Bitcoin outperformed market indexes in September. The tech-heavy Nasdaq composite fell 10.5% for the month while the S&P 500 dumped 9.3%. However, Bitcoin was off by just 1%.
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The major indexes are down more than 20% for the year while Bitcoin has lost a staggering 54.7%. However September’s relatively-strong performance may show the beginning of a reversal for cryptocurrencies.
There are several hundred digital coins on the market these days, making analysis a major chore.
So what are the five best coins to know about right now?
Top Coins Updated
Ethereum, Solano, Cardano, Doge Coin and Bitcoin are the top coins to know as we enter the fourth quarter.
Ethereum is a leading blockchain and the leader in decentralized finance, which allows people to complete transactions directly, without using a bank. Its native coin ether, or ETH, has a market cap of $161.5 billion, which is second to Bitcoin, according to Coinmarketcap. ETH trades on leading digital exchanges that include Coinbase, Binance, and Huobi.
ETHs are used to complete transactions on Ethereum.
Ethereum has also emerged as the leader in staking after it moved on Sept. 15 to a new way of completing blocks, called proof-of-stake. This allows validators to confirm transactions without spending more energy. Before and after the merge, staked ETHs have risen in volume and are now 11% of total ETHs. ETH deposits on the staking layer are $14 million.
Why is this important?
Staking is a way of participating in a blockchain that requires less energy and time while earning rewards. Participation has been holding at a very healthy rate above 95% after the move.
You can lock up the ETHs when you stake but there are ways around that. As an example, some staking pools issue liquid derivative tokens for trading and other uses.
Though a minimum of 32 ETHs is needed to participate in the network, you can stake fewer ETHs in staking pools. Stakers divide the rewards based on their contributions.
