solana’s fast network and low fees have pushed it upward to be among the top 10 cryptocurrencies by market size. More importantly, Solana is quite different from Ethereum in terms of how it stores and modifies data. For example, it separates and puts state data and executable code in separate addresses.
Launched in 2020, SOL’s price has surged from $0.77 to an all-time high of $260.06 in November 2021, which was an impressive gain of almost 4,000%. In particular, SOL tokens are native assets that are utilized for value transfer inside Solana-based NFT markets including Solanart, Solsea, and Margin Eden. SOL is used in the manufacturing, sale, and acquisition of these NFTs.
Finally, Solana as a PoS network, allows entities to stake their SOL tokens and either run validator nodes or delegate their stakeholder rights to validators for a reward.
9. Polkadot (DOT)
Polkadot (DOT) is another relatively new crypto asset that is among the best cryptos to buy now, based on its interoperability and long-term prospects, which could give it a solid future.
Polkadot also offers an impressive technology that draws more investors and users towards the platform. For example, it operates on a Nominated Proof-of-Stake (NPoS) system, which allows all its native token
holders to take part in securing its network by staking their tokens. The Polkadot blockchain is also interoperable using the “Bridges” technology that allows it to link with external networks like Bitcoin and Ethereum.
For investors looking for a blockchain platform that solves the problem of interoperability, improves scalability, and offers a multi-chain network, then Polkadot is a solid proposition.
10. Avalanche (AVAX)
Avalanche is a layer one blockchain designed to improve the base protocol and boost the system’s scalability. It comprises thousands of subnets that form a diversified interoperable network of several blockchains. The Avalanche blockchain is highly scalable and able to perform up to 4,500 transactions per second per subnet.
Initially launched as an Ethereum competitor, Avalanche embraces three individual blockchains that work independently to validate each transaction on the network. The platform is decentralized and allows tens of thousands of validators. Besides, it has solid latency, which allows it to achieve confirmation within three seconds, with most confirmations taking sub one second. All transactions are completely irreversible and immutable.
Compared to Ethereum, Avalanche is more scalable and better suited to handle bulk transactions. This has increased its popularity among Ethereum projects. Launched in 2020, AVAX’s price has moved from $4.5 at its launch to an all-time high of $146.22 in November 2021.
While it’s a young project with not much of a track record for comparison, Avalanche is gaining traction as the world’s fastest platform for smart contracts. Even in a bear market that has taken most part of 2022, AVAX is still up nearly fourfold since its launch.
How we rated the top crypto picks to buy now
Every crypto asset promises high yields and other benefits. However, not all of them live up to their promises. In selecting the best crypto to buy now, we considered the following factors:
The crypto space contains more than 21,000 cryptocurrencies already in existence with different technologies. We looked at how a cryptocurrency compares to others in terms of security and usability.
Some crypto projects have been around for more than a decade with good history and reputation. Others have existed for barely two years. Without being biased against new projects, we looked at how a crypto asset has performed for the time it has been in business to have a glimpse of its price stability, popularity, and adoption.
A crypto asset’s historical data is one of the ways to compare it with similar projects on the market. This guide considered the longevity of the projects as one of the ways to rate their performance from their launch up until now.
Many crypto projects have had fewer people interested in their operations since they launched. We looked at investor interest and adoption as some of the ways to rank cryptocurrencies. Projects with a high level of adoption often have better liquidity, making them easier and more convenient to trade, sell, or spend.
While buying crypto now could be a good idea, investors need to be cautious. A great opportunity to buy crypto doesn’t rule out the possibility of risks that usually arise in the market. The crypto market is volatile, and anything can happen at any time.
Even so, the crypto assets mentioned in this guide remain some of the best options to buy now with solid reputations in the industry. Most of them are available on major crypto exchanges such as Binance, its alternatives, Coinbase, and Kraken.
FAQs on the best crypto to buy now
What is cryptocurrency?
A cryptocurrency is a peer-to-peer digital currency that people can use to buy, sell or trade without the interference of a third party such as a central bank or government.
Is now the right time to buy cryptocurrency?
You can always get the best answer to this question after analyzing different factors, such as prevailing market forces.
What is the best crypto to buy right now?
Before purchasing any asset, you should evaluate its current pricing, stability, and underlying technology. Any of the cryptocurrencies in this guide is a suitable proposal.
Where can I buy cryptocurrency?
Before buying cryptocurrency, you can visit any major crypto exchanges, such as Binance, Kraken, or Coinbase, to compare prices and security features. Alternatively, you can purchase crypto from authorized brokerages.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.