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While the traditional investing methods have a proven track record for steady success, cryptocurrencies have bulldozed that fundamental concept. They are redefining the investment landscape, creating opportunities for people from all walks of life to gain financial independence and grow their wealth, minus the middlemen.
Modern Investing:
With the advancement of modern technology and online financial trading platforms like CedarFX, trading stocks and currencies online has never been as accessible as it is now. One can pretty much trade anywhere in the world, all you require is a good internet connection and a smartphone.
Since its creation in 2009, Bitcoin and Blockchain technology has rapidly evolved. With volatile trading conditions and ridiculous price gains compared to traditional investment returns, people from all over the world are now interested in hitting it big with cryptocurrencies.
We discuss three currencies that saw incredible gains during 2021. If you were holding any of these currencies since 2020 or before, then you most likely have had one lucrative year or may even have retired early (the dream!).
Top Three Cryptocurrencies for 2021:
SOLANA (SOL) – 12, 965% year-to-date gain
Solana is currently valued as the 5th largest cryptocurrency on the market based on market capitalization. The hype and value are predominantly due to the intended scalability and speed solutions the Solana blockchain offers as opposed to other predominant blockchains like Bitcoin and Ethereum.
Not only is it fast but it is also cheap. The fees associated for processing transactions through the Solana network is significantly lower than that of Bitcoin and Ethereum.
If you invested $1000 in Solana on 1 January 2021 you would have received 537.63 SOL. At the time of writing, this investment would now be worth approximately $99 074.46!
DOGECOIN (DOGE) – 4,321% year-to-date gain
Defined as a meme coin, what exactly is Dogecoin and why does Elon Musk keep tweeting about it?!
To compare this coin with Solana would be futile as they offer different functions within the cryptocurrency realm. Solana definitely wins the utility and network efficiency battle however Doges’ acceptance by various companies as legal tender, combined with the coins’ social media popularity, has seen it skyrocket in price over the course of 2021.
As before, we calculated $1000 worth of Dogecoins from 1 January 2021 when the price was valued at $0.0046 per coin, and this investment would currently be worth approximately $32, 608.70.
CARDANO (ADA) – 788% year-to-date gain
Currently ranking as the 6th largest cryptocurrency by market capitalization, Cardano has seen a steady increase throughout 2021 with some significant highs during September, which has since seen a ‘correction’ to a degree. Despite this correction, the coin still seems set to grow with the current momentum it has maintained.
Like Solana, Cardano’s positive hype comes from its practical usability. The Shelley upgrade increased the number of available nodes, lifting the average number of daily transactions from roughly 2000 to 100 000. Goguen upgrade then introduced smart contracts to the Blockchain and the anticipated next release of Hydra will see off-chain processing via staking pools known as Hydra nodes.
Had you invested $1000 into ADA on 1 January 2021, your 5555.55 ADA would now be worth a very decent $7, 388.89. This may not be quite as high as Solana and Doge’s gains; however, it is still a better return rate than most conventional, centralized investment methods.
Investing in 2022:
While nothing is guaranteed in life, we are pretty convinced the above-mentioned cryptocurrencies will continue to challenge Bitcoin and Ethereum for the market leading spots. Don’t get left behind and miss the revolution, sign up to CedarFX and take advantage of the cryptocurrency volatility and potential.
CedarFX offers 0% commission accounts with tight spreads, leverage of up to 1:500 as well as almost instant deposit and withdrawal processes. We choose to trade with them, now you can too. May 2022 be your year.
