In this article, we discuss the 5 cryptocurrencies Reddit is buying for the next bull run. If you want to read our detailed analysis of these currencies, go directly to the 10 Cryptocurrencies Reddit is Buying for the Next Bull Run.
5. Harmony
Harmony has been one of the biggest gainers in the crypto universe over the past year. The price of one coin has increased more than 5,200% in the past twelve months. As of January 17, one coin is trading at around $0.34. The market cap of the coin is now over $4 billion. In the past fifteen days, the value of the coin has almost doubled. The Harmony network is powered by sharding, allowing the coin to market itself as a “secure and fast” blockchain solution. Harmony uses a Proof-of-Stake mechanism to validate transactions.
Some of the advantages of using Harmony are energy efficiency, cross-chain capabilities, and the potential of the network in the NFT marketplace. Since the network has lower fees, new developers who want to create NFTs will prefer it over more expensive options. The developers of the coin have also affirmed that they will be rolling out NFT-specific capabilities like NFT Lending and NFT Verification soon as well.
4. Solana
Solana is another potential Ethereum rival. The Solana blockchain is faster and cheaper than Ethereum. The Solana network uses a combination of Proof-of-Stake and Proof-of-History mechanism to achieve consensus, a method that the developers of the coin claim improves the overall “efficiency” of the network. The coin is often described by market experts as a “long-term rival” to Ethereum. Redditors have also been piling into the coin based on the capabilities it offers in the DeFi and NFT domains.
Solana has also become popular on Reddit since former US first lady Melania Trump announced that she would be launching an NFT using the Solana platform. However, following the announcement in December, Solana released a statement clarifying that the choice of platform for the former first lady was not a “Solana-led initiative”.
3. Stellar
Stellar is a cryptocurrency released in 2014 and developed by Jed McCaleb and Joyce Kim. The coin is famously used to convert digital coins into fiat currencies and to move money across borders. At the beginning of 2021, the coin was trading at around $0.13. At the end of the year, the price of one Stellar coin had increased to $0.27, more than doubling in value. Presently, the coin has a market cap of around $6.4 billion.
Redditors believe that the Stellar network will soon partner with leading banks and financial institutions to leverage the power it holds to make cross-border payments at low fees. In January 2021, the price of the coin was boosted by around 40% after the Ukraine government partnered with the network to develop parts of the digital infrastructure of the country.
2. Everest
Everest is an Ethereum-based coin that utilizes the blockchain tech offered by the platform to allow enterprises to program various fiat currency use cases. Some of the benefits of using the Everest network include device free verification, seamless value transfers, and energy efficiency. As of January 17, the coin is trading at around $0.37 and has a market cap of more than $43 million. The developers of the coin claim that Everest aims to “build value exchanges between people and organizations”.
Everest is one of the harder coins to trade on mainstream currency exchanges. The coin is usually traded through trade of other crypto coins on platforms like Uniswap. Everest uses digital identities, electronic wallets, biometric data, and document management to verify identities and process transactions without the need for external devices.
1. Webcoin
Webcoin is the native cryptocurrency of the Webcoin platform. The currency is mainly used by those on the platform to exchange services based on interests. The coin is most famously used for digital marketing. The coin is based on the Ethereum network and as of January 17, is trading at around $0.00016. It has a market cap of over $164,000. The coin has earned lots of positive mentions on Reddit in the past few hours as users tout the usefulness of the coin in the “metaverse” of the future.
In the past twenty-four hours, the price of Webcoin has increased by more than 60%. To put the rise into perspective, the overall crypto market fell by around 1.8% during the time. Although the coin is trading at low volumes, renewed mining efforts and Redditor hype are likely to mainstream it further in the coming months.
You can also take a peek at 10 Stocks Reddit’s WallStreetBets is Buying in July 2021 and Top Robinhood Stocks Popular on Reddit.
