Bitcoin (BTC) paused from the recent bull market to highs above $60,000, while many altcoins have surged to set new price records. Investors are now keen to know: what are the best coins to invest in apartfrom the industry’s big players like BTC, ETH and LTC?
To help you better navigate the market and the abundance of opportunities it has to offer, this article highlights the latest news and project developments for you to decide what cryptocurrency to choose in April 2021.
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The latest crypto market overview
The cryptocurrency market has soared this year and brought a host of new investors to the scene, including the largest corporations. Recent news saw the CEO of General Motors saying that the car maker was watching developments after Elon Musk’s Tesla (TSLA), a rival to General Motors (GM), bought $1.5bn (£1.1bn, €1.3bn) of the cryptocurrency and started accepting BTC for purchases of its cars.
Other big news for the sector last week was that of payments giant Visa (V) processing a first payment of the USDC coin on the Ethereum network for a service that will be rolled out to partners later in the year.
The Visa used the Crypto.com platform to send the tokens to a custody account owned by Visa. There is a move towards the mainstream acceptance of cryptocurrencies at physical and online merchants, which could bring big volumes to the cryptocurrency market in the months ahead.
So, what is the top cryptocurrency to invest in April 2021? We’ve compiled a list of five options for you to keep on your radar.
Tron (TRX)
Tron was founded by the charismatic Justin Sun, who is a regular commentator on Twitter and recently paid $6m for a piece of digital blockchain art. The Tron project has a multi-product platform in development with a decentralised exchange (DEX) and the ability to build decentralised apps (dApps). TRX also has its own wallet and has now seen more than 26 million accounts and 1.7 billion transactions, which makes it the “world’s fastest-growing public chain”.
Tron is an interesting coin to move into because it took a while to follow the big gains that other coins were seeing from the BTC rally. The price of TRX has recently started to pick up and still looks good on the technical analysis after a strong monthly push above the previous highs. The coin has seen its price rise to $0.09 in the past few weeks and the coin now sits at number 20 in the list of largest coins by market cap.
As such, Tron could be a good choice for the best cryptocurrency to invest in now.
BitTorrent (BTT)
If Tron is doing well then BitTorrent could also do great in the long run. The project’s streaming platform was acquired by Justin Sun, and the Tron foundation acquired the BitTorrent platform in 2018 for $140m. BitTorrent is seeing increasing popularity as a streaming platform and, if Tron continues to grow, there may be new use cases for BTT.
The BTT token is hosted on the Tron protocol and users of the file-sharing platform are rewarded in BTT for sharing files. The coin enjoyed a massive price boost driven by the coming addition to the DLive streaming community. DLive is a blockchain platform for content creators and viewers. BTT will soon be available on DLive for gifts, subscriptions, and user rewards, but there may be other platforms which could boost the coin’s demand.
BTT saw one of the best crypto rallies recently with a weekly gain of 118 per cent. Its price is currently hovering around $0.005.
Crypto.com Coin (CRO)
If you are wondering what cryptocurrency to invest in April, then CRO is another option based on the recent Visa news.
CRO provides users with crypto Visa cards for fiat and crypto-based transactions and trading. With Visa giving the green light for their own entry into the crypto sector, we are likely to see a rise in demand for merchant accounts and payment options. Cypto.com could see its cards in demand, and the platform already has 10 million users with access to 100 cryptocurrencies.
The project’s Visa cards offer up to 8 per cent back on card spending, depending on deposit amount, and these commissions are paid in crypto with the ability to top up the card with crypto coins.
Visa plans to roll out their system at the end of the year, so this would be a chance to get in with that time frame in mind.
Dogecoin (DOGE)
After sitting around the same level for the past couple of weeks, DOGE is higher on the first trading day of April. The coin has paused from its recent surge but there are few sellers. Moreover, Dogecoin already has many powerful fans, such as Elon Musk, and all it would need is some form of announcement to propel the price higher.
Investing in DOGE could be a good play for April after the recent pullback. If the coin is given a proper use case for further demand, then a speculative rally could emerge in the coming months. The coin is now trading at $0.06 after posting recent lows near the $0.04 level.
Enjin Coin (ENJ)
The final coin to look at for investment in April would be ENJ. Enjin Coin is another token that has seen recent strong performance but the project is looking at challenging the scaling issues of Ethereum.
This is just a side project for ENJ with the company focused on bringing gaming (e-sports, VR, and social) to the blockchain. The decentralised foundation will allow gamers to own the assets from their games. This type of activity is growing in third-party marketplaces and it offers an ability to be paid for gaming.
This is bringing a new dimension of investment to gaming also, where players can buy and collect items within e-sport games and trade for upgrades, or wait for a potential rise in value.
Another exciting feature could be Enjin’s “Multiverse”, where players will be able to transfer characters, assets and winnings across to other blockchain games.
ENJ currently trades at $2.50 after soaring around five times its value in March, and the longer-term gaming market should boost the coin’s demand even higher going forward.
Short-term forecast for the crypto market
The cryptocurrency market is at a key crossroads as Bitcoin approaches the recent highs at $60,000. There is always a risk in markets that a double top could form and that could lead to a deeper correction below the $50,000 level. If BTC can hold onto fresh highs for the year then the entire market will likely continue going higher. A failure to close above the recent highs will see the market correct again until a news catalyst appears.
If you are not ready to make long-term investment commitments but want to try to profit from the volatility, you can do so by trading cryptocurrencies with contracts for difference (CFDs) at Capital.com.
Trading CFDs offers the opportunity to capitalise on both bullish and bearish price fluctuations. You can either hold a long position, speculating that the price will rise, or a short position, speculating that it will fall.
However, while the crypto market is one of the hottest investment sectors right now, it involves high levels of risk due to its immense volatility. We suggest traders exercise caution and do their homework before choosing what cryptocurrency to add to their portfolios.
Find out how to trade crypto CFDs with our comprehensive guide. Once you are ready, create an account at Capital.com and follow our coverage of the latest market developments to spot the best trading opportunities.
Source: Capital
