Overall, the cryptocurrency market continues to struggle. Bitcoin (BTC-USD) has fallen below $55,000 as I write this article. It tends to be a bellwether for the greater cryptocurrency market so it should be no surprise that many cryptocurrencies have fallen in kind. That said, Bitcoin is still up 25% year-to-date. The cryptocurrency market remains intriguing and despite current woes, there are many cryptos to buy.
Cryptocurrency will continue to attract investors. There are a whole host of reasons to believe that the cryptocurrency market is worth investing in. The decentralization argument continues to be persuasive. Cryptocurrencies are not controlled by any centralized authority, unlike fiat currencies.
There are all kinds of interesting follow-on ideas there. For example, cryptocurrencies can act as a hedge against inflation, at least those that have limited supplies. Of course, there’s also the argument in favor of quick returns which plays out again and again.
Solana (SOL-USD)
Solana (SOL-USD) has emerged as the cryptocurrency of choice for contrarian investors seeking to upset the status quo.
The Solana blockchain is home to several projects that hit trending areas of development including decentralization and NFTs. The reason Solana has received so much attention and that so much development is being done on its blockchain relates to its scalability. Solana boasts extraordinarily high throughput speeds and low fees that have made it a legitimate challenger to Ethereum (ETH-USD).
In that regard, Solana is certainly challenging the status quo. Ethereum is the predominant platform for the development of decentralized apps and smart contracts. Solana is a legitimate challenger in both of those domains.
It is simply faster and cheaper than Ethereum which is why so much development has occurred within its blockchain. Solana has appreciated by nearly 600% over the last 12 months. It is shown the ability to take off again and again. While Bitcoin is pulling everything lower at the moment Solana certainly has the potential to jump upward quickly at any moment, making it one of the best cryptos to buy.
Render (RNDR-USD)
Render (RNDR-USD) is a unique cryptocurrency that hits on the trend of renting out unused assets. In the case of Render, that means allowing people with unused graphical processing unit (GPU) power to rent it out.
The Render token is used to connect people in need of GPU power which are generally, artists and studios who need GPU power for graphical purposes to those lenders. Those who wish to rent that GPU power do so with RNDR tokens which are transferred to the lenders. The more in demand the service becomes, the more valuable Render tokens become in the process.
It’s easy to see why Render is attractive as the rental economy continues to develop. The other thing to note is that Render is inherently connected to the emergence of AI. Much of generative AI revolves around the creation of graphics that require GPU resources. If the company can get the economics right there’s no reason to believe that Render shouldn’t take off from here.
Bittensor (TAO-USD)
Bittensor (TAO-USD) is another cryptocurrency to consider that may take off due to the machine learning/AI opportunity.
The project is essentially an open-source protocol by which collaborative training of machine learning models Rewards users with TAO. Those who provide the network with more valuable machine learning information are rewarded with more TAO. It is used as a medium of exchange on the network and can also be used to influence decisions on the network.
Those who want to access the machine learning and artificial intelligence information housed within the network can pay TAO to do so.
The truth is, Bittensor has already taken off this year and over the past 12 months. A year ago it was worth $60. Today it’s worth $129. In between it rose as high as $730. AI continues to be the dominant trend of today. Given that Bittensor has already risen much higher it’s an easy choice for those seeking to secure rapid gains again among cryptos to buy.
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or
indirectly) any positions in the securities mentioned in this article.
