New Delhi: Being on the brink of World War III with Russia invading Ukraine, major cryptocurrencies are taking a major toll on their value. Since the beginning of the year, cryptocurrencies like Bitcoin and Ethereum have been trading in the red. Besides, they are facing high competition from the newcomers in the market like Solana. Meanwhile, crypto donations are being carried out in Ukraine to help their military forces.
As we just entered into March, let’s look at the top cryptocurrencies that will explode in this month:
1. Bitcoin
There is no doubt that Bitcoin will be leading as the world’s largest cryptocurrency even though the impact of war in Ukraine has affected the price to its steepest low. This crypto is more widely accepted than any other digital coin owing to its long existence in the crypto market. Besides, Bitcoin is viewed as a good hedge against inflation by some investors as there will never be more than 21 million Bitcoin tokens in circulation.
2. Solana
The newcomer, Solana, is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The idea and initial work behind the project began in 2017, the digital coin was officially launched in March 2020 by the Solana Foundation with headquarters in Switzerland’s Geneva. The crypto is in the aim of surpassing Ethereum.
3. Ethereum
Ethereum’s blockchain supports smart contracts that can be used in a wide range of applications. Moreover, the second-largest cryptocurrency is capable of creating non-fungible tokens (NFT). Over the last 24 hours, Ethereum is up by 2.34%. Besides, it has a circulating supply of 119,790,092 ETH coins.
4. Binance Coin
Binance operates as the biggest cryptocurrency exchange in the world with Binance Coin being the third most popular coin in the market. The coin is regarded as the native coin on the Binance exchange. Therefore, investors who pay transaction fees with the Binance Coin receive discounts. Each quarter, Binance reduces the supply of digital coins on trading volume.
5. Tether
Tether takes the top spot among all the stablecoins. Tether counts under the U.S. dollar. Theoretically, Tether is like a “crypto-dollar” that similarly maintains its value just as physical U.S. dollars do. However, there are some controversies as to whether Tether has sufficient reserves to back all of its digital coins.
