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The crypto market is saturated with different cryptocurrencies and selecting the one to invest in can be quite difficult. Most new traders have only known about Bitcoin as the main cryptocurrency they should purchase. However, there are other altcoins that one can purchase and diversify their crypto investments. Some of the most promising altcoins are Ethereum, Cardano, and Dogecoin.
Why Buy Ethereum (ETH)?
The second-largest cryptocurrency in the world is making big moves in the market and it is now a great alternative to Bitcoin. In May, Ethereum reached almost $4,500, a record high for the coin.
The Ethereum Blockchain is home to many DeFi projects and it is now the go-to option for NFTs. The robust nature of this blockchain network and the fact that it is a great choice for decentralised apps of all types, is pushing the value of the cryptocurrency upwards. Besides, some analysts have even stated that Ethereum is superior to Bitcoin because it can be used as a store of value due to the demand for its blockchain system.
This chart shows that Ethereum is above the support price, which means that a sharp decline below the current value will possibly not happen.
Why Buy Cardano (ADA)
The second altcoin that people need to watch out for is Cardano. The Cardano blockchain is taking great strides in supporting various blockchain-based infrastructures around the world. One of the main reasons that will push up the value of cryptocurrencies is how the technologies behind them can be used in the real world.
The above chart shows that Cardano has been making bounces that show optimism. Going by this data, the token has formed a ‘triangle pattern’, which shows the likelihood of pushing up from its support to boost its value and this will encourage investors to go long.
Going long will may be a good idea, given that IOHK, the company behind Cardano, has been venturing into the African continent to look at how they can revamp various processes through blockchain. Cardano has been implemented in Ethiopia to improve the country’s validation of exam results in its education system.
Why Buy Dogecoin (DOGE)
Even though Dogecoin is last on the list, it is the hottest cryptocurrency you should buy right now. People who invested in Dogecoin at the beginning of the year are currently cashing in big after the coin gained over 12,000%.
The latest rally for Dogecoin was spearheaded by Elon Musk, the Tesla CEO who has been a major advocate for Dogecoin. The above chart shows that Dogecoin is surging above its lowest dip this year.
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