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Summary
- Some of the best cryptocurrencies aren’t among the most popular coins or tokens.
- We look at five hidden cryptocurrency gems in this article.
Forget what experts have to say on cryptocurrencies. In such turbulent times, when inflation is breaking records, even institutions have lapped up on crypto assets to create wealth. But the most critical question is ‘which is the best altcoin to buy in 2021?’
Even as Bitcoin, Ether and Dogecoin grab the maximum headlines, some relatively unknown cryptos are creating wealth for investors. The market cap of these dwarfs that of some prominent companies listed on stock exchange. Let’s find out some hidden cryptocurrency gems.
Image: Pixabay
1. EOS
What is EOS?
It is the digital currency of the distributed ledger platform, EOS.IO. The blockchain claims to have many decentralized applications, popularly dubbed as DApps. EOS.IO is used by many developers to create new blockchain-based applications. This platform also claims to have better scalability than many other rival platforms, with a very high transaction processing speed.
EOS Stats
EOS was trading at over US$4.21 at 8:58 am on Monday, July 12. The total market cap is over US$4 billion, and over 900 million units of EOS are currently in supply.
The year-to-date return of EOS is over 65 per cent.
The EOS blockchain is said to be used by the crypto exchange, Bullish, which is planning a US$9 billion SPAC deal to go public.
2. Aave
What is AAVE?
Heard of decentralized finance, or DeFi? Aave is a promising player in DeFi, and the platform enables lending and borrowing of cryptocurrencies. It allows crypto holders to use their holding as collateral and access flash loans. Built in 2017, the platform gives holders of AAVE cryptocurrency a discount on fee.
AAVE Stats
AAVE is currently trading at over US$300. The total market cap is over US$5 billion, and approx. 16 million units of AAVE are currently in supply.
The year-to-date return of AAVE cryptocurrency is a whopping 290 per cent.
AAVE was in news after ace investor, Mark Cuban, recently praised the DeFi technology and cautioned banks of an upcoming competitor in lending space.
YTD Return of EOS, AAVE, XTZ, LINK & FIL (in percent)/ © Kalkine Image 2021
3. Tezos or XTZ
What is Tezos?
Tezos made noise in 2017 when the blockchain raised more than US$230 million in initial coin offering (ICO). Tezos is different from other blockchain-based platforms like Bitcoin. The former uses proof of stake consensus unlike the latter that uses proof of work consensus to process transactions.
XTZ Stats
The XTZ token is currently trading at over US$2.90. The total market cap is over US$2 billion, and approximately with 850 million XTZ units currently in supply.
The year-to-date return of XTZ token is over 47 per cent.
The rise in the popularity of proof of stake mechanism makes XTZ a preferred crypto asset.
4. Chainlink or LINK
What is Chainlink?
Chainlink does not have its blockchain network. Instead, it provides data on price and events on a ‘tokenized oracle’ network. Interestingly, it can be run on other decentralized networks, and the LINK token is used by Chainlink participants.
LINK Stats
The LINK token is currently trading at over US$18. The total market cap is over US$18 billion, and approx. one billion units of LINK are currently in supply.
The year-to-date return of LINK token is over 65 per cent.
The Chainlink network and the solutions it provides set it apart from regular blockchain-based networks and their linked cryptocurrencies.
5. Filecoin or FIL
What is Filecoin?
Filecoin enables users to rent unused space on their hard drive. It claims to make people the custodian of their data and increase the accessibility to web. Data is stored in a decentralized way, which eradicates the issue of extreme centralization in storage.
FIL Stats
FIL is currently trading at over US$1.50. The total market cap is approx. US$4.8 billion, and over 86 million units of FIL are currently in supply.
The year-to-date return of FIL is a whopping 130 per cent.
Platforms like Filecoin claim to replace the centralized data storage world with a decentralized method of storage where people, rather than tech giants, have control over data.
The above five can be the most interesting altcoins of 2021. They have registered a better-than-expected YTD return. The renewed interest in altcoins after crackdowns on Bitcoin can help in maintaining the upward momentum in price.
