Top 5 Cryptocurrencies to Buy Right Now | BTC $32K May Update

So ladies and gents, I've gone ahead and scoured the crypto market to bring you what I believe are the best crypto picks for this month. Starting with the first cryptocurrency on my list for today..

Top 5 Cryptocurrencies to Buy Right Now

1. Polygon
   Polygon is also known as Matic. So, Polygon is a layer 2 blockchain solution that runs and operates on Ethereum's network to process transactions faster and connect Ethereum-based projects. By the way, for those who don't know a blockchain that operates on top of another blockchain is what we call a layer two blockchain. So what you need to know really is, that Polygon is the first well-structured and easy-to-use platform for Ethereum scaling and infrastructure development. Polygon is often referred to as Ethereum's Internet of Blockchains because it effectively transforms Ethereum into a full-fledged multi-chain system. It's also worth noting as long as Ethereum stays relevant and Polygon remains one of the top doge for Ethereum layer 2 scaling solutions, the Matic token will continue to exist and will play an increasingly important role in securing the system and enabling governance.

When it comes to polygon we have a few advantages that you all need to know about:

First of all, Polygon is an ERC20 token, meaning that it's compatible with other Ethereum-based digital currencies. The Matic token is also known as a governance token, so other owners of this crypto can participate in the way the Polygon is run. On top of that, this coin also serves what I call like a little Trifecta moment, where you can also stake it to earn interest, and it can also be used to pay additional gas fees. With this cryptocurrency, transaction fees are consistently low, so a typical transaction fee is around one cent and the ability to process those transactions are relatively quick. To do that, they use a consensus mechanism that completes the transaction confirmation process in a single block. When it comes to news and updates regarding Polygon well we got a few things. Polygon's development team has just released, its improved scaling solution called zero knowledge Ethereum virtual machine also known as zkEVM. This year will reduce the cost even more and also increase scalability to a whole other level. All you need to know, which is first of all ZK - ROLLUP pretty much sends transactions in batches to Ethereum for proving it on that main chain. What's most important here is that it makes Ethereum's blockchain run quicker, and it becomes less congested and will hopefully lead to even much less gas fees. Polygon Co-Founder Sandeep Nailwal also tweeted that ZkEVM will quote change Ethereum scaling forever, and even described it as the Holy Grail of Ethereum scaling. On top of that even Ethereum's Creator Vitalik Buterin was also involved in the polygons ZkEVM carrying out the first ever transaction, where he left behind the message quote millions of constraints for man unconstrained scalability for mankind. At the time of writing this article Polygon currently sits at the price of $1.12 and has reached a high of $2.92 back in December of 2021. That means it's currently down over 61% from that all-time high, and if it ever returns back to that price, we would be seeing an ROI of around 160%.

1. ChainLink
   Moving on at the next cryptocurrency, here on my list is going to be ChainLink also known as Link. So, ChainLink is a decentralized blockchain Oracle Network, which just simply means that it can transfer Real World data to programs running on the blockchain. Think of it also in a way where chain link is pretty much just the middleman that allows these contracts to quickly and securely connect to other big data sources. Like stated within the actual name of the crypto ChainLink, it's like a bridge that brings a smart contract the data it needs and it connects it all together.

Now some examples of external data these programs may want to receive could be stock prices, sports scores, and pretty much any data resource or API out there. Now beyond the simple aspect of connecting smart contracts to the data, ChainLink went ahead and updated its version from two years ago to expand its set of services to include connecting smart contracts with off-chain computation payments and events. Now with this expansion of the off chain functionality within its smart contracts, there's essentially a whole new class of hybrid smart contracts, that are all dependent on the chain link nodes. With this information, ChainLink is now partnered with some of the biggest blockchain networks and companies all around the world including Ethereum, Cardano, Solana, Polkadot, and more. To apply this to the real world, ChainLink is also partnered up with Google for its Google cloud service, and to be able to partner up in putting more of their data on at the blockchain. On top of that, Binance is also using Chain Link to connect its data to blockchain platforms. Now Chain Link has also been ramping up their efforts to increase adoption and attract new users to their network. In a recent tweet, they stated that ChainLink listed all the recent deployments and future plans to the project, which include a wide range of other web 3 Services. Out of all of that, ChainLink went ahead and added a feature called the Proof of Reserve protocol, which automates on-chain audits to verify reserves that are held by certain entities within the network.

