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The cryptocurrency market is currently valued at over $1.7 trillion. It comes after a glorious 2021. Due to the sheer size of this market, there are many investors looking for top cryptocurrencies that can take advantage of consistently impressive returns over the long term should more funds flow into this space.
The two projects that often garner the most attention among investors are: Ethereum (crypto: ETH) and solana (crypto: sol). Let’s take a look at why these coins are the top cryptocurrencies to consider right now.
Top Cryptocurrency: Ethereum
There are many ways to think about Ethereum. Investors can choose to think of Ethereum as Ether, its native token. Others think of Ethereum as a blockchain network, which it is.
However, perhaps the most accurate depiction of Ethereum is that of a global computer running decentralized applications. Ethereum decentralized finance (DeFi) powers much of the world. Accordingly, those looking to accelerate crypto use cases may want to look at Ethereum first.
The vast DeFi ecosystem of this network is truly unique. There are other options out there (like the Solana, which we’ll get to in a minute). However, Ethereum is widely considered to be the lifeblood of the “usefulness” of the entire crypto market.
This token has grown along with its network usage. Enthusiasts about the continued development of the Ethereum network will want to take a good look at Ethereum at these levels.
Now, for a major Ethereum competitor.
Often referred to as the “Ethereum killer”, Solana is currently the eighth largest digital token, with a market cap of approximately $29 billion. It is an advanced blockchain platform specially engineered to support highly scaling dApps.
This crypto recently faced some controversy, including a “partial outage” of its network and monetary disputes from the community. However, Solana enjoys growing popularity in the universe of DeFi and NFTs, with SoL-based projects locking in $7.6 billion in terms of total valuation.
Recently, this crypto has been trending for various reasons. Solana price is seeing a sideways movement due to broader crypto market trend. Solana has indicated that a significant recovery could be on the cards despite the increasing volatility in the crypto space.
The main reason is Solana’s growing interest among DeFi developers and users. Again, those who are bullish on the overall development of decentralized finance will certainly like Solana’s position. This network’s low fees and fast transaction times give Solana a leg up on its competition. By all accounts, Solana’s ecosystem development is among the best in this area, which I am most optimistic about right now to make this token.