Ten years back, we had nothing called cryptocurrencies. And then, one fine day back in 2009, somebody with the pseudonym Satoshi Nakamoto released the whitepaper of Bitcoin to a mailing list, and cryptocurrencies came into the picture.
In the initial few years of its existence, only a couple of crypto enthusiasts were involved in Bitcoin and related activities. Gradually, by 2013 as Bitcoin started to gain traction, various other cryptocurrencies followed through. And now we have over 5000 cryptocurrencies in the crypto market.
Future of Cryptocurrency
From the hundred million crypto investors globally, the world could see more new crypto investors enter the landscape. There is expected to be a rise in the number of crypto investors, both; retail and institutional.
Moving forward, Cryptocurrencies may not be about Bitcoin only; other cryptocurrencies with varied purposes might also pick fire. But not every cryptocurrency will possibly flourish, remember ‘Cryptocurrencies’ is an umbrella term for more than 5000 protocols in the market, and only the best of the best will survive. Hence, while investing, it is important to mindfully analyse and invest.
However, the forecast is based on the current state of the crypto ecosystem in India.
Crypto World | Current State
Cryptocurrencies have been thriving over the last few years, especially in 2020. Over the previous year, the total market size of cryptocurrencies has grown 2X, let alone the double-digit spikes that individual cryptocurrencies like Bitcoin, Ethereum and other cryptocurrencies have experienced.
It is also one of the years where a new wave of new first time retail crypto investors entered the market. Apart from that, multiple institutional investors have also dipped their toes into the market, including Tesla, PayPal, JP Morgan, MicroStrategy etc.
Additionally, cryptocurrencies are expected to penetrate deeper into the financial landscape, with regulators looking forward to defining a framework for its operations.
Apart from the cryptocurrency market’s valuation boom, multiple technological advancements have also happened over the past. Where earlier Bitcoin was the ultimate cryptocurrency, we are now seeing other cryptocurrencies like Ethereum, Tron, BAT making a significant impact.
In crisp, to accurately foresee what the future holds for cryptocurrencies is a challenge. The ecosystem is very happening, and any event could significantly change your expectations; however, the events look pretty favourable so far.
Future cryptocurrency to invest in 2021
Knowing how the emotions are swiftly changing and realising that people are becoming more open to other cryptocurrencies. Here are some of the best cryptocurrencies to invest in 2021.
1.Basic Attention Token (BAT)
The Basic Attention Token or BAT powers a blockchain-based digital advertising platform, Brave browser.
It aims in solving the privacy issues of the prevailing digital advertising industry. There have been concerns around how the existing digital ad companies have been breaching people’s privacy; BAT is working on maintaining user privacy on the internet.
The Brave browser is the first crypto application to have more than one million users.
Greyscale, one of the renowned investment firms, also confirmed their interest in setting up a BAT Trust. Since then, it has been getting a lot of traction.
BAT also announced its roadmap, BAT Roadmap 2.0. They revealed that they are looking to create a decentralised exchange (DEX) aggregator and a Brave Wallet. These additions will extend its reach beyond browsing and expose it to the gigantic world of DeFi.
Chainlink is an oracle network that feeds real-world inputs to smart contracts, enabling them to execute tasks successfully. LINK has been widely used by some of the leading companies like Google, Aave etc.
They are diversifying into NFT’s and are planning to also enable them to interact with the external world.
Chainlink is also scaling the oracle network by increasing the amount of data the network can transfer. The Chainlink team has developed an Off-Chain Reporting solution that has boosted its scalability capacity by 10X.
LINK has been steadily increasing in value since 2021, with some bumps along the way.
3. Tron (TRX)
The Tron protocol is focused on decentralising the internet; it aims to build a global digital content and entertainment ecosystem. It encourages creators and viewers to participate in creating and sharing content actively.
Similar to Ethereum, Tron is also a smart contract protocol that powers DApps (Decentralised Applications). Apart from that, it also has a super-efficient network speed with the capacity to handle 200 transactions per second. It is one of the fastest-growing public blockchains.
Though Tron hasn’t seen any significant spikes in its value, it has remained pretty sturdy. The objective of the protocol looks promising and is expected to revolutionise the content and entertainment industry.
Convert TRON to INR seamlessly on the CoinSwitch website.
To wrap it up, I would like to give you a heads up that the above-mentioned cryptocurrencies are just some protocols that excite me, and they may or may not outshine in the future. Hence request you to please make sure you do your research before investing in any crypto.
With that said, Happy Investing!
P.S. KuberVerse is an educational initiative. Anything expressed here directly or indirectly is not investment advice. And we ask you to do your own research before investing.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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