Cryptocurrency in Africa, however, has been an interesting subject, to say the least. Except for a tech-savvy minority, most people on the continent are not entirely privy to how cryptocurrency works, in addition to the fact that the use of cryptocurrency is unauthorized in specific regions.
Some people with an idea of how blockchain technology functions have been benefactors of this new market trend. While some use digital currency to conduct their financial transactions, others who are not completely familiar with blockchain technology have chosen to stick to traditional financial practices.
However, crypto trading and use are gaining ground on the continent, and it is important to understand the mechanics of this financial channel, should anyone choose to explore it. Already a number of African countries have millions of crypto-traders. See list here.
Below are 5 of the safest cryptocurrencies to invest in as the new year arrives. The list was put together by Global Business Magazine, a publication focused on amplifying the contributions of game changers in numerous industries.
A few factors were considered while compiling the list, including price action and underlying blockchain technology’s relevance.
Note: Trading in cryptocurrency could yield profit as potently as it can yield loss. Similar to investing in stocks, investing in cryptocurrency is a huge financial risk; and it is advised to only trade when you have an availability of excess funds.
That being said, here are the best and/or safest options, should you be a new or seasoned cryptocurrency trader.
Bitcoin (BTC): Anyone with even the faintest idea of cryptocurrency must have heard of Bitcoin. This is because it is the best and most popular crypto in the world.
It also has the backing of one the most decentralized and useful blockchain technology, with an adoption rate of immense proportions. By the turn of the decade, BTC price is projected to rally 5000% to reach $1 million.
Ethereum (ETH): This is another popular currency by reputation. It is one of the most durable cryptocurrencies having survived multiple market crashes and rallying over 500000% since coming into the market. It is estimated that if you buy ETH today, by the time it breaks to $100,000, the investment will grow as much as $8000.
Apecoin (APE): This is the newest cryptocurrency on the list, launched in 2022. However, its validity comes from the fact that it was launched by Meta, and has been performing incredibly well since its launch. It posted an outstanding performance that set an all-time high of $39. This digital currency is expected to rally past $300 at the turn of the decade, growing any investment by as much as 10,000%.
Binance Coin (BNB): Binance is another fairly new cryptocurrency that has been around for about 5 years. It peaked in 2021 and has increased its Initial Coin Offering (ICO price) by 450,000%. Its impressive growth saw it list virtually all the most popular crypto exchanges. It is backed by a credible crypto ecosystem and was adopted by multiple stores globally as a method of payment.
Cardano (ADA): Arguably the most secure blockchain technology currently, this cryptocurrency was the biggest smart contract platform operating the proof of stake consensus mechanism. Like most other currencies on this list, Cardano has survived numerous market crashes.
By the turn of the decade, it is estimated that this cryptocurrency would have grown any investment by more than 10,000%, and risen above $50.
