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Which Cryptocurrency is Best for Beginners?

Published

1 week ago

June 20, 2024

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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.

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Whales Save Ripple (XRP) Price as Investors Give Up

Published

2 hours ago

June 29, 2024

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Ripple’s (XRP) price action has consistently disappointed its investors, with the altcoin noting declines since the beginning of the month

Going forward, the crypto asset could see a period of consolidation as the investors exhibit mixed signals.

Ripple Investors Seem Unsure

XRP price is noting mixed signs as whales try to initiate recovery while retail investors continue to pull back. The addresses holding between 1 million and 10 million XRP have bought over 100 million XRP in the last 48 hours.

This $47 million accumulation is crucial in initiating recovery, given that the XRP price has been trending lower and lower every day.

XRP Whale Accumulation. Source: Santiment

However, retail investors do not seem to share this optimism as they remain bearish. Their participation on the network remains minimal visible in the declining active addresses.

Investors are likely to refrain from conducting transactions on the network because of the lack of profits. This price and daily active addresses (DAA) divergence is flashing a “sell” signal.

If Ripple holders continue to pull back, the altcoin might face considerable resistance in initiating recovery. This could invalidate the attempts made by the whales to pull the price back up.

XRP Price Prediction: Consolidation Ahead

XRP price, trading at $0.474 at the time of writing, is around the crucial support at $0.473. Despite massive accumulation by the whales, the aforementioned cues support sideways momentum for the altcoin.

This would keep the crypto asset restricted between $0.473 and $0.516. The latter coincides with the 23.6% Fibonacci Retracement, which is known as a bear market support floor. The chances of reclaiming it are minimal, but if this happens, the XRP price could reinitiate recovery.

On the other hand, if the $0.473 support is lost, the altcoin could end up testing the critical support at $0.460. Losing this support would invalidate the bullish-neutral thesis, resulting in further drawdown.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Coinbase Expands Derivatives Market with New Altcoin Offerings

Published

3 hours ago

June 29, 2024

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Coinbase is expanding its derivatives exchange by introducing futures contracts for popular altcoins, including Shiba Inu, Polkadot, Stellar, Avalanche, and Chainlink.

The company revealed this through a series of applications submitted to the United States Commodity Futures Trading Commission (CFTC) on June 28.

Coinbase Continues Financial Products Diversification

Coinbase claims these derivatives offerings will help clients manage risks, speculate on price movements, and engage with reduced upfront capital. The firm furthered that the move will improve its users’ overall trading experience with a diverse product suite.

The applications indicate that Coinbase chose self-certification under CFTC Regulation 40.2(a). This choice speeds up the listing process by bypassing direct CFTC approval. If approved, the new products could launch on or after July 15 and increase the firm’s financial products offering to 15, including 13 crypto-related and three non-crypto products like gold and crude oil.

Meanwhile, Coinbase highlighted the unique features of each new offering. Avalanche, the asset with the largest market capitalization among the five, supports custom blockchain networks or subnets. This makes it attractive for DeFi projects, digital collectibles, and other blockchain-based applications.

The Brian Amrstong-led exchange said it selected Shiba Inu because of its rising significance among memecoins. According to the firm, the project’s team is working on expanding its utility beyond being “highly speculative and volatile” by focusing on real-world applications. These moves, it argued, will contribute to its long-term sustainability and relevance in the crypto space.

Coinbase chose Chainlink because it is popular among developers for enhancing smart contract functionality with real-world data. It stated that it picked Stellar because its native currency can act as a bridge for cross-border transactions. Polkadot was selected because it is uniquely capable of achieving true interoperability between different blockchains.

“Coinbase Derivatives is excited to lead market accessibility, as the first U.S. futures exchange to offer margined futures contracts for these assets and we look forward to seeing the maturation of these derivatives contracts in a regulated market,” the firm added.

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.

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Market

Analyst Pushes Ethereum ETF Launch to Week of July 8

Published

4 hours ago

June 29, 2024

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Anticipation for the spot Ethereum exchange-traded funds (ETFs) to begin trading in the United States by July 2 has faced a setback. New information indicates the launch might be delayed until the week of July 8.

Bloomberg analyst Eric Balchunas made this revelation on social media platform X while explaining why the Ethereum ETFs might not start trading soon.

This week, the US Securities and Exchange Commission (SEC) returned the S-1 forms to potential Ethereum ETF issuers. Balchunas mentioned that the forms were returned with minimal comments. Issuers, however, might have to wait until after the holidays next week to proceed.

“Unfortunately, I think we have to push back our over/under till after holiday. Sounds like SEC took extra time to get back to people this week (although again very light tweaks) and from what I hear next week is dead because of the holiday. [By] July 8 the process [will] resume and soon after that they’ll launch,” Balchunas stated.

Industry experts initially predicted that the regulator might approve the funds linked to the spot price of ETH before July 4. They based this on VanEck’s submission of a Form 8-A filing for its Ethereum ETF, suggesting imminent trading.

However, the Bloomberg analyst implied that some of the applicants’ lapses might have caused the new delay.

“[The] best theory is that not every issuer was as tight with their documents, so one or two of them could have slowed down the process. Or just summer hours/laziness from Staff,” Balchunas added.

Despite the delay, market experts believe the funds could attract significant investment once trading begins. Charles Yu, Vice President of Research at Galaxy Digital, speculated that ETH ETFs might see up to $1 billion in monthly inflows during the first five months.

“If futures markets and international crypto funds are any indication, we would expect ETH etf flows to be 20-50% of bitcoin etf flows. With $15 billion of net inflows into Bitcoin etfs to date, our estimated range implies eth etfs could see nearly $1 billion in monthly flows for the first 5 months,” Yu remarked.

Ethereum ETF — ETH ETF Estimated Inflows. Source: Galaxy Digital

This projection indicates the funds could attract over $11 billion in their first year of trading. Bitwise CIO Matthew Houang shares a similar view, predicting $15 billion in inflows within the first 18 months.

However, Yu also pointed out potential factors that could affect ETF demand. These include the lack of staking, the unwinding of Grayscale’s ETHE, and the funding rate for Ethereum ETFs.

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