Despite having a tough start in the new year, the world’s top cryptocurrencies soared in March. The risk assets like stocks that were sold off in early 2022 spurred due to a rise in inflation and expectations for an aggressive hike in interest rates are expected. In April, however, the digital assets have managed to gain some stability.
So if you are currently residing in the cryptocurrency hub of the world, aka UAE, you must be wondering what the top 4 cryptocurrencies you should be investing in are. In the world of trade, popularity does not matter as much as volume does. So here we take a dive in regard to the volume of these cryptocurrencies.
Why are cryptos so popular?
With the rise of NFTs and Cryptocurrencies, one often questions the hype all about? In actuality, these digital assets have been in the market for a long time. Despite being there, these were not much accepted by the population because, let’s face it. Change is inevitable but always resisted by the masses. This is because tradition is sometimes closer to our cores than we would like to admit.
However, gradually the acceptance of the possibility of a decentralized system that is not controlled by any government rose to the surface; along with a hike in the options that you can buy with those currencies, numerous governments came on board as well.
After resigning as the only cryptocurrency for a very long time, Bitcoin faced competition from rivals like Litecoin and Namecoin. As more and more people accepted the existence of digital assets, their popularity rose beyond expectations. There are a lot of features that make cryptocurrencies an ideal investment, especially in hubs like the UAE, where cryptocurrency is the new normal.
Bitcoin – Highest Volume
As per the expectations, the highest volume currently of 31.09B is of Bitcoin. The decentralized digital currency came into existence in the year 2009. The idea that Bitcoin follows is based upon a white paper published under the pseudonym, Satoshi Nakamoto. To this date, the identity associated with the individual or groups of individuals who gave birth to Bitcoin is still unknown. Unlike your traditional fiat currency, Bitcoin is based on a decentralized system. Moreover, it offers a lower transaction fee than traditional online payment mechanisms.
Ethereum – Shaping Up
Another cryptocurrency that has given Bitcoin tough competition is Ethereum. The current volume of Ethereum is 21.02B. With this cryptocurrency, you can make transactions with a meager fee. Moreover, Ethereum also powers applications that are decentralized in nature. These are known as dApps, and again, they are not controlled by the government. Ethereum takes pride in being the world’s programmable blockchain. It is built upon Bitcoin’s innovation but with few changes.
Tether
If you have been in the Fintech industry for a while now, you must know how everyone’s always like, “cryptocurrencies are always fluctuating.” Or “the investment is unsafe” If yes, you are not the only one. Cryptos are still gaining their ground and acceptance with a widespread future ahead. To gain more investors and tackle the notion of fluctuation, investors came up with stable coins.
These are associated with traditional fiat currencies like the Dollar, Euro or Yen OR with other assets like gold. Tether USDT is one of the most popular since it is associated with the dollar. Tether is pegged to USD 1.00 and is the fifth-largest cryptocurrency today. Currently, its volume is 68.96B, so if you are thinking of selling USDT in Dubai or buying it, that’s a fine trade to make.
Binance Coin
With a volume of 2.13 Billion, BNB is growing at a high pace. It powers the BNB chain ecosystem and serves to be the native coin of BNB Beacon Chain and BND Smart Chain. There are several use cases which include a reduction in trading fees on the Binance exchange and the option to trade on Binance Decentralised Exchange.
In a nutshell
These cryptocurrencies are growing in nature, and that too, fast. The highest in volume has been Bitcoin, but the tables can turn at any time. So if you are thinking about investing in or selling, then choose to make it right now.
