The cryptocurrency market is changing with trends that create opportunities for those who pay attention
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Overall, the cryptocurrency market continues to struggle. Bitcoin (BTC USD) has fallen below $55,000 as I write this article. It tends to be an indicator of the larger cryptocurrency market, so it should come as no surprise that many cryptocurrencies have fallen in the same way. However, Bitcoin is still up 25% since the start of the year. The cryptocurrency market remains interesting and despite the current problems, there are many cryptocurrencies to buy.
Cryptocurrencies will continue to attract investors. There are a number of reasons to believe that the cryptocurrency market is worth investing in. The argument for decentralization remains compelling. Unlike fiat currencies, cryptocurrencies are not controlled by a central authority.
There are lots of interesting follow-up ideas. For example, cryptocurrencies can serve as a hedge against inflation, at least those whose supplies are limited. Of course, there are always arguments for quick returns.
Solana (SOL-USD)
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Solana (SOL USD) has become the cryptocurrency of choice for controversial investors looking to shake up the status quo.
The Solana blockchain hosts several projects that address trending development areas, including decentralization and NFTs. The reason Solana has received so much attention and is seeing so much development on its blockchain is because of its scalability. Solana has exceptionally high throughput speeds and low fees that have made it a legitimate competitor ether (ETH-USD).
In this regard, Solana certainly challenges the status quo. Ethereum is the predominant platform for developing decentralized apps and smart contracts. Solana is a legitimate challenger in both areas.
It is simply faster and cheaper than Ethereum, which is why so much development has taken place within its blockchain. Solana has gained almost 600% in the last 12 months. The ability to take off again and again is evident. While Bitcoin is dragging everything down at the moment, Solana certainly has the potential to quickly jump higher at any time, making it one of the best cryptocurrencies to buy.
Render (RNDR-USD)
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Make (RNDR USD) is a unique cryptocurrency that follows the trend of renting out idle assets. In the case of Render, that means people with unused GPU (Graphical Processing Unit) power can do it rent it out.
The Render Token is used to connect people who need GPU power, generally artists and studios who need GPU power for graphical purposes, to these lenders. Those who want to rent this GPU power do so with RNDR tokens, which are transferred to the lenders. The more in demand the service becomes, the more valuable render tokens become.
It’s easy to see why Render is attractive as the rental economy continues to evolve. It is also important to note that rendering is inextricably linked to the emergence of AI. Much of generative AI revolves around creating graphics that require GPU resources. If the company gets the economics right, there’s no reason to think Render shouldn’t take off from here.
Bittensor (TAO-USD)
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Request sor (TAO-USD) is another cryptocurrency to consider that could see a rise due to machine learning/AI capabilities.
The project is essentially a Open source protocol By collaboratively training machine learning models, TAO rewards users. Those who provide more valuable machine learning information to the network will be rewarded with more TAO. It serves as an exchange medium in the network and can also be used to influence decisions in the network.
Anyone who wants to access machine learning and artificial intelligence information stored on the network can pay TAO to do so.
The truth is that Bittensor has already taken off this year and over the last 12 months. A year ago it was worth $60. Today it is worth $129. In between, it rose to as much as $730. AI is still the dominant trend today. Given that Bittensor has already risen much higher, it is an easy choice for those looking to lock in quick profits again when buying cryptos.
At the time of publication, Alex Sirois did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.
At the time of publication, the responsible editor had neither direct nor…
indirectly) all positions in the securities mentioned in this article.