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Which Cryptocurrency is Best for Beginners?
Editorial Note: The following content does not reflect the views or opinions of BeInCrypto. It is provided for informational purposes only and should not be interpreted as financial advice. Please conduct your own research before making any investment decisions.
The popularity of the world of cryptocurrencies has increased sharply over the past decade, proposing a new way to invest, transact, and store value. While professional traders have been navigating the volatile crypto market for years, beginners may find it challenging to select the right cryptocurrency to start with.
The good news is that there are a few cryptocurrencies that are particularly suitable for beginners thanks to their stability, ease of use, and strong reputation. This article written by Exolix covers some of the best cryptocurrencies for beginners.
Variety of Cryptocurrencies for Beginners from Monero to Bitcoin
For beginners, the world of cryptocurrencies proposes a diverse range of options. Some of the most popular and known cryptocurrencies are Bitcoin (BTC), Monero (XMR), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), and others. Let’s explore these cryptocurrencies so you find the right fit for your investment and financial objectives.
Bitcoin (BTC)
When it comes to cryptocurrencies, Bitcoin is usually the first name that comes to mind. It is the pioneer of the entire crypto space. Bitcoin was created in 2009 by an individual or group utilizing the pseudonym Satoshi Nakamoto. This cryptocurrency is commonly called digital gold because, like gold, it has a finite supply, which creates a sense of scarcity and may be considered a store of value.
There are a few reasons why Bitcoin is great for beginners. First, Bitcoin has a relatively stable reputation compared to many other cryptocurrencies. Although it may still be volatile, its long-term growth potential is engaging to beginners searching for a safe entry point.
Also, Bitcoin is broadly recognized and accepted by diverse businesses and institutions, making it simpler to buy, sell, and utilize in everyday transactions. In addition, transacting with Bitcoin is straightforward, and there are a lot of useful resources and information to assist beginners in comprehending how it works.
Ethereum (ETH)
Ethereum is usually considered the second most significant cryptocurrency after Bitcoin. What sets Ethereum apart is its smart contract functionality, which enables developers to create decentralized applications (DApps) on its blockchain. Ethereum’s native cryptocurrency, Ether (ETH), is utilized to power these applications and alleviate transactions on the network. ETH is great for beginners thanks to its simplicity of exchange, for example XMR to ETH exchange, and privacy features.
Ethereum is a suitable option for beginners for certain reasons. Ethereum’s smart contract capabilities have led to a wave of innovation in the blockchain space. This may be interesting for beginners who want to explore the potential of blockchain technology beyond simple transactions.
Also, Ethereum is one of the most liquid cryptocurrencies, making it simple to buy, sell, and trade on different exchanges. Moreover, Ethereum has a powerful and active community of developers and enthusiasts, granting a bunch of educational resources and support for beginners.
Monero (XMR)
Monero (XMR) is a privacy-focused cryptocurrency that gives priority to anonymity and safety. It utilizes advanced cryptographic techniques to conceal transaction details, making it almost impossible to trace sender, receiver, or transaction amounts. Monero’s privacy features have grabbed the attention of individuals striving for financial confidentiality, making it a popular choice for crypto enthusiasts who prioritize anonymity in the world of digital currencies.
Monero is great for beginners thanks to its simplicity of exchange, for example XMR to USDT exchange, and privacy features. Unlike other cryptocurrencies, Monero’s technology gives priority to user anonymity by concealing transaction details. This eliminates the need for complicated learning associated with the comprehension of difficult blockchain addresses and transaction histories.
Moreover, Monero’s user-friendly wallets and simple mining process make it accessible to newcomers. Its commitment to confidentiality likewise promotes the creation of a safe environment for learning about digital currencies without fear of exposure. In general, Monero’s beginner-friendly approach, combined with reliable privacy measures, makes it an ideal choice for individuals taking their first steps into the world of cryptocurrencies.
Litecoin (LTC)
Litecoin, often called “digital silver”, was created in 2011 as a lighter version of Bitcoin. It has a lot in common with Bitcoin but proposes more rapid transaction confirmation times and lower fees.
Litecoin is also regarded as a great choice for beginners. As mentioned previously, Litecoin transactions are more rapid and cheaper compared to Bitcoin, making it an engaging option for everyday use.
Like Bitcoin, Litecoin is relatively simple to comprehend and utilize, making it a good choice for beginners. In addition, Litecoin has been in existence for a long time and has proven its resilience in the cryptocurrency market.
Binance Coin (BNB)
Binance Coin is the native cryptocurrency of the Binance exchange, one of the largest and most popular cryptocurrency exchanges in the world. BNB proposes diverse utilities within the Binance ecosystem, involving reduced trading fees, participation in token sales, and more.
Binance Coin is great for beginners as well for several reasons. BNB can be utilized to reduce trading fees on the Binance exchange, which can be especially beneficial for beginners who plan to actively trade cryptocurrencies.
Also, Binance is known for its safety measures and user-friendly interface, making it a suitable exchange for beginners. Finally, Binance keeps on expanding its ecosystem, proposing more opportunities for BNB usage and adoption.
Final Thoughts: Investing from XMR to BTC
Selecting the best cryptocurrency for beginners depends on your objectives, preferences, and risk tolerance. Although the above-mentioned cryptocurrencies are usually regarded as good options for newcomers, it is of decisive importance to carry out your research and consider your individual circumstances before making any investments.
Keep in mind that the cryptocurrency market is highly volatile, and prices may fluctuate significantly in a short period. It is recommended to start with a small investment, educate yourself about blockchain technology, and think about asking for advice from financial experts before diving into the world of cryptocurrencies. With the right approach and attentive consideration, beginners can achieve success in the exciting and constantly developing cryptocurrency space.
Disclaimer
This article contains a press release provided by an external source and may not necessarily reflect the views or opinions of BeInCrypto. In compliance with the Trust Project guidelines, BeInCrypto remains committed to transparent and unbiased reporting. Readers are advised to verify information independently and consult with a professional before making decisions based on this press release content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF).
This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.
VanEck Moves Forward with BNB ETF
The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.
The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.
As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.
Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto.
While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.
“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).
The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF.
This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.
“A big step toward bringing BNB to US institutional investors!” another analyst wrote.
Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months.
“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.
This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.
- XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
- The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to clear the $2.20 resistance zone.
XRP Price Faces Rejection
XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.
The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.
On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.
Another Decline?
If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.
If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.10 and $2.050.
Major Resistance Levels – $2.120 and $2.20.
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