5 Top Cryptocurrency to Buy For Long Term Returns November 2021 Week 4
Bitcoin is a well-known cryptocurrency to buy for long term returns, but in addition to the benchmark asset, there are hundreds of other coins worth long term investment.
Finding the best crypto assets for the long haul can be difficult, especially if you are new to the crypto scene. We highlight some of the top cryptocurrency to buy for long term returns in this booming decentralised economy.
1. Bitcoin (BTC)
Bitcoin has remained the top dog in the crypto world, and this is apparent by the large amount of adoption the premier digital asset has enjoyed. Bitcoin has surged more than 9,000,000% from the 2009 debut of $0.08, and it is expected that the crypto bellwether will continue to rise in value.
Bitcoin has remained the focal point for many retail and institutional investors due to the hard-cap limit of 21 million coins ever to be mined. This fixed code makes Bitcoin deflationary by nature.
The year 2021 has been a milestone for Bitcoin as the foremost virtual asset surged to an all-time high (ATH) of $69,044.77 in early November. Despite seeing a price retracement, BTC has continued to maintain a strong bullish disposition.
At press time, Bitcoin is trading at $55,230.83, down 3.30% in the last 24 hours. This rise sees the top crypto trading below the 20-day moving average (MA) support price of $61,069.21.
BTC is a top cryptocurrency to buy for long-term returns, as indicated by Bitcoin’s performance’s long-term prospects. The 200-day MA price of $46,329.16 shows that the asset has a strong bullish backing.
Bitcoin, which aims to topple the centralised financial structure, has already surpassed payment processing giant PayPal in the total amount of processed transactions by dollar value.
2. Ethereum (ETH)
Ethereum network introduced the idea of smart contracts in enabling a more decentralised economy. This way, blockchain-based applications, amply called decentralised applications (dApps), can offer the same financial services as centralised bodies like the banks but without a central authority to regulate them.
Ethereum, which was Launched six years behind Bitcoin, has broadened the crypto ecosystem even further than originally intended by anonymous Bitcoin founder Satoshi Nakamoto.
This development has seen the foremost altcoin occupy the second spot on the most valuable crypto asset ranking ladder.
Ethereum has posted significant price increases this year, and the digital token traded just north of $5,000 per ETH. However, the dApps platform has shed some of its gains and is now struggling with the bears on the daily chart.
Currently, ETH is trading at $4,089.56, down 4.45% in the last 24 hours. The foremost smart contracts platform has grown 457% year-to-date (YTD), showing a strong growth metric so far this year.
The Ethereum network is slowly transitioning to a proof-of-stake (PoS) network, and the introduction of the Ethereum Improvement Proposal 1559 (EIP-1559) has seen the ETH token become deflationary.
So far, over 1 million ETHs have been permanently removed from circulation through a ‘burn’ mechanism. This move is expected to increase the value of ETH in the run-up to a PoS protocol in the coming year.
3. Binance Coin (BNB)
The rise of Binance Coin has come as a surprise for many, but the BEP-20 token has shown throughout this year why it is a top cryptocurrency to buy for long term returns. Binance Coin, which is issued by the world’s largest Bitcoin exchange, has surged more than 1,440% YTD, and the asset has recorded over 1,900% in the past 12 months.
This increase portends a bright future for the discount token and points to a more significant uptrend for the digital asset. In a market largely dominated by Bitcoin and Ethereum, BNB has repeatedly fought to retain its third spot from Cardano and stablecoin USDT.
BNB has been successful to a large extent as the digital asset has close to $100 billion in market cap with a 3.91% market dominance.
At press time, BNB is struggling against the bears and trading at $578.8, down 6.65% daily. However, the long term prospect of BNB is bullish as the digital asset is trading above the 200-day MA price of $417.10.
This figure points to a more substantial price gain in the coming weeks as BNB may likely hit a new breakout point. Closely linked to the popularity of the Binance crypto exchange, BNB has kept pace with the Bitcoin exchange platform.
The Chinese crypto exchange recently announced the launch of ‘Blockchain Brawlers’ by WAX on the Binance non-fungible token (NFT) marketplace, where BNB plays a principal role alongside stablecoin BUSD.
4. Solana (SOL)
Solana blockchain has earned the inclusion as a crypto to buy for long term returns. The asset is one of the most scalable blockchain protocols in the crypto ecosystem due to the reliance on a hybrid consensus mechanism.
The popular Ethereum killer utilises a PoS consensus model coupled with the Bitcoin-inspired proof-of-history (PoH) timing mechanism.
This process makes Solana highly scalable with a base transaction per second (TPS) of 50,000, energy-efficient, and cost-effective. Given the woes surrounding the Ethereum gas fees, Solana has been able to snatch a large chunk of the decentralised finance (DeFi) market share with its $0.01 network fee.
Solana has bloomed where other rivals have faltered, with the dApp platform surging 12,264.49% YTD with a 9,914.51% 12-month trailing increase.
However, at press time, SOL is struggling to break above the $200 resistance line. SOL is trading at $186.25, down 9.27% in the past day.
With the project becoming a hotbed for several NFT projects, blockchain music streaming service Audius recently launched support for Solana NFTs.
5. Cardano (ADA)
The Cardano blockchain is known for its scientific approach towards solving the challenges besetting the crypto ecosystem.
The fundamental growth recorded by the asset in recent times makes Cardano a crypto to buy for long term returns. Cardano is one of the top 10 most valuable crypto assets globally; despite being under development,
Price-wise, Cardano has suffered a sharp decline since its ATH of $3.10 in mid-September. However, the Ethereum competitor has largely traded between the $2 and $2.65 range. Facing a current market downturn, Cardano is trading at $1.531, down 8.14% in the past day.
Meanwhile, ADA has surged 743.17% despite the sharp decline, and a 12-month performance puts ADA at almost 1000%.
Centralised Bitcoin exchange BitStamp has recently announced the listing of the ADA token. This deal would likely boost the price and trading volume for the digital token.