Investing in cryptocurrency in UAE has become the mainstream business subscribed by thousands of people in the country. However, there are several cryptocurrencies in the marketplace with different values and demands. For beginners who want to dip their heads in crypto investment, it can be a bit daunting and challenging to select the best cryptocurrency to invest in this year. So, what are the best cryptocurrency to invest in right now in UAE? Let’s find out:
As of now, Bitcoin, Ethereum, Dogecoin to Tether seems to be the best cryptocurrency to invest in right now. Bitcoin has a market cap that transcends $882 billion, followed by Ethereum which recorded over $447 billion market cap. Nonetheless, the total value of Bitcoin currently in circulation surpasses other cryptocurrencies, thus deemed to be the best crypto to invest right now in UAE.
To help you select the best cryptocurrency to invest in this year, we’ve tablet out each crypto with the relevant information to further help you in the future.
|MARKET GROWTH AS OF 2022
|Over $ 882 billion
|30 July 2015
|Over $447 billion
|Over $ Eighty-six billion
|Over $78 billion
|Over $ Fifty-Two billion
|Over $44 billion
|The US. DOLLAR COIN
|Over $42 billion
|Over $39 billion
|Over $33 billion
|Over $29 billion
Poking your nose into cryptocurrency investment might seem a no-brainer, especially for the newbies. The majority presumes to invest in a crypto is like robbing off their deplorable condition, just in seconds. No, there is a struggle to choose the best cryptocurrency to venture into as a businessman in UAE. Note all digital asserts have the same profits. However, the majority have recorded superb market growth this year.
Based on the data tabulated above, you can select your share and learn more about the best practices on how to mine your cryptocurrency. There’re specific requirements you ought to align yourself with to execute successful mining of your preferred crypto. Contrary, the crypto business has been thriving over the past 10 years not until there was a huge decline in market capitalization in 2014.
The pandemic has also contributed to some rise and fall of the crypto market because of the huge influx of people who enrolled in the business. The overwhelming number of crypto investors has led to tremendous cases of scammers all over the globe. So, as you poke your nose into this venture, be tactful in how you execute your business on different trading platforms.
Having said that, in this article, we’ll walk you through the best cryptocurrency to invest in right now, especially if you are in Dubai and its environs. Additionally, in case you want to start a crypto business in Dubai, look for no other but the following top 10 cryptocurrencies to invest in right now.
Top 10 Cryptocurrencies to Invest in Right Now
1. Bitcoin (BTC)
If you are a serious crypto investor, then Bitcoin is the number one cryptocurrency to invest in this year. Bitcoin is far the biggest and the largest crypto with a huge market cap of over $882 billion. It was launched in 2009. And, ever since it has perpetually gained popularity as the top crypto in the world. Currently, the value of Bitcoin and gold are deemed to be the same because of the Bitcoin market circulation over the years.
Similarly, just like the other crypto, Bitcoin operates in a ledger or blockchain where all the transactions are safe and secured. The price of Bitcoin has kept on snowballing until it reached a market growth of about 9,200 percent. Currently, in 2022, a single Bitcoin costs over $46,000.
2. Ethereum (ETH)
Ethereum was launched on May 30th and has currently recorded a tremendous rise in market growth ever since. As of 2022, it has over a $447 billion market cap. This cryptocurrency was designed with smart contracts that involuntarily operate when certain specs are met and non-fungible tokens commonly known as (NFTs)
Thus, it is one of the cryptocurrencies most loved by program developers simply because of some of the roust applications designed with.
3. Binance Coin (BNB)
BNB is deemed to be the best cryptocurrency that you can use to pay some fees on Binance and at the same time trade with it. Binance is one of the tops and hottest cryptocurrency exchanges in the globe.
Ever since Binance was launched in 2017, it has also registered a high market growth of roughly 520,000% this year. In the same vein, it is in the third position as one of the best cryptocurrencies to invest in with a market cap of over $86 billion. So, this crypto can be best used on the Binance exchange platform to facilitate trading. In addition, you can trade it with other forms of crypto including Bitcoin and Ethereum.
