5 Best Cryptocurrencies Redditors are Buying

3. Cardano

Cardano is a blockchain-based cryptocurrency that was initially released in 2015. A stable release of the currency came earlier this month. It is placed third on our list of 10 best cryptocurrencies Redditors are buying. Cardano uses an open source and decentralized platform with consensus achieved using proof of stake. It is a spinoff of Ethereum, the second most popular crypto coin in the world that has outperformed peers in the market in recent weeks. Canadian mining firm iMining recently announced that it would be launching Cardano, which has switched to a new ERC20 converter.

The mainstreaming of cryptocoins like Cardano is partly due to the hype generated around crypto by big companies like Tesla, Inc. (NASDAQ: TSLA). Earlier this year, Tesla, Inc. (NASDAQ: TSLA) bought more than $1 billion in Bitcoin and announced that it would start accepting it as payment for vehicle sales. 

Out of the hedge funds being tracked by Insider Monkey, Chicago-based firm Citadel Investment Group is a leading shareholder in Tesla, Inc. (NASDAQ: TSLA) with 24 million shares worth more than $16 billion. 

Just like PayPal Holdings, Inc. (NASDAQ: PYPL) and Square, Inc. (NYSE: SQ), Tesla, Inc. (NASDAQ: TSLA) is one of the best crypto stocks that Redditors are buying.

Here is what Baron Partners Fund has to say about Tesla, Inc. (NASDAQ: TSLA) in its Q1 2021 investor letter:

“Tesla, Inc. designs, manufactures, and sells fully electric vehicles, solar products, energy storage solutions, and battery cells. The stock fell during the quarter as a result of general market dynamics and a potential production slowdown due to parts shortages. A refreshed S/X and China Model Y ramp could also have a negative impact on margins in early 2021. We anticipate strong growth and improved margins driven by new production capacity, manufacturing efficiencies, localization of its manufacturing and supply chain, and maturation of Tesla’s full self-driving technology.”