Bitcoin, Ethereum, Solana, Cardano, Avalanche and others are seen as cryptocurrencies that will shape the future. In this article, let’s see the Motley Fool authors’ picks about such cryptocurrencies.
3 cryptocurrencies that will shape the future
“Bitcoin is here to stay”
Bitcoin was the first analyst Neil Patel’s choice. This is because Bitcoin is different despite its groundbreaking alternatives. BTC is also known as “digital gold”. It was designed as a decentralized internet currency. This directly undermines the power of governments to print money. Therefore, it is not surprising that Satoshi Nakamoto, the founder(s) of Bitcoin, remains anonymous. But this is exactly what makes Bitcoin so special compared to other major cryptos. It is not under the control of any center. It is also a truly decentralized cryptocurrency. According to the data, the top 10,000 wallet addresses have only 58% of circulation.
Although Bitcoin is seen today primarily as a store of value and digital gold, its true purpose is to be a medium of exchange. Block CEO Jack Dorsey says the internet, which will only be a bigger part of people’s lives in the future, needs a local currency. At the same time, he predicts that Bitcoin could be just that. BTC price has been trading in the past days above $20,000, which it lost in May. It has gained 9% since last week.
This DeFi project is going nowhere
Analyst Michael Byrne chose Ethereum as the heart of the DeFi market. Ethereum is also an important part of the NFTs that have brought crypto into the mainstream. This trend then moved to metaverse projects and gave birth to volume giants like Axie Infinity and Decentraland. But there is also a long-awaited PoS transition of Ethereum known as “Merge”. Merge will help improve Ethereum’s transaction times and lower transaction fees. It will also enable more users to earn rewards by staking their Ethereum.
Another important reason why Ethereum is shaping the future of the internet is that it is the standard on which many other promising cryptocurrencies are built. For example, Chainlink (LINK), an oracle network that enables smart contract platforms to access information from the outside world, is an ERC-20 token built on Ethereum. Uniswap (UNI), Shiba Inu (SHIB) and USD Coin (USDC) are major dollar-denominated stablecoins with a market cap of $55 billion.
Along with that, Michael Byrne’s final words for Ethereum:
A core part of smart contracts, NFTs, and much of today’s crypto ecosystem, Ethereum will remain a major cryptocurrency in the long run.
Arweave (AR)?
Next analyst RJ Fulton’s pick is Arweave (AR). The purpose of Arweave is to permanently store an infinite amount of data using Blockchain. This data includes news articles, images, financial reports and much more. Almost anything found on the Internet or on your average computer can be stored in Arweave. Apart from this, the altcoin project has a number of other important features.
cryptocoin.comAs you follow, Arweave has attracted a unique set of users over the last few years. Not only did ordinary people start using Arweave, they started using it on other networks. Cryptocurrencies like The Graph, Near, Polygon, Avalanche, Solana, and Polkadot have all integrated with Arweave to permanently store transaction data.
Arweave is also smart contract compatible. Smart contracts are the building blocks that developers use to create dApps that make up the DeFi economy. All these features positioned Arweave as the next generation internet known as Web3. In the future, more networks and projects are likely to opt for Arweave. Therefore, as Web3 advances, Arweave has a chance to fill a needed gap and gain market share in the rapidly developing internet industry.
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