The crypto market is struggling against bearish control, and large-cap cryptocurrencies like Bitcoin have cooled off since Monday. However, a few have shown remarkable resilience, with several still on an uptrend. If you are searching for the best cryptocurrency to buy for lower risk returns, this article should set you up.
1. Solana (SOL)
Dubbed the ‘Ethereum killer,’ the Solana blockchain has been on a tear lately.
This has seen the SOL token rally more than 1,000% since the beginning of August. This impressive growth makes it one of the best cryptocurrency to buy for lower risk returns.
The Solana blockchain aims to ensure the wide adoption of decentralized finance (DeFi) solutions. The Solana protocol enables developers to build decentralized applications (apps), the vehicle for this next generation of financial services.
The Solana blockchain uses a hybrid consensus architecture sporting both the proof-of-stake (PoS) mining protocol and the proof-of-history (PoH) timing mechanism. This twin combination makes the blockchain to be energy-efficient and also low cost. It also has a high block finality timeframe with over 50,000 transactions per second (TPS) serving as its base throughput.
Solana has seen more integrations than any other protocol and recently welcomed energy company Power Ledger. The growing adoption has seen the SOL token surge more than 1,000% surpassing the previous high of $55.91. At press time, the digital token is trading at $208.27, up 26.64% in the last 24 hours. Its one-week increase of 79.02% has seen the SOL token rise to the sixth most valuable crypto asset by market cap.
2. Cardano (ADA)
Another popular ‘Ethereum killer,’ the Cardano network, claims to be the next generation of blockchain technology.
Founded by former Ethereum co-founder and mathematician Charles Hoskinson, the Cardano network uses a PoS protocol called Ouroboros.
This divides validation periods into epochs where a particular validator node is randomly chosen to verify transactions on the network.
Cardano has seen interest grow in its blockchain, with several dapps planning to integrate with the network once smart contract capability is launched on September 12. This saw the network’s native token ADA surge to a record high of $3.10 in a flurry of bullish waves. However, the digital asset has lost some of its steam and dipped more than 30%, plummeting to a low of $2.3 with the wider market.
Meanwhile, ADA is looking to retest its previous high and has rallied to $2.59, up 10.54% in the daily trading chart. However, the one-week rally is currently in the negative, with ADA dipping 14.96%. The digital asset’s historical pricing data shows that it is set for recovery and is one of the best cryptocurrency to buy for lower risk returns.
3. Algorand (ALGO)
Algorand is another top crypto protocol that has seen remarkable adoption in the last few weeks. Founded by professor of computer science at MIT Silvio Micali, the Algorand blockchain is a self-sustaining, decentralized network that enables several blockchain platforms to build on it.
Like several new generation protocols, Algorand aims to solve the scalability issue and is ramping up efforts to reduce its block finality time to 0.5 seconds. Currently, the PoS blockchain protocol has a 1,000 throughput record. The protocol could stretch those numbers to 46,000 TPS by the end of the year.
The Algorand blockchain is gradually growing in popularity. The network has been earmarked for the launch of El Salvador’s Bitcoin bid. According to a press release by the firm, Algorand has partnered with the El Salvadoran government to build the needed infrastructure to ensure the adoption of Bitcoin as a legal medium of exchange in the Latin American nation.
This growing adoption has seen the ALGO rally in a market currently in the clutches of the bears. ALGO has risen 19.56% in the last 24 hours and trades just north of $2 at $1.99. The one-week chart shows that ALGO has risen 71.56%, making it one of the best cryptocurrency to buy for lower risk returns.
4. Filecoin (FIL)
Filecoin is one of the top crypto protocols in the crypto market and occupies the 22nd position on the most valuable crypto chart. It has a total market cap worth over $9 billion.
Filecoin is a decentralized storage network that has set out to revolutionize the cloud storage space.
The trillion-dollar industry largely controlled by Big Tech giants like Google Cloud, AWS, and Microsoft Azure has come under intense criticism. This is directly linked to the numerous data compromise that has exposed customers’ data to malicious actors. Another factor is the high fees required to store files on the cloud.
Filecoin addresses all these issues as it is decentralized and permissionless, meaning not one single entity has complete control of data eliminating the single point of failure. Also, Filecoin is super-affordable and only cost a fraction of what users pay to use the traditional cloud storage space. Filecoin does this by incentivizing storage owners through its native token FIL. They allocate their free hardware spaces towards storing data for customers.
The decentralized storage protocol recently partnered with multi-scaling solution Polygon to accelerate the interoperability of the Web 3.0 decentralized internet.
Price-wise, FIL has been posting major wins and is currently up 8.54%, with a price peg of $89.73. The virtual currency is up 14.28% in the last week. The protocol’s value proposition makes it the best cryptocurrency to buy for lower risk returns.
5. Near (NEAR)
The Near Protocol (also called NEAR) is not so popular in the crypto space. However, the rising demand for ESG-friendly blockchain platforms has seen the token become one of the best cryptocurrency to buy for lower risk returns.
Sporting a PoS protocol self-styled Nightshade, NEAR enables development teams to build dapps in less than ten minutes. The blockchain platform also uses a block finality mechanism called Doomslug, enabling it to process over 100,000 TPS. It can post this impressive throughput due to its reliance on sharding technology to optimize performance.
The Near protocol is already enjoying institutional adoption. Recently, layer-2 scaling solution Aurora launched on its blockchain.
Price-wise NEAR has been on an uptrend all week and has already surged 93.34%. The digital asset has continued the rally and is up 5.94% in the last 24 hours. It trades at $10.73 and is the 31st most valuable crypto with $4.7 billion in market cap.