Cryptocurrencies are beginning to come out of winter and demonstrate another week of growth.
Although cryptocurrency markets are trading lower this week in sync with other financial markets, several digital currencies are attracting investors’ attention.
Presidential candidate Donald Trump, who according to recent polls has a strong chance of winning the elections in November, spoke at the Bitcoin 2024 conference.
He proposed a strategic national crypto stockpile, advising, "Never sell your bitcoin," and hinted at a promising future for cryptocurrency. Democrats are urging Harris to align with their stance on crypto policy, a topic that has gained significant political traction due to the industry's substantial spending on this year's elections.
The star of the day is Polkadot (DOT), rising by 13% and fulfilling its promise. The market is demonstrating confidence in Polkadot, driving its value up.
Here are four top cryptocurrencies to keep an eye open for:
Ethereum (ETH) Ethereum is in the process of becoming a financial platform for global scale money and any kind of new applications. As such Ethereum offers unstoppable peer-to-peer contracts and applications which run with no interference or control by intermediaries making it a versatile and resilient foundation for various decentralized apps (dApps) including Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), etc This makes Ethereum 2.0 even more appealing to developers as well as investors since these updates aim at enhancing scalability, security, and sustainability.
Bitcoin (BTC) Bitcoin has been the most successful and widely used cryptocurrency since its introduction.
Invented in 2009, Bitcoin introduced the concept of decentralised digital currency which is now acknowledged by regulators worldwide over time. Despite market turbulences as well as regulatory challenges, Bitcoin continues to grow while maintaining its dominance within the cryptocurrency market. Its relevance remains largely due to its fixed supply and growing adoption both as store of value and medium of exchange.
Polkadot (DOT) Polkadot intends to create an exclusive protocol that can interconnect several chains into one network for better blockchain interoperability. With this interoperability, data can be easily transferred across different blockchains leading to increased scalability too. By allowing cross-chain communication & collaboration efforts Polkadot tackles one of the biggest problems on blockchain space. Interest in this platform is due to its ability to connect multiple blockchains forming a synergistic network making it very popular with developers who want innovative decentralized solutions.
Solana (SOL) Solana has a high throughput rate coupled with minimal transaction costs owing to its unique consensus mechanism called Proof of History (PoH).
This makes the process faster and Solana can handle thousands of transactions per second. Currently, Solana’s performance is good and the fees are low, hence, this makes it an ideal platform for dapps that require fast cheap transfers.
Growing adoption rate of Solana because of its expanding ecosystem as well as partnerships facilitates more investment opportunities.
What should I pay attention to?
These cryptocurrencies are advancing strongly this week which highlights their respective unique strengths with regard to innovation that comes about every day in the world of digital assets.
However, promising as they may be, individuals need to conduct extensive research and consider other factors before making any investment decisions.
Over the past 12 months, ETH has increased by almost 70%, BTC by 118%, DOT by 5%, and SOL by 592% following Pay's integration with Shopify (NYSE:SHOP). Market turbulence should be considered for long-term investments.
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This article does not give any financial advice or any recommendation.