What is the best cryptocurrency to buy this month? Looking for the top 15 Cryptocurrencies to buy In August 2021? We’ve got you covered!
The young cryptocurrency market changes very quickly. Weeks or even days later, the value of a cryptocurrency could dramatically change.
Good cryptocurrencies to buy in one month could plummet in value the next, and the opposite is also possible too. A coin that everyone was hyping up can overnight become irrelevant and sidelined to the backs of our memories.
So, what’s the top cryptocurrency to buy for August 2021? We’ve compiled a list of 15 options for you to consider and explain why they’re the best you can get your hands on.
If you want to dive into the cryptocurrency market quickly and easily check out eToro Exchange!
You always need to be on the lookout for the next up-and-coming crypto at all times.
- Bitcoin (BTC)
- Ripple (XRP)
- Ethereum (ETH)
- Binance Coin (BNB)
- Dogecoin (DOGE)
- Cardano (ADA)
- Polkadot (DOT)
- Uniswap (UNI)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Litecoin (LTC)
- Dash (DASH)
- Tezos (XTZ)
- Stellar (XLM)
- EOS (EOS)
With more than 7,000 cryptocurrencies already in the market, choosing the best cryptocurrencies to buy in is not an easy thing to do.
Fear not, we at Trading Education put a list of the best cryptocurrencies to buy this month.
Every month we’ll give you an update on the best cryptocurrencies to buy. So, make sure you bookmark this page! You’ll always find the top cryptocurrencies to buy right here!
Remember! Though these might be the top digital coins to consider buying for August 2021, cryptocurrencies are still highly volatile assets and are not suitable for all investors!
Make sure you understand the risks involved!
(Plus, at the end we have a couple of extra cryptos for you to keep your eyes on!)
Best Cryptocurrencies to Buy in August 2021:
1. Bitcoin (BTC) - On track to reach $100k by the end of the year?
Elon Musk is an angel! He just gave us a wonderful present dumping Bitcoin as a payment option for Tesla! Now we can now buy more at a lower price!
There is also something very crucial we should mention about his comments - while the environmental impact of Bitcoin is fairly high and power consumption is huge, you have to compare it to other forms of finance.
Think about all the financial institutions out there, with their cars and their energy consumption, just to keep the fiat-based financial economy going. The damage the traditional financial system is doing to the planet is most likely a lot larger.
And what about gold mining! How much of the Earth has been scarred from that?
What you really want to look for are cryptocurrencies that provide the most opportunities, that have enough volatility without being too risky.
Now after an amazing start to 2021, Bitcoin appeared to have found new points of support and resistance - $35,000 and $40,000. At the moment though, it is hard to say for certain where BTC is going.
Unsurprisingly, Bitcoin predictions for 2021 can sometimes be a little insane. In March 2020, Anthony Pompliano, the founder and partner at Morgan Creek Digital, predicted that by December 2021, Bitcoin will be worth $100,000!
Gov Capital has made a more realistic prediction, believing that the ‘best possible price’ prediction for Bitcoin by the end of 2021 is $56,470, which is still an ungodly rise.
The BTC price started to get crazy in February 2021, when Tesla bought $1.5 billion in Bitcoin and started to accept BTC as payment for its products. The price of Bitcoin has increased, after the news, to $56,000 per coin.
It started to look like Pompliano’s predictions of Bitcoin reaching $100k were coming true!
While many feel like Bitcoin is a definite buy, you have to remember that there is always a possibility that the price could crash again. So be prepared for that possibility!
The main thing crypto traders should be looking for right now is if Bitcoin can reach that $60k point again and move past it. If this happens, it will be a definite buy for many traders, but no one can really tell where the price will probably stop after this point.
Whatever you do, remember to be prepared for the possibility of a Bitcoin price crash!
Read our article on Bitcoin here.
Have you considered buying Bitcoin (BTC)?
2. Ripple (XRP) - Still on the increase despite SEC lawsuit!
On the 24th December 2020, the SEC (the US Securities and Exchange Commission) created the best chance to open a position with Ripple in a long, long time.
Essentially, the SEC is taking Ripple to court because they believe that XRP is actually a security, not a cryptocurrency, therefore making all the money they had raised so far from retail traders illegal (as it was not registered).
Before this debacle, Ripple appeared to have a pretty good relationship with the SEC, much to the vain of other cryptocurrencies that either disliked how they were getting so close to regulators or found it inspiring that they were trying to work with them.
But, alas, despite the implied closeness of their relationship, the SEC still went after Ripple, which must have bemused many people at the top of Ripple Labs.
Anyhow, while on the outside this situation looks pretty worrying (many exchanges have temporarily stopped offering XRP in the US), many believe that the SEC has overstepped and pretty badly at that as there is tonnes of evidence in Ripple’s favour. (More about crypto regulation at the end of this article!)
So, in the end, it is quite likely that Ripple will win the case, which will likely improve prices. Of course, though, no one can guarantee this. There’s always the possibility of the US legal system playing dirty and wanting to make an example of Ripple.
In late February, it looked like Ripple was recovering, even looking stronger against the dollar than it was before the bad news. For the time being, for those that already hold Ripple, it would be wise to hold on to it a little longer.
