Cryptocurrencies to Watch Closely This Year

 

Cryptocurrency has been the latest buzzword in investing for more than a decade now. It seems impossible to think that it was back in 2010 that the famous Bitcoin Pizza Day happened when two Papa John's pizzas were bought and delivered for 10,000 Bitcoins, the equivalent of $291,348,000 in today's money. However, since then a slew of other cryptocurrencies has reached the market, some with the potential to be great investments and some that have already failed to stand the test of time. We're going to explore some of the cryptocurrencies that remain solid investments and some of the newcomers that look as though they have what it takes to become big players in the crypto market.

 

Bitcoin (BTC)

 

It makes sense to start off with the major player, Bitcoin. It's no secret that the crypto market faces challenges this year, with growth overall slowing, but Bitcoin has recently announced something that could change the fortunes of this coin. BRC-20 is a revolutionary new token that works using the Ordinals protocol. This protocol enables Bitcoin to be broken down into much smaller parts, one million per coin to be precise. The Ordinals protocol is already used to store data and works as non-fungible tokens. 

 

The BRC-20 token is different in that it is fungible, meaning it can be broken down and distributed. Like the Ordinals protocol, it is also possible to store information on the BRC-20 token, meaning that people can transfer images, videos, or text on the coins, up to the size of 4 megabytes.  At the moment, the difference in this token is proving popular with those who like to share memes and users who want to utilize the Bitcoin blockchain to create their own coins. The PEPE coin is the most prevalent cryptocurrency that has been created using the BRC-20 tokens so far. Whilst investing in BRC-20 tokens might not be the safest move at the moment, owing to the fact that this is a very modern technology, there are some people who are making good returns on this high-risk high-reward strategy. If you understand the tech well and have an eye for spotting a promising new crypto then you might have some success investing in crypto made using the BRC-20 tokens, but if you're unsure, it might be best to stick with Bitcoin itself for now.

 

Chimpzee (CHMPZ)

 

It's great when you can align your investing with your morals and Chimpzee hopes to make that possible. This newcomer to the crypto market aims to help those who invest in it to protect the rainforest. The plan is for the company to give a portion of their profits to charitable organizations that are helping to protect rainforests. To do this, they need to garner the enthusiasm of investors in the coin, and for those investors to actively take part in the activities and marketplace surrounding the Chimpzee coin. It's good news so far, in that the $1.4 million initial presale target has almost been reached and there's still plenty of time to go. To encourage this boom further, Chimpzee have already given out one million free Chimpzee coins to their early investors and plan to give out more free coins as funding continues. 

 

At the moment, coins are selling for approximately $0.00078 each, but in the next stage of funding this is set to increase to $0.00085. Currently, it's a good time to get involved with this pioneering new coin, so buying in the earliest stage of funding should hopefully see your modest returns, even if the coin doesn't take off in the way that the team hopes. It's also worth noting that the NFT marketplace and the game that goes along with this coin is beautifully designed and will certainly add value, perhaps becoming an NFT game in its own right.

 

Wall Street Memes (WST)

 

If you're looking for an incredibly speculative investment, then Wall Street Memes is currently taking the market by storm. The mission of this cryptocurrency is simple, if ambitious. It wants the 'little guy' to take on Wall Street, that is, the revolution in meme stocks to prove that there's investment potential in these small cryptocurrencies. At the moment, the crypto is doing well. It has a $30 million presale target and this month it has surpassed the $20 million point. 

 

Interestingly there has been a huge anonymous purchase of the coin, to the tune of $1million from a single buyer. This kind of investment can only mean good things for the beginnings of this coin, and it will be interesting to see how this David and Goliath story plays out. It's currently on sale for $0.0328 per coin and has even received the support of Elon Musk. If one of the most intelligent men on the Earth is investing, then maybe it isn't such an outlandish idea.