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Top 7 Cryptocurrencies With Huge Potential For 2021

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BITCOIN

Why Bitcoin is valuable, why Paypal wanted to introduce on-ramps on their Bitcoin app, and when looking into 2021 in terms of merchant acceptance, Bitcoin only got started.

Dan Schulman as the CEO of PayPal said that all forms of money are based on trust and set values that come from that trust.

Especially in the pandemic that we have seen the usage of cash drop precipitously from 40 to 70 percent of consumers no longer want to handle cash, and just as every sector is digitizing right now there is no doubt that people are flocking to digital payments and digital forms of currency in the financial services world as well.

One of the things we've been looked at and talking to regulators around the world (central banks) becomes clear to us that it's a matter of not if but 'when and how' we're going to see more and more central banks, issuing forms of digital currencies.

And I believe you're going to have more and more cryptocurrencies, one of the things we've allowed is not just making it easy to buy, sell and also hold cryptocurrencies.  

But very importantly early next year we're going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies. 

You can see how adoption is trending and government currencies are not going away, but bitcoin is the only currency that has a fixed supply that cannot be debased and is controlled by the people.

POLKADOT

Polkadot is now the most popular network for staking nearly $3 billion dollars worth of DOT token are at stake. 

That means that dot token holders have deposited three billion dollars worth of funds with polkadot validators for earning passive income and dot is a governance token for the polkadot ecosystem and that ecosystem continues to grow whether it's defy applications non-fungible tokens being built on top or bridges for interoperability in cryptocurrency and it is number one in most biggest popularity for staking.

Cardano follows polkadot as the second most popular network with $ 1.79 billion worth of ada staked and then Tezos (XTZ) and EOS are ranked third and fourth by staking value each having roughly $ 1.4 billion within their networks.

ETHEREUM / ETH 2.0

Ethereum has enjoyed a massive rally over the last two days, despite some weakness on the part of Bitcoin. The leading cryptocurrency rocketed from the $500 region to near $600 as of this article's writing. 

ETH currently trades at $590, falling slightly as Bitcoin shows some weakness after an impressive 70 percent rally. Ethereum is set to move even higher in the days and weeks ahead, analysts say, as it shows remarkable resistance levels in the high-$500s and the $600 region.

The coin also seems to benefit from the upcoming launch of ETH2, assuming that it takes place on time. Investors who want to participate in the genesis event for Ethereum 2.0 must purchase 32 units of the coin to become a validator, assuming that they do not own any coins as they are. 

Many in space expect the launch of the upgrade to mark a strong shift in the currency economy, which will lead to longer-term bull-run.

YEARN FINANCE (YFI)

YFI token reclaims $20.000 as yearn finance governance approves token buyback. Yearn Finance is basically an automated protocol that maximizes your annual percentage yields (APYS) of cryptos deposited in DeFi that automatically moves user funds between DeFi and lending protocols like Aave dYdx and compound to maximize APY

In a world where both DeFi and yield farming are only growing more popular yearn finance is shaping up to be one of the major contenders now what is yearn finance improvement proposal 54 (YIP-54).

According to YIP-54 listed on its official website, the upgrade allows community members to quarterly audit expenses related to hackathons security audits grants bug bounties and wages, so quarterly audits to make the government more transparent to the community and also yip 54 also enables a newly formed operations fund to buy back YFI or other assets at its discretion

The proposal intends to allot more utility features to YFI thereby making it an attractive investment and based on the perspective from angel investor Jason Choi that yip 54 is a better model than buy and burn as it introduces actual by demand for the token and ties the value of the platform to the value of the token and creates skin in the game for contributors as part of the operations funds.

CARDANO

The Inventor of Cardano revealed that there will be two more major updates in late november and during December as well as a road map will be set for the next year. 

Hoskinson indicated that more staff has recently been hired as well as more strategic investments have recently been made with close collaboration with runtime verifications for the launch of K and Yella.

Yella also known as IELE and is a Virtual Machine (VM)  and it can be used by developers to created dApps in any popular programming software and once completed use yella to convert and run it.

If you're excited for dApps to be built on the Cardano blockchain and the ecosystem around cardano to start growing, this is what you need, plus having support for solidity ethereum's native programming language.

Yella will be the perfect component to convert dApps from ethereum to cardano, so obviously ethereum's virtual machine works fine right now but earlier when the IOHK CEO compared ethereum's virtual machine to yella, he said that the latter would make the ethereum virtual machine look like a toy, so cordano is making moves.

RIPPLE (XRP)

Ripple has just launched a push to make the xrp ledger an integral part of the CBDC central bank digital currency movement. They are officially looking to hire a senior director of central bank engagements, basically to make sure XRP would hopefully be involved with this creation of CBDC's. 

Ripple is looking for a proven leader to lead their strategic partnerships and project work with central banks around the world with an initial focus on supporting their central bank digital currency initiative on the XRP ledger. 

So what this means besides obvious partnerships is according to Ripple CEO Brad Garlinghouse want central banks to consider using the XRP ledger to issue stable coins.

SYNTHETICS - CHAINLINK

bitcoinnets

image source https://blog.synthetix.io/soil-ioil/

In one of the most powerful examples of decentralized finance you're now able to trade real world assets in a decentralized manner sOIL is a synthetic asset that mirrors the price movements of oil using a Chainlink decentralized oracle network.

The difference between the two versions is sOIL will enable users to capture a long position while iOIL will enable users to capture a short position, it is available on synthetics exchange and can be traded for any synth with infinite liquidity and zero slippage. 

Here is a good diagram on how it works and now this is viable with oil it can be used with other large futures markets such as corn, wheat, coffee, and more so the decentralized trading world is growing powered right now by synthetics and Chainlink.

Yulina Firmansyah
Yulina Firmansyah Hi, I am a wife who really loves crypto and blockchain technology, I am a writer for this blog.

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