New Delhi: Cyrptocurrencies like Bitcoin, Dogecoin, Ethereum and others have fast emerged as favourite hotspots of investment as they yield colossal gains and have been on a roll for last few years.
Yesterday’s carnage in Crypto market came as a strong reminder of the market’s highly volatile and spoiler character. Bitcoin & Ether fell as much as 30% and 45%, however, they significantly pared losses after Elon Musk & Ark Invest expressed support for the digital currencies.
Despite coming under fire for its putting investor’s money in peril, the cryto market continues to remain one of the most profitable digital property.
However, the mind-boggling returns and the associated risk calls for a balanced and rational approach to investment.
Here, we bring 5 cryto currencies that are set to incur profits in 2021. We also predict a price forceast for these currencies for Year 2021, so that investors can take a cue and make a calculated move.
1) Bitcoin – $ 42,922
Among the vast pool of crytocurrency, Bitcoin is the most popular and most valuable digital currency. It is also the oldest crytocurrency as it was created decade ago, in 2009. Even though its origin and the person behind Bitcoin’s creation is still a mystery, more and more people are investing largely in digital currency. One of the big reasons behind its undisrupted investment flow is the lower transaction fees than bitcoin offers.
The currency jumped from $ 20,000 to $ 65,000 in April, in just a few months, drawing more & more investors. However, the mammoth downfall of 30% on May 19 called for reality check. Though, it has hit a rough patch, many maintain a buy position on it.
Experts have called yesterday’s meltdown a healthy correction for the digital currency as it was on a roller-coaster for past few years and such re-setting of price will help it again ensure its exponential growth.
Price Forecast
According to estimates, Bitcoin is likely to yield a return of 45%. Rather, Ark Investments CEO Cathie Wood maintains that that BTC cryto will hit $5,00,000 this year.
2) Cosmos (ATOM)
Cosmos is also known as ‘Internet of Blockchain’. It is currently priced at $22.94 which comes to roughly Rs 1671.7 in Indian currency.
Since Cosmos falls in the list of affordable cryptocurrencies, it could be bought by those with little investment capital also. This also witnessed sharp correction.
On May 7, Cosmos touched an high of just more than $32 but now receded sharply to $23., dropping a whopping 28 percent.
Price forecast
A leading portal predicts enormous potential in this cryto and it price may jump upto $46.5 by year end. 5-year price target for the cryto has been has slated at $191.9, suggesting a whopping rise in its value.
3) Binance Coin (BNB):
Binance Coin is a digital coin that is availed to trade and pay fees on the Binance cryptocurrency exchange at 0.1% per trade fee.
Until 2018, it was the largest crypto exchange in the world but has now been replaced by CoinDCX. Binance Coin is Ethereum based currency which enables trading in cryptocurrencies and also for fee payment over the Binance exchange.
Binance Coin’s price has been forming ebbs and flows lately, thereby igniting volatility in the market.
Price forecast:
In 1 year i.e. by 2021 end or by early 2022, the cryto may see as much as high as 84.4%. Which means, the price of Binance Coin would hit $505.
4) ZCash (ZEC):
The biggest feature of this cryto is that investors can remain anyonymous here i.e. they can operate here without revealing their identity.
Here, currency transactions depend on the employment of private keys which are strings of letters and number, identifying a user.
ZCash allows its users to even hide their transactions. This currency has immense potential and may boom to unprecedented levels but coupled with its volatility.
Price forecast
Owing to wobble in cryto market, ZCash price dropped down to almost 45% in 24 hours.
CoinSwitch, a leading portal predicts that ZEC may reach $200 by 2021 and will continue growing to $1242 by 2025.
5) Tron:
Tron is among the cheapest crypto currency in the market and understandably among the most favourite of investors.
It was initially developed over the Ethereum platform in the year 2017. It works on a decentralized operating system based on blockchain.
Price forecast
Though it holds similarity with Ethereum, its efficacy is said to be far higher than the latter. The crypto is seen hitting price target of $ 0.15 and $0.16 by end of 2021 and 2022.
Long term outlook for the currency i.e. 5 year target as given out by CryptoGround is $0.1447.
