In this article, we discuss the 5 best cryptocurrencies to invest in according to Reddit. If you want to read our detailed analysis of these currencies, go directly to the 10 Best Cryptocurrencies to Invest in According to Reddit.
5. Algorand
Algorand is a blockchain-based network that uses the native Algroand currency for transactions. It markets itself as the first pure proof-of-stake blockchain in the world. It is ranked fifth on our list of 10 best cryptocurrencies to invest in according to Reddit. The technology used by Algorand promises a high performing system that guarantees security, scalability, and built in privacy. The Algorand ecosystem claims it is building itself for the future of finance where these needs will be foremost for most people when using digital payment methods.
Investors should also keep Alphabet Inc. (NASDAQ: GOOG), the parent company of internet search engine Google, on their radar for the crypto space. Alphabet Inc. (NASDAQ: GOOG) was recently given a Buy rating by investment advisory Argus with a price target of $2,800.
Out of the hedge funds being tracked by Insider Monkey, London-based investment firm TCI Fund Management is a leading shareholder in the firm with 2.9 million shares worth more than $6.1 billion.
In its Q1 2021 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and Alphabet Inc. (NASDAQ: GOOG) was one of them. Here is what the fund said:
“Large-cap tech companies have been resilient through the pandemic—Alphabet among them. A top contributor, Alphabet’s Play Store and Google Cloud are in demand as businesses accelerate online activity which, along with strong YouTube user growth, is helping stabilize temporarily weaker search ad revenue trends. Through the lens of our disciplined bottom-up research process, we view Alphabet as one of the best businesses in the world, capable of expanding revenues at a rapid rate for years to come, with a bullet proof balance sheet and an average asking price. It’s a name we’ve owned since 2012 and for which we continue to have high hopes regarding future prospects.”
4. IOTA
IOTA is placed fourth on our list of 10 best cryptocurrencies to invest in according to Reddit. It is a cryptocurrency released in 2016. The coin is different from other coins because it caters to the special needs of the Internet of Things (IoT) universe. The IOTA blockchain is also different because it uses nodes, instead of miners, to validate transactions. This practice allows for zero-fee transactions, which is why the IOTA blockchain is popular for microtransactions for those seeking to move small amounts of money through crypto.
Helping crypto gain a foothold in the finance world are firms like CME Group Inc. (NASDAQ: CME), the Illinois-based derivatives exchange that accepts crypto trades on the platform. CME Group Inc. (NASDAQ: CME) recently launched micro bitcoin futures that have been a roaring success over the past few weeks, crossing 1 million contracts earlier this month.
At the end of the first quarter of 2021, 60 hedge funds in the database of Insider Monkey held stakes worth $2.3 billion in CME Group Inc. (NASDAQ: CME), up from 58 the preceding quarter worth $2.2 billion.
In its Q1 2021 investor letter, Cooper Investors, an asset management firm, highlighted a few stocks and CME Group Inc. (NASDAQ: CME) was one of them. Here is what the fund said:
“CME has been owned by the portfolio for five years. CME’s strategic positioning as a monopolistic global financial exchange operator will continue to afford the business a highly attractive margin profile. CME is well managed however we can no longer identify clear value latency opportunities for the management team to execute against and so decided to exit our position.”
3. Theta Fuel
Theta Fuel is the native coin used on the Theta blockchain system. It is ranked third on our list of 10 best cryptocurrencies to invest in according to Reddit. Over the years, Theta Fuel has made a name for itself in the video streaming industry, becoming the partner coin to many platforms in this regard. The blockchain markets itself as the only end-to-end infrastructure for decentralized video streaming. Theta Fuel is cheaper in price than other coins but has explosive growth potential in the near term as more firms experiment with video streaming.
Another solid bet in the crypto marketplace is Mastercard Incorporated (NYSE: MA), the New York-based payments processing firm that has started integrating crypto onto the electronic payments solutions it offers, such as credit cards. Mastercard Incorporated (NYSE: MA) recently launched a crypto-focused card in collaboration with the Gemini Exchange.
Out of the hedge funds being tracked by Insider Monkey, Virginia-based investment firm Akre Capital Management is a leading shareholder in Mastercard Incorporated (NYSE: MA) with 5.8 million shares worth more than $2 billion.
In its Q4 2020 investor letter, Bretton Fund, an asset management firm, highlighted a few stocks and Mastercard Incorporated (NYSE: MA) was one of them. Here is what the fund said:
“While consumers resumed much of their spending by summer, what and how they used their Visas and Mastercards changed. For obvious reasons, people shifted to contactless payments—one of the Covid-era changes we think is permanent—and replaced travel purchases with online shopping and food delivery. Consumers spent more on their debit cards and less on their credit cards; Visa and Mastercard make more per transaction on the latter. They also make more on cross-border transactions that come mostly from international travel, which ground to a halt early in the pandemic. Visa’s and Mastercard’s earnings per share fell by 7% and 16%, respectively, compared to their usual mid-teens growth. We’re not too worried, and we think they’ll catch up nicely in the post-vaccine world. Visa’s stock returned 17.1% and Mastercard’s 20.2%.”
2. Dogecoin
Dogecoin is placed second on our list of 10 best cryptocurrencies to invest in according to Reddit. It is a crypto payments system created by Billy Markus and Jackson Palmer in 2013. The ironic thing about the popularity of Dogecoin, which has crossed $54 billion in market capitalization over the past few months, is that the currency was created as a joke. However, due to the decentralized nature of the blockchain ecosystem, the hype around the coin has led to a dramatic increase in value. Dogecoin is one of the most popular coins on Reddit.
The rise of memecoins like Dogecoin has been facilitated in large part by celebrities like Elon Musk, the eccentric billionaire and chief of Tesla, Inc. (NASDAQ: TSLA), the California-based EV maker. Tesla, Inc. (NASDAQ: TSLA) has been bullish on the crypto industry and was one of the first mega cap firms to accept crypto as payment for product sales.
Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Tesla, Inc. (NASDAQ: TSLA) with 24.4 million shares worth more than $16.3 billion.
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.”
1. AMP
AMP is ranked first on our list of 10 best cryptocurrencies to invest in according to Reddit. AMP is a cryptocurrency that uses the Ethereum blockchain to make payments on the Flexa Network. Using the coin, holders can make a number of different types of transactions, including conversion to fiat, digital payments, loans, and property sales, among others. AMP is moderately priced compared to coins like Bitcoin, Ethereum and dozens of others, but has significant growth potential.
Helping crypto make the leap from a concept to the real world are firms like NVIDIA Corporation (NASDAQ: NVDA), the microchip maker from California. NVIDIA Corporation (NASDAQ: NVDA) products are used in crypto mining operations around the world.
At the end of the first quarter of 2021, 80 hedge funds in the database of Insider Monkey held stakes worth $6.2 billion in NVIDIA Corporation (NASDAQ: NVDA), down from 88 the preceding quarter worth $8.6 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.”
You can also take a peek at 10 Companies that Benefit From Crypto Mining and 10 Best Nickel Stocks to Buy Now.
