2 Top Cryptocurrencies to Buy Right Now

Here’s why Ethereum (CRYPTO:ETH) and Solana (CRYPTO:SOL) are two top cryptocurrencies investors should think about right now.

| More on:
crypto blockchain

Image source: Getty Images

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.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Chris MacDonald owns Ethereum and Solana. The Motley Fool owns and recommends Ethereum.

More on Investing

think thought consider
Stock Market

Billionaires Are Selling Apple Stock and Picking up This TSX Stock Instead

Billionaires like Warren Buffett continue to trim stakes in Apple stock, with others picking up this long-term stock instead.

Read more »

ways to boost income
Dividend Stocks

1 Excellent TSX Dividend Stock, Down 25%, to Buy and Hold for the Long Term

Down 25% from all-time highs, Tourmaline Oil is a TSX dividend stock that offers you a tasty yield of 5%…

Read more »

canadian energy oil
Energy Stocks

Is Baytex Energy Stock a Good Buy?

Baytex just hit a 12-month low. Is the stock now oversold?

Read more »

Start line on the highway
Dividend Stocks

1 Incredibly Cheap Canadian Dividend-Growth Stock to Buy Now and Hold for Decades

CN Rail (TSX:CNR) stock is incredibly cheap, but should investors join insiders by buying the dip?

Read more »

bulb idea thinking
Dividend Stocks

Down 13%, This Magnificent Dividend Stock Is a Screaming Buy

Sometimes, a moderately discounted, safe dividend stock is better than heavily discounted stock, offering an unsustainably high yield.

Read more »

a man relaxes with his feet on a pile of books
Investing

Outlook for Sun Life Financial Stock in 2025

Sun Life is up 25% this year. Are more gains on the way?

Read more »

Canadian Dollars bills
Dividend Stocks

Invest $15,000 in This Dividend Stock, Create $5,710.08 in Passive Income

This dividend stock is the perfect option if you're an investor looking for growth, as well as passive income through…

Read more »

woman looks out at horizon
Stocks for Beginners

Here’s How Much Canadians at 35 Need to Retire

If you want to create enough cash on hand to retire, then consider an ETF in one of the safest…

Read more »