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More than 25% of U.S. investors now own Bitcoin, with more than half investing in the cryptocurrency for the first time in the past year. While the popularity of cryptocurrency has skyrocketed, so has its volatility. Out of more than 10,000 cryptos on the market, the XRP token is one of the most popular, coming in 6th in terms of market cap. XRP is a cryptocurrency developed by Ripple Labs, a cryptocurrency payment system.
XRP has fluctuated wildly the past month, whipsawing from $0.77 down to $0.35 before leveling off at $0.45. In addition to the broader crypto market taking a beating the past couple of weeks, Ripple has been embroiled in a lawsuit with the U.S. Securities and Exchange Commission (SEC) since late 2020. As a result, XRP has seen greater volatility compared to other cryptos. With thousands of other altcoins available, here are three cryptos that have the potential to beat XRP this summer.
1. STEPN (GMT)
STEPN (GMT) is relatively new to the scene but is now top 60 in the world. STEPN’s creators call it a “Web 3 lifestyle app with social-fi and game-fi elements.” STEPN encourages its users to socialize with one another while living a healthier lifestyle by gamifying movement and fitness.
This sets STEPN apart from other cryptocurrencies. STEPN is a “move-to-earn” lifestyle app where investors can earn crypto by exercising. Move-to-earn apps allow users to make passive income by simply working out. Users can monetize their daily exercise and earn tokens by walking, jogging, or running outside.
Investors will need to download the STEPN app and activate their account. Once activated, they will have to purchase an NFT sneaker in the STEPN marketplace. The rate at which investors earn crypto is based on the specifications of the sneaker. Anyone can download the app, but currently only 2,000 activation codes are issued per day. With a long waiting list, promotions offered by STEPN, and the popularity of the “move-to-earn” model, STEPN has great long-term value.
2. Cardano (ADA)
Cardano is a cryptocurrency founded by Charles Hoskinson, a co-creator of Ethereum. ADA is a third-generation blockchain that is gaining popularity. It uses a proof-of-stake (PoS) mechanism but with a different twist. Cardano’s method expedites the transaction time and decreases energy usage and environmental impact. Cardano also aims to offer a greater level of security.
Cardano states that ADA “is a blockchain platform for changemakers, innovators, and visionaries.” ADA is the native token of Cardano and can be used to conduct peer-to-peer transfers across the globe. In addition to transfer and trading, investors can earn tokens through staking. Compared to many other cryptos, staking works on a cyclical basis for ADA. This can make staking ADA highly profitable.
3. Solana (SOL)
Solana is a third-generation blockchain and an open-source cryptocurrency project. SOL is unique in that it uses a combination of proof-of-history (PoH) and proof-of-stake (PoS). This allows the network to conduct up to 50,000 transactions per second in a secure manner. Its hybrid model allows the blockchain to process transactions faster than other platforms while staying secure and decentralized.
According to Solana’s official website, the platform is “the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning DeFi, NFTs, Web3 and more.” Solana has helped power decentralized finance (DeFi), decentralized apps (DApps), and smart contracts. Due to Solana’s fast transaction speed, scalability, and efficiency, many developers are building off of SOL.
SOL was recently added to Robinhood and with its launch of Solana Pay, the crypto has become even more popular. Solana pay is a “build your own online store” application on its blockchain. Users can create a storefront and accept low-fee, global payments directly into their wallets without the need for a bank or credit card. Since its launch, more than 600 merchants have signed up. One of the goals of Solana Pay is to replicate cash transactions digitally. With more in the community already incorporating Solana Pay into their payment flows, this has encouraged more investors to join the blockchain.
With more than 18,000 cryptocurrencies around the globe and popular cryptos like XRP under greater legal scrutiny, GMT, ADA, and SOL may be worth considering. Investors should do their own research before investing in cryptos. Due to its high volatility, they should only invest in funds they can afford to risk losing.
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