The Best Cryptocurrency To Invest In Autumn 2021
We take a look at five examples of the best cryptocurrency to invest in for autumn 2021
The year 2021 has been a dramatic one for cryptocurrency. With only a few months left, we’re taking a look at some of the coins and tokens that might do something over the remainder of the year, in a list of what could be the five most notable examples of the best cryptocurrency to invest in for autumn 2021. Remember, though, that this is not investment advice. You will need to do your own research and never invest more money than you can afford to lose.
When it comes to cryptocurrencies that have had an interesting time over the past six months or so, Solana has got to be on the list. While it has yet to complete recover from the impact of September’s market crash, SOL came back from the great crypto day crash of 19 May with aplomb. With that it mind, it’s worth keeping an eye on this particular crypto coin.
The blockchain-based Solana network aims to provide an alternative to, or even a replacement for, Ethereum. Billing itself as the fastest blockchain in the world, Solana says that it can support DeFi and NFTs, all while offering less punishing fees than Ethereum.
SOL hit an all-time high on 9 September when it reached $214.96, despite crypto markets crashing on 7 September, the day El Salvador started accepting Bitcoin as legal tender. This shows a certain resilience on the part of SOL.
On the other hand, the Solana network suffered a 17-hour outage on 14 September. This caused the SOL price to hit a low of roughly $143. As of 7 October 2021, the price is hovering around the $154 mark. So the question now is whether SOL will gain any further momentum. As is par for the course, we don’t know what will happen, but we do think Solana’s recent activity means it’s got potential that makes it one to look at. Certainly there are some crypto traders who consider it a cryptocurrency worth investing in.
Ripple’s XRP cryptocurrency is another coin that has the potential to do something interesting, although there is one very important caveat. Ripple has been caught up in a long-running court case with the Securities and Exchange Commission (SEC) in the United States. The SEC says that Ripple is running an unregistered security, a claim Ripple denies. The crucial thing here is what will happen when the court case is finally wrapped up, whenever that might be. If the SEC wins, then XRP will crash and become worthless. On the other hand, if Ripple wins the case, then it’s logical to think that the crypto may gain the confidence of many investors who would otherwise have stayed away from the coin.
This continuing uncertainty might explain why XRP has been in a comparative limbo lately. The coin went down slightly over the last month, from $1.10 at close on 8 September to around $1.08 at lunchtime on 8 October. However, that does not tell the entire story. The late September crypto crash saw the price dip to a low of $0.8607 intraday on 21 September. With that in mind, it looks like XRP has all but recovered from the damage it took. This means it’s certainly worth looking into, although be sure to do your own research.
When it comes to examining cryptocurrency, bitcoin (BTC) is an almost compulsory inclusion. This is the coin that’s become synonymous with cryptocurrency to the extent that there's a collective term for any crypto coin that isn't bitcoin: ‘altcoin’. While bitcoin was hurt by the price crash of September, it’s since bounced back and is now trading at more than $50,000. This is good news, not just for bitcoin, but for cryptocurrency as a whole. After all, in the eyes of most people who aren’t involved in the cryptocurrency space, bitcoin is crypto.
It’s not just a hypothetical value jump, either. Bitcoin is starting to have more practical uses in the real world. For example, the Swiss railway company SBB announced on 8 October that people could buy the crypto at its ticket machines. While it has not been announced if and when people will be able to buy their train tickets with the crypto, investors will be keeping a close eye on any future developments. Also, there will have been a lot of interest generated by the news that the billionaire investor George Soros’s hedge fund includes some bitcoin. Soros Fund Management's CEO, Dawn Fitzpatrick, said: “We own some coins – not a lot. The coins themselves are less interesting than the use cases of DeFi and things like that. I’m not sure bitcoin is only viewed as an inflation hedge here. I think it’s crossed the chasm to mainstream.”
Where there is bitcoin, there is also ether. The most successful altcoin is always worth keeping an eye on. Whether it’s a cryptocurrency to invest in now, or merely something to consider investing in at some point, ether and the Ethereum blockchain is always doing something. For instance, on 8 October it was reported that 532,750 ETH, worth about $1.9bn, are currently held by miners. This indicates that there is a belief this altcoin will go up sooner or later, and this rise could make those miners pretty wealthy. One could argue, though, that ETH is in a very positive position already.
The coin’s value has shot up dramatically recently. At the end of September, it stood at $3,001.68, but as of lunchtime on 8 October, it had lifted to around $3,620, a rise of around 20% in a little more than a week. This is good news for ether and, as more and more networks are added to the blockchain, it’s worth taking a note of its native coin. In the aftermath of its London hard fork over the summer, it looks like Ethereum is in a strong position. Whether The Flippening, the moment when ETH overtakes BTC, will happen soon is rather a moot point, because regardless of when – or if – that happens, ether is here to stay.
Dogecoin and friends
Finally, let’s take a look at a single memecoin and some similar cryptos. The story of Dogecoin is fairly well known. Although it was set up as a joke, it ended up gaining a lot of traction and was one of the biggest crypto success stories of the first few months of 2021. The crypto’s association with Tesla boss and PayPal founder Elon Musk did it little harm, until he described it as a “hustle” on the US television programme Saturday Night Live. Nevertheless, DOGE is another coin that has enjoyed a good early October. It closed September at $0.2042 and was trading at around $0.2429 in the middle of 8 October, representing a rise of a little under 20%.
Whether DOGE can, as its devotees like to say, go to the moon is beyond the scope of this article. However, it’s useful to note that coins that pay tribute to DOGE, like Shiba Inu and Floki Inu, are proving interesting to look at. These cryptos can explode from nowhere and are incredibly volatile. If you do take the risk of investing in them, you might turn a profit, or you might end up losing your money. One thing you can’t accuse them of being, though, is staid and boring.
Those, then, are some potential best cryptos to invest in for autumn 2021. You must, however, do your own research, remember prices can go down as well as up, and never invest more than you can afford to lose.
We honestly don’t know. No one does. You will need to do your own research and come up with an answer that best suits you.
The best answer is to do your own research. Have a look at the markets, see what’s growing, read what people are predicting, and find the best crypto for you. You need to use your own judgement and remain cautious. You should never invest more money than you can afford to lose.
It is very easy to set up a cryptocurrency, or at least a crypto token. Some people do it because they believe they can create a useful service that people will want to get involved with, some people do it just to say that they’ve done it, and some people do it because they want to scam people. Be careful out there.
People might invest in cryptocurrency because they are interested in the technology, or they might think they can get rich quick. Either way, you should always do your own research, remember crypto can be very volatile, that prices can go down as well as up, and that you should never invest more money than you can afford to lose.