The Onitsha market is one of the most popular markets in Nigeria today. There is just so much to buy and sell there, which creates a disorienting experience for new people entering the scene.
The crypto market today might require a lot less verbal exchanges, but it’s similar to the Onitsha market because there is just so much to buy or sell. The media is full of claims of new crypto assets that could go “to the moon”. Many could be excellent opportunities, and some could be total scams. There are many types of crypto scams in the industry, and you can find out all about them by clicking here.
This article focuses on the five top cryptocurrencies that we believe are worth looking into. We’ll share a brief background on the cryptocurrencies and their risks to give you a better understanding of what you’re getting into. You can share this article by clicking on any of the social media icons at the bottom of the screen to spread this type of information to those who need it.
Bitcoin: This one needs no introduction. Bitcoin is hands down the top cryptocurrency in the crypto market today. If you haven’t heard of Bitcoin before this then we’re quite amazed. Bitcoin is one of the most widely adopted cryptocurrency in history. It’s been around for over a decade, and it still maintains its relevance in the crypto market today. It is always listed amongst the top cryptocurrencies on almost every platform because of its impact. Bitcoin inspired the creation of the Ethereum blockchain and many others.
If you want to learn how Bitcoin became so huge then check out our article on the history of Bitcoin.
Bitcoin was designed to be a currency for p2p exchanges by Satoshi Nakamoto. It has become an international means of exchange for people, vendors, etc across the world.
The price of a single Bitcoin is currently around $30,000 due to the crypto crash. It had been priced around $69,000 in 2021. It’s a great coin to have because it’s less likely to experience a total crypto crash in the crypto market today.
Price volatility: The price of Bitcoin changes daily. This is shown in the way this year’s price has been moving. Although whenever Bitcoin experiences a significant price shift, the whole industry is affected.
It’s expensive: Bitcoin is one of the top cryptocurrencies in the crypto market today. Unless you’re willing to spend over $30,000 (12,456,600), you’ll not be able to afford a whole coin.
Ether (ETH): Ether is the native currency of the Ethereum blockchain. Think of it as Ether is the currency, and Ethereum is the country where the currency is primarily used. There are lots of uses for Ethereum because it is the second biggest blockchain in the crypto industry.
Developers create unique currencies or tokens, DeFi projects, NFTs, etc., on the Ethereum blockchain. It’s like the internet of the crypto industry.
The most exciting part is that it doesn’t end there. Ethereum is set to undergo an upgrade to make it faster, more secure, and scalable. This means the coin and the blockchain will grow in value, which is excellent for both users and investors.
You can exchange your fiat currencies like Naira for cryptocurrencies like Ether, Tether, and Bitcoin for as low as N1,000 on ValorExchange.
Gas fees: There are transaction fees that users have to pay to have their transactions processed. Think of them as Bank charges. Unfortunately, these fees can be very high at times and could frustrate many users.
According to CoinDesk, the amount of Ether needed to process a transaction rose to 13% in March. However, Ethereum 2.o aims to find a solution to this problem.
Tether (USDT): If you’re a bit risk-averse and you’re not ready to pick out a cryptocurrency yet, you can save your Naira in USDT. USDT is a stable coin, which means for every USDT you see, there is a real-world currency attached. This ensures that the coin is secure and not subject to changes due to the volatility of the crypto market. You can read all about stable coins from our previous article by clicking here.
Tether is one of the top cryptocurrencies in the crypto market today. Many people save with Tether, Exchange other cryptocurrencies for Tether, etc.
Stablecoins don’t appreciate in value, because they were designed to remain at a specific price.
Cardano coin (ADA): This is a smaller crypto network, making it faster and cheaper than networks like Bitcoin. In 2021, Cardarno experienced a hard fork, and specific changes were made on the blockchain network to allow it to facilitate smart contracts. Although it is quite similar to Ethereum, Cardano aims to be better. Transaction fees on the Cardano blockchain are cheaper than those of Ethereum and it is faster too.
It’s a smaller network: This means fewer developers creating on the blockchain and innovating the space.
Lite coin(LTC): This is a peer to peer online currency that you can use to make payments worldwide. If it sounds a lot like Bitcoin, it’s because Litecoin was created from a fork in the Bitcoin blockchain. According to Nasdaq, It was created to be a better and faster version of the coin.
Litecoin has been losing market share since 2017. It was once ranked as the fifth biggest cryptocurrency in the industry but now it is ranked as the nineteenth.