During the whole collapse of the market. You know the bear times and in the recession most you guys should know just how important this feature here really is. Don't forget just a little while back that a lack of Reserve auditing was what led to Terra USD also known as UST to go from its $1 Peg to around $0.1 in just a single month. Well, chain Link's proof of Reserve feature, stablecoin Protocols are able to enhance that stability and transparency by providing real-time insight into the reserves which will bring user and market confidence, as well as more credibility into the crypto space. At the time of writing this article ChainLink is sitting at the price of around $7 and reached a high of $53 back in May of 2021, which means that it's currently down over 86% from its previous all-time high, and if it returns back to that price we'll be seeing an ROI of around 640%.

1. Litecoin
   Now the third coin here on my list is Litecoin. So back in 2011, when Litecoin was first created. It was actually one of the first Altcoin in existence, and was frequently the second largest cryptocurrency by market cap. Now Litecoin is very easy to understand because it operates very similarly to Bitcoin because it was developed using a copy of Bitcoin source code also known as forking and it was designed to complete crypto transactions quickly and cheaply. Litecoin was initially created because of developers' concerns that Bitcoin was becoming overly centralized and too controlled and they wanted to make it more difficult for large-scale mining firms to gain the upper hand in mining. Regardless, Bitcoin and Litecoin still share a bunch of similarities:

First of all, they are technically both decentralized. They operate as utility coins where it's considered to be like digital money. They rely on proof of work as their concept. They also rely on the community to supply tokens through crypto mining. Both cryptos also go through something called the halving event, where about every four years they reduce a number of coins that were generated and released into circulation. Last but not least, Bitcoin and Litecoin also have a fixed supply, Litecoin however is at 84 million tokens, whereas Bitcoin is currently at 21 million tokens today. In terms of the pros for Litecoin, there's actually a few so although Litecoin is very similar to Bitcoin in many ways. Litecoin actually processes transactions four times faster than Bitcoin. Right now, the stats are adding up to be around 2.5 minutes per block, where Bitcoin takes about 10 minutes per block. Transaction fees for Litecoin are also significantly lower than Bitcoin due to the smaller block size and faster transaction times. If you ever wanted to send just a small amount of Bitcoin to someone else. If you could pay just a fraction of that is pretty much, where Litecoin steps in and says you know what we do that we actually make it a little bit cheaper and faster for those micro payments. So here are two reasons why I believe Bitcoin is bullish. One of them is the fact that the CFTC reaffirmed their stance that Bitcoin, Ethereum and actually Litecoin are commodities rather than Securities.

As you know, the government does not like crypto. Maybe it's because the government is realizing they can print infinite amounts of money. They don't want to lose power of the dollar like we're seeing now, and maybe they just want to weaken any type of alternatives that the people of the United States may want to run to next. Now another reason why Litecoin might get some bullish price action later on this year and early 2024 is because it's having an event scheduled for this upcoming August which is about 4-5 months away. Previous having a Bitcoin and Litecoin markets have preceded Bull Run, so this could also produce a similar bullish outcome. For Litecoin more specifically, we've also seen a pretty consistent track record in the past of having a significant pump in the month leading up to the tabbing event. Now Litecoin currently sits at the price of $90.71 although it had reached a high of $420 back in December of 2017. Look ladies and gents I know that was a long time ago, but don't worry because its second all-time high is just under that at $414 back in May of 2021. Going off that 2021 all-time high that means Litecoin is curling down over 78% from that period of its price action and if it ever returns back to that price level once again the ROI would be of at least 360%.

1. Bitcoin
   Now the fourth point here on my list is going to be none other than BTC also known as Big Train Coin. So I know Bitcoin has made my top five lists for the past, you know, three crypto picks but that is for good reason. Right now unless you're living under like a microscopic Pebble, okay look everyone knows we're in a Crypto Bear Market, whenever the market turns around and goes bullish. Usually Bitcoin is the first cryptocurrency to lead the way. On top of that, here are just some fundamental reasons why I continue to invest in Bitcoin, and that's because Bitcoin is also the first moving crypto. It was one of the first cryptos within the space. It is the top leading crypto in terms of its market cap and whenever the market becomes more volatile, it is still the one that leads the way. It takes a little bit less of a hit than you know we've seen with other Altcoins. The proof is in the pudding is in the pudding AKA in the charts for Bitcoin, where in previous Market Cycles Bitcoin although it may have fallen, it has always continued to pick itself up and to dust its knees off good.