4. Tether (USDT)
One of the outstanding features of Tether is that it is a stablecoin, contrary to these other forms of cryptocurrency. That means: this crypto is backed up by other fiat currencies such as the Euro and the U.S. dollars. Meaning, because Tether is backed up by other currencies, it is supposed to be more consistent compared to other cryptocurrencies.
Moreover, this currency is favored by other crypto investors who understand the volatility of these other cryptocurrencies. It was launched in July 2014 and ever since it has recorded a market cap of over $78 billion.
5. Solana (SOL)
Solana was created in 2020 to help smart contracts, to power decentralized finance (DeFi) uses, and the decentralized app (DAapps). When this currency was created, its price started at $0.77. However, by January 2022, the price of Solana skyrocketed to $171, which is equivalent to more than 22, 000 percent.
On top of that, this currency was developed to run on unique proof-of-history mechanisms and hybrid proof-of-stake, which help this coin to securely and process transactions faster. The Solana native token is responsible for powering the platform.
6. Cardano (ADA)
This currency works in the same way as Ethereum to enable decentralized applications and smart contracts, which are propelled by the native coin known as ADA. ADA token already had recorded a huge growth compared to other crypto coins in the industry. In 2017, the ADA price was typical $0.02, nonetheless, it recorded an increase of 6,600% in January 2022, which is equivalent to $1.34.
Similarly, ADA was launched in 2017 and registered a market cap of over $44 billion.
7. U.S. Dollar Coin (USDC)
U.S. Dollar coin (USDC) works in a similar way as Tether. That means; U.S dollar coin is also a stable coin, which is backed up by U.S dollars. Generally, this currency targets a 1 USD to 1 USDC ratio.
In addition, this crypto is powered by Ethereum. Thus, this currency can be used globally to complete transactions. It come into existence in May 2018. And, ever since it has also recorded a market cap of over $42 billion.
8. XRP (XRP)
XRP was launched in 2012 by the same founders who discovered Ripple. Ripple is primarily a payment processing and digital technology company. So, this type of cryptocurrency can be used on this company to enhance the exchange of various currencies including the major cryptocurrencies and fiat currencies.
In January 2017, the XRP price was as low as $0.006. However, come January 2022, its price screwed up by $0.83, which can be equated to a 13,700% increase.
9. Terra (LUNA)
This is simply a blockchain payment platform designed primarily for stablecoin that depends on maintaining an equilibrium between 2 types of crypto. Therefore, according to supply and demand, Terra and Luna’s stablecoin work together to keep the chain of transaction firm and effective. This is achieved when both Terra and Luna attempt to maintain a balance when the stablecoin rises and falls in each currency.
Terra was created in 2018. Ever since its launch, it has recorded over a $33 billion market cap.
10. Polkadot (DOT)
Polkadot (DOT) was launched in 2020 and has registered over a $29 billion market cap. So, since cryptocurrencies may utilize any number of blockchains, Polkadot on the other hand is out to integrate crypto by establishing a cryptocurrency network that links up various blockchains, so that they can function together.
Ever since its launch, Polkadot’s (DOT) price has risen to roughly 925%.
The above data gives you a clear blueprint on the best cryptocurrency to invest in right now, especially if you are in Dubai. Additionally, the following are some of the most frequently asked questions about cryptocurrency you’d want to acquaint yourself with this year.
How Many Types of Cryptocurrency are There?
Generally, there are a lot of cryptocurrencies right now. However, it is only a few currencies are popularly known and people have invested in them. That said; cryptos are 1583 in number that is well listed on coinmarketcap.com.
Moreover, cryptocurrencies are grouped into different classifications, which includes;
- Utility tokens
- Farming tokens
- Store of value tokens such as Litecoin and Bitcoin.
Investing in cryptocurrencies comes with lots of perks and cons as well. However, learning the best practices on how to mine these coins might help you a great deal. But, before that, you be well decided on the best cryptocurrency to invest in before diving into the whole venture. Therefore, if you’re looking forward to selecting the best cryptocurrency to invest in right now, run for Bitcoin, Tether, Ethereum, Binance Coin (BNB), and more.
If you’re looking for a business setup company in Dubai that can help you start your company in the United Arab Emirates, Dubai Business Setup is here to help you out! Get in touch with us today to learn more about how we can best help you!