If I Could Only Buy 1 Crypto Right Now, This Would Be It

Waves is becoming increasingly valuable as decentralized finance and non-fungible tokens continue to gain in popularity.

As cryptocurrency trading continues to grow in popularity, several trends are emerging. One is that decentralized finance (DeFi) tokens are becoming increasingly valuable because they can support practical applications like non-fungible tokens (NFTs). Another is that creators want more control over their projects and to be able to host them on several blockchains.

There's one cryptocurrency that can provide both benefits for its users. That's why if I could only buy one crypto right now, it would be Waves.

Waves' calling card

Waves is a multipurpose blockchain platform that supports decentralized applications (dApps) and uses ERC-20 smart contract technology. However, creators don't need to be well versed in smart contracts to get the full benefits of the platform. Instead, Waves uses scripts that help developers make their own products.

According to its website, Waves can support "any use cases that demand security and decentralization." This includes open finance, personal identification, and any other project that demands security as its top priority.

Waves also uses a leased proof-of-stake consensus that keeps the platform's carbon footprint lower. And it has a built-in exchange called Waves.Exchange, which is a decentralized exchange. The exchange supports several assets such as Bitcoin (BTC) and Litecoin (LTC), but it also gives traders access to crypto pools and other interest-bearing accounts.

Why you should consider Waves

Waves has been a standout among its crypto peers since the Russian invasion of Ukraine sent the market into a tailspin in late February. Over the last month, the token's price has more than doubled from $11.25 per unit to more than $25 as of this writing, according to CoinMarketCap data. Similarly, the 24-hour volume for Waves is currently more than $1.49 billion compared to the nearly $380 million volume it saw 30 days ago. This points to increased investor interest in the asset.

For comparison, the total crypto market capitalization has dropped by more than $200 million over the last month. Popular assets like Bitcoin and Ethereum (ETH) have taken a nosedive as well. Bitcoin is down around 10% over the last 30 days while Ethereum has fallen by more than 20%, according to trading data from CoinMarketCap.

Keep the risks in mind

Investing in cryptocurrency is not risk free, and it's a good idea for investors to be knowledgeable about any asset they decide to purchase. From volatile prices to taxes and cybersecurity threats, cryptocurrency investors should take active measures to protect themselves and their portfolio from harm. As always with crypto, make sure you do your own research before diving in, and only invest money you can afford to lose.