5 Most Profitable Cryptocurrencies Among Beginner Traders in Australia

Digital assets have been in the spotlight for some time now, and the reasons are numerous. One of them is the fact that Bitcoin’s market capitalization has managed to rise even above some of the world’s most famous companies put together. Being like this, one can’t help to think about how it poses a threat to the stock market. And this is really no surprise since the total market cap of these digital assets has already gone above one trillion dollars.

Knowing this, one can’t help to wonder how many people are trading at this very moment? The interest of people is the very reason why the market has grown into a giant. As for Australia, some of the research that has been conducted has shown that 1 in 5 people is doing the trading activity. And this number is expected to grow.

By now, you must be wondering which coins are the ones they prefer to invest in and trade? We have prepared a list and sorted the assets as per their fame, so to say. Read below, and find out which coins Australian beginner traders prefer to invest in.

Bitcoin (BTC)

Source: cnbcfm.com

Being the first coin that made many traders rich, it continues to dominate the market, with a current market capitalization of about $ 8111 billion.

This pioneering coin has gone through volatile times, but at the end of the day remains one of the best trading choices one can make, to ensure profit. Read more to learn how.

Ethereum (ETH)

This cryptocurrency also managed to maintain its second position over a period of one year. It would make the transition to Proof of Stake (PoS) from Proof of Work (PoW) to improve its scalability and make it environmentally sustainable in 2024.

It is well known for being used as a foundation to run several increasingly popular applications like NFT. Given the fact that more and more people are deciding to invest in these, this coin is the second option Australians opt for trading.

Tether (USDT)

Source: pcdn.co

This one is the largest stablecoin with a market capitalization of over $ 75 billion. If by now you haven’t familiarized yourself with the term stabilecoin, it basically means that this coin’s value is tied to the value of a certain fiat currency.

For this very reason, it is one of the most popular choices for those looking to invest but is reluctant to face volatility.

Buy USDT with a credit card for stable cryptocurrency investment with minimized price fluctuation exposure.

Binance Coin (BNB)

It was launched back in 2017, but it expanded very quickly, making it easier to trade on its platform. Its value managed to rise from just $ 0.10 to $ 520 this year.

As for market capitalization, it holds fourth place.

Solana (SOL)

Source: bitcoinist.com

It is known for its top transaction speed, which has earned him a place on our list.

The promising cryptocurrency has a market capitalization of over $ 54.82 billion, making it also one of the primary investment choices in Australia.

Knowing which coins are worth investing in, there are a couple of things to know about these assets, if you are a beginner, and want to start trading activity.

Understand What These Currencies Are…

You’ll find a lot of confusing definitions around the internet, but we’ll try to simplify. They are a type of money that exists only electronically, virtually. It’s digital money, to be more precise. The basic idea of virtual or digital currencies is to try to solve some of the long-standing bottlenecks related to traditional banknotes.

Some of their biggest advantages are:

Faster and cheaper transactions

Source: medium.com

Do you need more benefits? No administration, a million checks, legal clauses, cards, security checks. Instead of going through the forest of legality and seemingly unnecessary steps when sending money to another person, the transfer of funds through crypto technology is relatively simple and clear. There are no agents, no commission for intermediaries, which provides preconditions for faster and cheaper transactions.

Secure and confidential transactions

Every transaction made via cryptocurrency is encrypted, secure and what gives this technology a special advantage is basically anonymous. At least in theory, no one can spy on your financial activities or get your data from the history of your account, like banks. Thus we come to a very desirable feature of this technology and that is that only you have the ability to track your completed transactions.

And now one interesting fact. Globally, most adults do not have a bank account. Yes. You read that right. They do not have an account with any financial institution, recognizable to our banks.

Reasons for this fact? We have no doubt about your intelligence. You will find out for yourself the essential reason for this mysterious fact.

We will say politically, that there are certain obstacles for most of these people to have their own bank account.

And now the slogan. There are no such barriers to cryptocurrencies. Anyone who knows can easily open an account right away.

Time has become an unusually important factor in our lives. What used to take days or weeks can be realized in a few seconds via cryptocurrencies. The waiting time for money transfers is rapidly shortening, no matter where you are in the world. Who could have thought this would happen. It’s a dream come true.

If you are a beginner, learn and try to get as much information as possible. It is advisable to inform yourself so that you can embark on a new sphere of trading with more prior knowledge. This you can do either by researching and reading online yourself or by attending some useful webinar. Either way, it will give you useful insights into the basics, and what to expect in this field.

Keep in mind that these are a new world. Pretty complicated and quite exciting. As with any field, it takes a lot of effort, time, and resources to be able to say for yourself that you have mastered certain skills, not to mention experiences, and to be a successful trader.