5 Of The Best Crypto to Buy Right Now in Australia

Cryptocurrency is a digital currency in which a decentralized system known as cryptography maintains records and verifies transactions. Therefore, digital assets circulate without any centralized government or bank authority. The entire crypto market of $1 trillion presently represents 21604 crypto projects. There are thousands of cryptocurrencies, from bitcoins, dogecoin, Tether, and many others. 

As a result, it can be overwhelming if you are investing in the crypto world for the first time. Therefore, to get the best crypto to buy right now in Australia, you need to gain insight into various cryptocurrencies based on several considerations, such as the total value of all coins in circulation or their market capitalization. Below are the five best crypto to buy right now in Australia.

1. The Bitcoin (BTC)

Currently, the market capitalization of bitcoin is $392.4 billion; Satoshi Nakamoto created the coin in 2009. The coin runs on a blockchain, a system in which transactions made in bitcoin or any other cryptocurrency are maintained across multiple computers linked through a peer-to-peer network. 

By solving a cryptographic puzzle, the additions to the distributed ledgers are verified through proof of work, making bitcoin safe and secure from fraudsters; therefore, one of the best crypto to buy right now in Australia.  Since bitcoin became famous, its price has skyrocketed, in May 2016, you could buy bitcoin at around $500, but now it costs around $20442.

2. The Ethereum (ETH)

Ethereum has a market capitalization of $192.5 billion, making it one of the best crypto to buy right now Australia. Ethereum and its blockchain platform are an excellent choice for many developers. It has potential applications such as smart contracts that executes automatically when non-fungible tokens (NTFS) and certain conditions are met. From April 2016 to November this year, Ethereum experienced remarkable growth, rising from $11 to $1573.

3. Tether (USDT)

The cryptocurrency has a market capitalization of $69.4 billion; unlike other cryptos, the Tether is considered a stablecoin. This is because it is backed by fiat currencies such as the euro and the US dollar, hypothetically tether tries to keep its value equal to any of those dominations. Theoretically, the tether value should be more consistent than other cryptos; therefore, investors worried about the extreme volatilities of other cryptocurrencies are favored.

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4. The Binance Coin (BNB)

Binance has a market capitalization of $51.7 billion, ranking among Australia’s best crypto to buy right now. It is one of the largest cryptocurrency exchanges in the world since you can trade and pay fees on Binance. Besides facilitating trades on its exchange platform, Binance is used to book travel arrangements and payment processing. The coin rose from $0.1 in 2017 to $323 this year.

5. The US Dollar Coin (USDC)

The USDC is backed by the US dollar just like Tether and is therefore considered a stablecoin and strives to meet a ratio of 1 USDC equal to 1 US dollar. The USD coin is backed by Ethereum and can be used to complete transactions worldwide. It has a market capitalization of $43.4 billion.

Summary

Some of the best crypto to buy right now in Australia include Bitcoin, Ethereum, Tether, the Binance coin, and the US dollar coin. Twenty-one thousand six hundred four cryptocurrency projects make up a $1 trillion crypto market.