AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- FAANG are tech stocks that dominate the US stock markets
- BBEDS can be a fitting counterpart in the cryptocurrency space
- The returns on BBEDS cryptos this year have been amazing
Most of us know what FAANG is. The acronym relates to listed tech giants – Facebook (now Meta), Apple, Amazon, Netflix and Google (Alphabet).
These five companies have a combined market cap of over US$7 trillion with a substantial share in the S&P 500 Index. FAANG shares dominate the global stock market. But there is one more asset class that has lately captured the imagination of global investors –retail and institutional.
What are these FAANG stocks of the cryptocurrency world? Let’s find out.
Which is the most fitting counterpart of FAANG in cryptocurrencies space?
The most fitting counterpart of FAANG in cryptos is BBEDS – Bitcoin, Binance Coin, Ether, Dogecoin, and Shiba Inu.
1. Bitcoin (BTC)
Bitcoin is unarguably the king, and it single-handedly shapes the crypto world. In 2021, Bitcoin took its lead further after it became the first crypto to be recognized as legal tender. El Salvador has made Bitcoin a form of money with a view to saving on cross-border remittance costs.
Also read: Can Bitcoin be termed as the ‘asset of the century’?
Though the securities regulator of the US, SEC, has exercised caution, it recently greenlit a Bitcoin ETF, which crypto enthusiasts are considering as a positive sign. Elon Musk has Bitcoin in his portfolio, and Jack Dorsey has termed it as the native currency of the internet.
But it is the market cap of over US$1 trillion that makes Bitcoin the most dominant digital currency with blockchain underpinning.
Also read: Can Bitcoin end 2021 with a price tag of $100,000?
2. Binance Coin (BNB)
Binance Coin is the native cryptocurrency of the blockchain ecosystem of Binance, a leading exchange to buy and sell cryptocurrencies.
Binance has its own blockchain that can be used by other decentralized finance apps. Calendar 2021 was a year of some headwinds in Binance due to crackdown in multiple jurisdictions. Despite this, Binance Coin gained multi-fold and ranks as third in the list of cryptos by highest market cap.
3. Ethereum (Ether)
Ethereum is second only to Bitcoin in terms of market cap. The blockchain is used by many other crypto projects including ERC-20 tokens. The market cap has surpassed US$500 billion on the back of wide use of the blockchain in smart contracts and decentralized finance space.
Ether too has gained multi-fold in 2021, more Bitcoin on YTD basis.
4. Dogecoin (DOGE)
Though it is difficult to understand the real utility of this multi-billion-dollar market cap meme currency, it dominated news headlines in 2021. It featured in the tweets of Elon Musk and gave whopping returns to its backers given they bought the crypto at the most opportune time.
Meme cryptocurrencies are the talk of the town, and Dogecoin leads the space.
5. Shiba Inu
A Dogecoin competitor, this meme token was lately in the news for nearly 800 per cent surge. Shiba Inu has trumped Dogecoin and is now one of top ten cryptos by market cap. The price of one SHIB token is only a fraction of a dollar, which arguably interests more investors.
Also read: 5 low-priced cryptos that may script a SHIB-like surge story in 2022
Bottom line
BBEDS is the FAANG of crypto world. The FAANG stocks increased the value of shareholders, and the five cryptocurrencies in BBEDS have done the same this year.