Bitcoin
In more recent developments with this cryptocurrency, Bitcoin is also the only crypto that is labeled both a commodity from the CFTC and the SEC. Another reason why Bitcoin is one of the best cryptocurrencies to hold throughout this recession is just the fact that right now we're seeing a lot of banks shutting down. Just a few months back, we saw the case of the Silicon Valley bank and then eventually getting bailed out by the U.S federal reserve. Now Bitcoin was literally created as an alternative to traditional banking after the 2008, financial crisis, and to address the problems associated with traditional fiat currencies, like inflation, government control, privacy, and you know things like bailing out a bank that was too over leveraged. It blows my mind that even through times like this, that Bitcoin is not currently double the price that it's at right. Now everything that is happening within the economy, the US dollar is getting weakened and just how ridiculous it is for our government to continue printing money, all while we're paying still enormous amounts of tax and the fact that people do not look at Bitcoin as that solution, even though that's what it was created for. It's only been 15 years since the 2008 financial crash, and already we are watching another giant banking crisis unfold right beneath us. I believe though this is one of the reasons why government agencies like the SEC and the CFTC are doing everything they can to discredit cryptocurrencies and to put a bad reputation within the space. I have a feeling that for any Senator, as an example Elizabeth Warren. Who's literally calling a war against people who are into crypto because they realize that crypto is the solution to our broken financial system, but they do not want to give up control to the people.

Now Bitcoin at the time of writing this post is just at around $28000, and its all-time high was $69000 back in November of 2021. This means currently it's down over 59% from its all-time high and if it ever returns back to that price level then we would see an ROI of a round of 145%.

1. Ethereum
   Now the fifth and final coin for today's post. One of my favorites. One of my biggest holdings here, is going to be Ethereum as I mentioned in the previous post. If Bitcoin is considered to be gold then Ethereum is what I would consider to be electricity providing an actual use case on a more efficient network designed for updates and innovation as time moves on rather than just being a store of value and a hedge against inflation. Ethereum is still currently the world's second largest cryptocurrency and is constantly providing the crypto industry with innovative updates and upgrades made to its blockchain. As most of you guys know, Ethereum did move away from that proof of work concept and moved over into proof of stake and it's been going pretty well. On top of that, Ethereum is posed for a new upgrade. We're on April 12th. They have the Shanghai upgrade that will allow users to finally withdraw their staked Ethereum that's been locked up for about two years.

Ethereum
The reason why this is significant is because there's an estimated 16.5 million Ethereum currently staked and all those investors will finally have access to realize those gains now. The good news here is that Ethereum withdrawals will only be available in small chunks, so this is going to limit the amount of volatility that we can see after the upgrade goes live. Now on top of that, ladies and gents Ethereum has just been consistent. Since those upgrades have been made. We have been seeing the applications of things such as the NFt market getting a surplus in volume and activity. Take as an example the other Deeds project. They are finally moving down their entire timeline and we got cool collaborations. We got announcements that a game will be coming out very soon and even their partnership with Gucci. What you want to take note of is the fact that if you want to buy, trade, sell, any NFT which it seems like the volume for that is going up for, then you will still need Ethereum in order to make those transactions possible.

Now at the time of writing this article Ethereum is currently sitting at the price of $1800. It hit $1900 for just a brief moment, but remember the all-time high was back in November of 2021 at 4867 bucks. What this currently means is that it's down about 61% from its all-time high and if it ever returns back to that level then we will be seeing an ROI of over 160%.

Now ladies and gents that is going to be my Top Five Crypto Picks for the month of April. Let me know down below in the comments what your favorite cryptocurrency.

Disclaimer
Disclaimer: I am not a financial advisor. Brian Jung does not provide tax, legal or accounting advice. This material has been prepared for entertainment purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.