2 Top Cryptocurrencies to Buy and Hold for Decades

Want a cryptocurrency that can stand the test of time? Look no further than Ethereum ( ETH -0.01% ) and Avalanche ( AVAX -0.05% ). These assets look positioned for long-term success because of their strong branding and innovative designs. Let’s dig deeper. 

1. Ethereum 

With a market cap of $362 billion, Ethereum is the second-largest cryptocurrency, giving it a level of scale and mainstream acceptance that will be crucial to its long-term success. The platform’s ambitious upgrades will keep it ahead of newer, faster rivals. 

Image source: Getty Images.

Never underestimate the power of a first-mover advantage. Being first to market can give trust and name recognition that new rivals will struggle to replicate. Launched in 2015, Ethereum was the first public blockchain to support decentralized applications (dApps), which are programs that use self-executing smart contracts to offer services on the blockchain. Now it is the leader in multiple dApp categories, including decentralized finance (DeFi), where it represents 54% of the market with $117 billion in total value locked.

The platform is also home to OpenSea, the largest non-fungible token (NFT) marketplace, which boasts a 24-hour trading volume of $74 million worth of digital art assets at the time of writing. 

To keep Ethereum relevant against increasingly stiff competition, its developers are working on an update called the consensus layer, which will upgrade its energy-hungry proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) system where miners verify transactions using coins they own instead of by solving computational puzzles. It is unclear when the consensus layer will go live, but it is expected to dramatically improve Ethereum’s speed and scalability. 

2. Avalanche 

Avalanche is a dApp platform designed to be faster and cheaper than its biggest rival, Ethereum. But while there is no shortage of potential “Ethereum killers,” Avalanche stands out because of its compatibility…

Read complete post here:
Source link