What’s the Best Cryptocurrency to Invest in Now? 7 Contenders

Top cryptocurrencies to buy amid escalating global tensions.

The first few months of 2022 have certainly been eventful. First, stocks suffered their worst month since the dark days of March 2020, dragging cryptocurrencies down with them. Then, Russia mounted an unprovoked invasion of Ukraine, sending financial markets into further turmoil as Western nations anxiously hope any comparisons to Germany’s 1939 invasion of Poland are overblown. Amid this turmoil, market commentators, as ever, are taking wildly divergent views on cryptocurrency. Is it nothing more than a secretive money-laundering tool that Russia will deftly use to circumvent crippling sanctions? Is it a life-saving way for anyone in the world to fund Ukraine’s defense of its sovereignty? In truth, any broad description of cryptocurrency’s role lacks crucial nuance, and even war can’t decimate this $2 trillion asset class. Here are seven of the best cryptocurrencies to buy now.

Bitcoin (BTC)

Most investors with exposure to cryptocurrency will want to keep a chunk of their crypto allocation in Bitcoin, and the past month is a good example of why. No one should view digital assets as safe-harbor investments, but BTC is the closest thing to a blue-chip cryptocurrency there is, as evidenced by its performance in trying times. Throughout the chaos of the past month, Bitcoin’s market dominance has grown from 42% to 43.1%, as more speculative and unproven coins lost much of their luster. Although BTC has languished much of the year below the $40,000 level, the top cryptocurrency in the world trades above $44,000 at the time of this writing.

Ether (ETH)

In the world of crypto, there’s Bitcoin and Ethereum and then everyone else. BTC and Ether (ETH) are the only two must-own cryptos, as each has a lengthy — relatively speaking at least, for the world of digital currencies — track record, a hard-earned brand name and a devoted investor base. Unlike Bitcoin, the Ethereum network was built to enable the brave new world of smart contracts and decentralized finance, or DeFi, arguably one of the 21st century’s most potentially disruptive innovations. DeFi allows the cutting out of traditional financial intermediaries like banks, brokers and exchanges, theoretically enabling truly “trustless” financial transactions. The biggest downside of the Ethereum network, by far the most-used blockchain network in the world, is the high cost of completing a transaction. This is a known issue, however, and developers are working feverishly to bring the dramatically cheaper and more energy-efficient Ethereum 2.0 network to fruition in the coming year or so. A newly formed decentralized autonomous organization, or DAO, recently raised $3 million in Ethereum for the Ukrainian army.

Solana (SOL)

While the Bitcoin vs. Ethereum conversation is a debate all its own, it has an apples-and-oranges flavor to it. Bitcoin is a more archaic peer-to-peer payment system, and Ethereum’s grander ambitions as a network allow decentralized apps to be built on top of it, making it more infrastructure than currency. A more appropriate debate is arguably on the topic of which network will emerge as the leader in decentralized finance, which is where Solana comes in. While Ethereum is easily the current frontrunner, with a market capitalization above $360 billion, Solana is a top-10 cryptocurrency in its own right, and its $32 billion market cap is nothing to scoff at. More important, its network fees are dramatically lower than Ethereum’s at present, so the longer Ethereum 2.0 takes to go live, the more opportunity SOL has to close the gap.

FTX Token (FTT)

FTX is one of the world’s largest crypto exchanges, with a focus on institutional trading and cryptocurrency derivatives. The firm offers options, swaps and futures on some of the top cryptocurrencies around, and does so while charging low, competitive fees. The FTX token is the platform’s native currency, and it’s seen explosive growth in recent years as both retail and institutional interest in digital assets has soared. The token is up more than 2,000% since the start of 2020, surging from $2.14 to upward of $47 today. Buying FTT isn’t raw speculation or a wager on a meme. It’s a bet on the growth and increasing network effects of the FTX platform. In January, FTX was valued at $32 billion in a new round of funding, up from a $25 billion valuation in October.

Avalanche (AVAX)

When a given market is large enough, there can be multiple winners. This is the case in the world of smart contracts and decentralized finance, where Ethereum is the dominant network but blockchains like Solana and Avalanche are also vying for a chunk of the pie. Avalanche has soared more than 2,700% since the beginning of 2021, rallying from the low-$3 range to a price approaching $90. Every day that passes without the much-anticipated Ethereum 2.0 network is a win for low-fee Ethereum competitors like Avalanche and Solana. AVAX is a top-10 cryptocurrency by market cap, with a cumulative valuation of more than $22 billion. Over the last year, Avalanche’s share of the overall market has gone from 0.1% to 1.1%.

Binance Coin (BNB)

Another bet on a dominant and growing ecosystem helping to onboard the masses to the crypto world, BNB is the native cryptocurrency of Binance, the world’s largest cryptocurrency exchange. Recent trading data from February shows that Binance’s daily trading volume was nearly double the second-largest exchange by volume, with $22.1 billion in volume compared to $12.1 billion in volume on Mandala Exchange. For context, Coinbase Global Inc. (COIN) had just $4.9 billion in volume over the same period. Coinbase is currently valued at about $50 billion. Binance has a number of successful decentralized projects influencing the rapid evolution of the cryptocurrency space and is arguably the leading contender to one day enter the conversation as a blue-chip digital token alongside Bitcoin and Ethereum.

Uniswap (UNI)

Last but not least among the best cryptocurrencies to buy is UNI, the governance token for Uniswap, the world’s leading decentralized exchange, or DEX, by trading volume, with about one-third of the market. That’s a dominant grip on a lucrative and emerging corner of the DeFi landscape where Serum DEX, the second-leading decentralized exchange by trading volume, boasts just 8.9% of the market. Founded by an Ethereum developer, Uniswap is known as an automated market maker, and allows coin owners to swap, or convert, a wide variety of top crypto tokens for one another at low fees and without the hassle of making an account or providing your name. Although Uniswap isn’t even a top-20 token at present, its brand name, early-mover advantage in the DEX market and the greater liquidity that comes with all that make Uniswap a compelling bet for a risk-tolerant investor. As always, mind the volatility: Uniswap has a 52-week high of $44.97 and a 52-week low of $7.59.

Top cryptocurrencies to invest in now:

— Bitcoin (BTC)

— Ether (ETH)

— Solana (SOL)

— FTX Token (FTT)

— Avalanche (AVAX)

— Binance Coin (BNB)

— Uniswap (UNI)

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