Top 3 Cryptocurrencies to buy for the short term
Businesses and individuals of all stripes are engaged in global economic recovery efforts. As a result, more and more people are curious about investing in the cryptocurrency market, particularly the most promising coins.
This year (2022), we have witnessed a meteoric rise in the total volume of transactions inside the crypto ecosystem.
There are a lot of people who want to know which cryptocurrency is the best short-term investment. A short-term strategy is best suited to this bear market to capitalize on price fluctuations and momentum.
This article examines three cryptocurrencies that could be profitable short-term investments.
DECENTRALAND (MANA)
Market cap: $1,295,307,949
Position by market cap: 41
Current price: $0.6982
Circulating Supply: 1,855,084,192 MANA
Decentraland is an Ethereum-based project with the ultimate goal of releasing a fully functional virtual environment where users may do whatever they can do in the real world. It can be used to acquire, dispose of, and profit from plots (in-game NFTs) in the game.
What sets Decentraland apart from other virtual world projects is the fact that players can earn real money from their in-game creations by leveraging the blockchain’s distributed ledger technology.
Many people in Decentraland today not only utilize the platform as a place to express their creativity but also as a way to make money from their land through renting, advertising, and sponsored events.
Decentraland is an Ethereum-based, third-dimensional virtual environment. Users can personalize their avatars and construct their environments. As a short-term investment, MANA is a token to consider.
AVALANCHE (AVAX)
Market cap: $5,090,489,691
Position by market cap: 16
Current price: $17.20
Circulating Supply:295,976,787 AVAX
Multiple industry experts have named Avalanche (AVAX), a layer one blockchain that serves as a platform for decentralized apps and custom networks, as one of the three main competitors to Ethereum.
Its target is to outperform the competition by a wide margin, with a throughput of up to 6,500 transactions per second without reducing network scalability.
The team behind Avalanche, Ava Labs, is confident that their blockchain technology for smart contracts is the quickest available.
With three independent blockchains working in the background, Avalanche is ready for the day when cryptocurrency serves as the internet’s backbone.
For example, Ethereum completes its transaction in under a minute. In practical terms, a second is a very short amount of time, yet it represents an absolute endpoint in the case of Avalanche. In the short run, Avalanche is a fantastic investment.
See also: 5 Best Cryptocurrencies to Buy Ahead of October 2022.
POLYGON (MATIC)
Market cap: $6,739,172,962
Position by market cap: 13
Current price: $0.7716
Circulating Supply: 8,734,317,475 MATIC
Originally known as the Matic Network, Polygon is an Ethereum-compatible blockchain scaling platform.
Polygon provides a variety of options for Ethereum’s scalability design, including the Matic PoS chain and the Plasma Chain.
Compared to utilizing Ethereum directly, the gas costs are much reduced, and the transaction throughput of Polygon, one of the fastest networks, can reach up to 10,000 TPS.
One of the largest cryptocurrency exchanges, Robinhood, began supporting MATIC deposits and withdrawals on Polygon on September 1.
The price of MATIC has hit the $1 mark in the US. Despite the high volatility, experts predict the price will eventually hit $2.
Several decentralized finance (DeFi) protocols now include Polygon, and more and more services are switching to it daily.
Investors have a lot of optimism for the Polygon blockchain because of how quickly it can process transactions.
Reef Finance (REEF)
Market cap: $105,213,863
Position by market cap: 178
Current price: $0.005222
Circulating Supply: 20.16B REEF
Reef solves issues like Defi users needing to switch between platforms to get their orders filled due to low liquidity.
Users can easily stake, acquire, farm, and manage their digital assets when using Reef. The project kicked off in 2019 and was released on the Polkadot blockchain in September 2020. It also made its debut on the Binance Launchpool in 2020, allowing users to trade it on the Binance Smart Chain.
Currently, there are more than 23 validators in Reef Chain. The Polkadot blockchain supports this DeFi technology. It is a multi-chain yield engine and a liquidity aggregator. Without signing up for a new account on each platform, users have access to all DeFi services provided by Reef.
Cryptocurrency dealers and digital media outlets seeking high liquidity for their audiences can use this platform.
See also: Crypto Futures Trading Explained
Conclusion
Cryptocurrency investors seek the best short-term investments to capitalize on price swings and momentum. This article explores three digital currencies that, if invested now, might yield immediate gains. Avalanche, Polygon, and Reef are some of the most promising coins right now.
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Risk Statement
Trading in Bitcoin and other cryptocurrencies carries the potential for both advantages and disadvantages. Trading is not suitable for everyone. Anyone interested in investing must consult with an expert.
