The crypto market presently bears a valuation of more than $1.7 trillion. This comes after a stellar 2021. Due to the sheer size of this market, there remain many investors who are looking for top cryptocurrencies that can take advantage of continued impressive returns over the long term should more money flow into this space.
Two of the projects that often gain most of the attention among investors are Ethereum (CRYPTO:ETH) and Solana (CRYPTO:SOL). Let’s dive into why these tokens are top cryptocurrencies to consider right now.
Top cryptocurrencies: Ethereum There are many ways to think about Ethereum. Investors can choose to think of Ethereum as Ether, its native token. Others think of Ethereum as a blockchain network, which it is.
However, perhaps the most accurate portrayal of Ethereum is that of a global computer running decentralized applications. Ethereum powers much of the decentralized finance (DeFi) world. Accordingly, those bullish on the use cases behind cryptocurrencies may want to look at Ethereum first.
This network’s massive DeFi ecosystem really is unparalleled. There are other options out there (such as Solana, which we’ll get to in a minute). However, Ethereum is widely considered to be the lifeblood of the “usefulness” of the entire crypto market.
This token has soared, alongside its network’s usage. Those bullish on continued growth of the Ethereum network may want to take a good look at Ethereum at these levels.
Solana Now, to a key Ethereum competitor.
Often dubbed an “Ethereum killer,” Solana is presently the eighth-largest digital token, with a market cap of roughly $29 billion. It is an advanced blockchain platform that’s particularly engineered to support immensely scaling dApps.
This crypto faced some controversies recently, including “partial outages” of its network and monetary disputes of the community. However, Solana enjoys increasing popularity in the universe of DeFi and NFTs, with $7.6 billion locked in terms of total valuation in SOL-based projects.
Recently, this crypto has been trending for various reasons. Solana’s price is seeing a sideways movement because of the trend that the wider crypto market is setting. Solana has indicated that a significant recovery can be on the cards despite the increasing volatility in the crypto space.
Solana’s surging interest among DeFi developers and users is the key reason for this. Again, those bullish on the overall growth of decentralized finance will certainly like how Solana is positioned. This network’s low fees and fast transaction times give Solana a leg up on its competition. By all accounts, Solana’s ecosystem growth is among the best in the sector, making this token one I’m most bullish on right now.
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Fool contributor Chris MacDonald owns Ethereum and Solana. The Motley Fool owns and recommends Ethereum.