It's always a good idea to keep an eye on the market and be aware of who is winning in the cryptocurrency world. This week, 5 cryptocurrencies made it to our list of top picks based on their current market performance, and their likelihood to provide profitable returns once the market turns around and even now during the market lull. Similar to stock dividends, "staking" your coins allows you to get a return on your investment regardless of the market direction without any additional investment from you. Read on to find out if they're worth your attention.
Bitcoin is still the king of cryptocurrency and is a good pick for any investor. With prices at record lows, hovering around 20K – down from an all time high of 65K just one year ago, speaks to tremendous potential for profitable gains. Not all of us have 20K ready to invest on one coin! Below are my top picks for those of us trying to build our portfolios and get the best bang for our buck. Here are 5 of the best cryptos and exchanges you can pick up this week based on their staking returns.
Polygon (MATIC) on Binance
MATIC is a token that has seen a surge in price and trading volume over the past week. The project is a Layer 2 solution for scaling Ethereum that uses Plasma technology to achieve high throughput and low fees. Matic is currently trading around $0.90 on all exchanges, yet I highly recommend you purchase this coin on Binance who offers a 9% APY rate of return if you stake your MATIC on the platform. If you have purchased MATIC on a different platform – Fear Not! You can consolidate your coins on Binance and stake them there – I did!
Ethereum (ETH) on Binance
Ethereum is the number two coin in the Crypto Space – second only to Bitcoin and probably my favorite for its commitment to growth and utility. It offers a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third-party interference. This coin is sure to continue its successful growth within the crypto space. It is currently trading around the $1500 mark – down from an all time high of $4800 just a year ago, a position that has tremendous profit potential. I also recommend purchasing ETH on Binance who offers a 6% APY rate of return if you stake your ETH on their platform. This rate surpasses Coinbase who is currently offering a 3.8% APY rate of return and Crypto.com who is offering anywhere from 1.5% - 3% APY in staking returns at the time of this article. The beautiful thing about these exchanges are you are able to transfer your coins from one platform to the next relatively easy. This makes it possible to shop around for the best returns and have your money work for you!
Algorand (ALGO) on Coinbase
Algorand enables users to send and receive payments with low fees and without the need for a third party. The platform is also designed to be scalable so that it can handle large numbers of transactions without slowing down. Number 3 on my picks for this week ALGO is currently trading around $0.35 and Coinbase is offering 3.8% APY. This is greater than Crypto.com which is offering a 1-2% APY. Binance is not currently offering staking rewards for ALGO. In this case, I consolidated all my ALGO onto Coinbase to get the most bang for my buck.
Cardano (ADA) on Binance
ADA is the native token of the Cardano network, and it can be used to pay for transaction fees and to build decentralized applications. Currently trading at around $0.40 per coin you can stake ADA on Binance at a rate of 4% APY compared to 1-2% APY offered on Cryto.com.
CRO on Crypto.com
Crypto.com is one of the most popular cryptocurrency exchanges out there, and for good reason. They offer a wide variety of coins to trade, and they have a very user-friendly interface. CRO is one of the native coins of Crypto.com, making it one of the best coins to hold and stake on the platform. Currently trading around $0.11 per coin makes it a great entry investment for anyone interested in getting into the crypto market and looking to gain more yield than you would normally get from a traditional savings account. Crypto.com is currently offering a 4% APY in returns on this coin.
Please note, I am not a financial advisor, and this article does not constitute financial advice. It is well researched financial commentary. With Crypto markets in a constant state of flux, you are strongly encouraged to apply due diligence before making any financial investments. Here I applied my $100 test to each coin to make the rate of return transparent based on the current price of the coin - look out for my upcoming article on how to apply this test so that you can do the research for yourself.
To financial freedom my friends *Salud* there is enough for us all *Cheers*
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