5 Best Cryptocurrencies Redditors are Buying

In this article, we discuss the 5 best cryptocurrencies Redditors are buying. If you want to read our detailed analysis of these currencies, go directly to the 10 Best Cryptocurrencies Redditors are Buying.

5. Polkadot

Polkadot is a crypto solution born from the academic need of identifying and laying out the problems present within existing blockchain systems and rectifying them. As such, the coin, created by Gavin Wood, is one of the most popular in the world with a market capitalization of close to $50 billion. The coin can be used on a platform that allows for trades in different types of assets instead of just tokens. 

Coins like Polkadot are mined using the powerful chips developed by semiconductor firms like NVIDIA Corporation (NASDAQ:NVDA). 

At the end of the second quarter of 2021, 86 hedge funds in the database of Insider Monkey held stakes worth $9 billion in NVIDIA Corporation (NASDAQ:NVDA), up from 80 the preceding quarter worth $6 billion.

In its Q1 2021 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:

“NVIDIA Corp. is the dominant supplier of Graphics Processing Units (GPUs) worldwide. NVIDIA’s GPUs are at the intersection of a number of important computing trends including the movement to the Cloud, artificial intelligence, autonomous vehicles, edge computing, gaming, and more. We previously owned NVIDIA and sold it in the third quarter of 2020 as the price to value gap closed and our margin of safety was reduced. As with all our MVP companies, we continued to follow NVIDIA closely. Since that time, NVIDIA reported excellent results and its value has compounded rapidly. The technology selloff at the beginning of the year negatively affected the stock price while our estimate of NVIDIA’s value per share increased. This happy combination of events created a margin of safety and an opportunity to once again add NVIDIA to the portfolio.”