For those that don’t know much about Ripple, it is a lot more than just a cryptocurrency, it is an exchange that enables you to transfer all kinds of funds faster and across borders much faster than traditional banks and institutions.
What makes it so unique is that you could send a payment in, for example, British pounds to someone, which Ripple would convert into XRP, and when it reaches the recipient it could be in their currency, let’s say the euro.
The Economy Forecast Agency predicts that XRP will reach a minimum of $0.57 and a maximum of $0.86 for August, which is actually an increase from a few months ago when the SEC sunk their teeth into them, and we might soon see an emerging uptrend.
City Telegraph paints a very different picture believing that Ripple could reach highs of $1.28 in August. Such highs will only be possible if a strong upwards trend takes place.
If you feel that the only way cryptocurrency can succeed is with the backing of the banks, then Ripple will likely be the best cryptocurrency to buy in August 2021. Despite all the drama, Ripple remains one of the best cryptocurrencies to buy.
Read our article on Ripple price prediction here.
Have you considered buying Ripple (XRP)?
3. Ethereum (ETH) - On its way past $3,000 per coin this August?
Ethereum is without a doubt one of the top cryptocurrencies for August 2021!
Ethereum has seen some of the strongest gains (aside from Bitcoin, who we’ll get to in a moment!), and it’s highly likely that Ethereum hasn’t reached its full potential yet.
Indeed, Ethereum might even be hugely undervalued, becoming more and more apparent the more you look at what’s in store for 2021.
First off, Ethereum is still the king of smart contracts, decentralised applications and ERC-20 tokens, which many other popular cryptocurrencies are made of (they are hosted on the Ethereum blockchain). This makes Ethereum one of the best cryptocurrencies to buy by far.
Which leads us on to the DeFi boom. DeFi stands for ‘Decentralised Finance’, and it is a way to connect traders directly without the use of a third party, such as a broker. The Ethereum network is where most DeFi applications are built.
All this activity taking place on the Ethereum network shows how useful it is to the wider cryptocurrency community, and as DeFi grows, it will certainly have a knock-on effect on Ethereum.
Then secondly, and perhaps more importantly, is Ethereum 2.0, the long-awaited move to proof of stake. Now, it should be mentioned that this will take place over several stages, with the process starting in December 2020.
And so, we’re probably not likely going to see anything significant this August, but it might be a good idea to buy and hold Ethereum until we do.
Last but not least, let us not forget that Bitcoin’s dramatic increase in price will affect Ethereum the most. You see, many crypto traders start out with Bitcoin and Ethereum is usually what they buy next.
And what this probably means is that with all the excitement around Bitcoin, there will be an influx of new traders who start buying it up, and once they have a taste for crypto, they are then most likely going to devour Ethereum.
If you feel that Ethereum is still the king of smart contract and decentralised applications, then Ethereum could be the best cryptocurrency to buy now.
Ethereum price predictions for 2021 look good. The Economy Forecast Agency predicts that Ethereum could reach highs as much as $2,121 per coin or lows at $3,175 in August 2021.
Further to that, they also predict that by December 2021, Ethereum could reach a low of $2,674 and a high of $3,319. Interesting to note, even the lowest of the two possibilities is an increase from Ethereum’s current price.
Previsioni bitcoin is a lot more optimistic for August, predicting that Ethereum will reach up to $2,990 per coin!
Read our article on Ethereum here.
Have you considered buying Ethereum (ETH)?
4. Binance Coin (BNB) - The biggest gains of 2021 so far?
A perfect storm is about to brew right in front of Binance Coin in 2021, and August looks like it is perhaps the best time to get on board this ship as it cruises up unchartered waters.
Well, if Bitcoin really does shoot up more in value in 2021, the Binance Exchange - the world’s largest cryptocurrency exchange, by a substantial margin - is going to get a lot of attention, and it’s going to be very handy for crypto traders to have some Binance Coin lying around.
While there really isn’t anything technically interesting about this coin, instead, like Tether, it is a utility coin. Its purpose is to give you a discount if you use the coin on the Binance Exchange to pay for fees.
As long as Binance Coin remains actively used on the Binance Exchange, it will always have a good volume. And it’s this trading volume that gives Binance a huge boost in value.
If you look at any charts the correlation is pretty clear; big trading volume results in even bigger increases in BNB’s price, and April 2021 was no exception.
In fact, during one week in April Binance Coin increased in value as much as 300% and rose to temporarily become the 3rd largest cryptocurrency by market cap (replaced by Cardano just at the end of the month).
The only thing to look out for is if the Binance Exchange ever plans to reduce the discount offered by the coin. But since 2019, it looks like they have no intention to do this.
The Economy Forecast Agency predicts that Binance Coin could reach lows of $279 to highs of $398 per coin in August 2021.
Meanwhile Gov Capital predicts BNB will reach $467 in one year and $1,291 in five years.
If you’re looking for a cryptocurrency that will make it cheaper to use the Binance Exchange or simply profit from all the mayhem trading at Binance, then Binance Coin is the best cryptocurrency to buy in August 2021. Binance coin could be one of the best cryptocurrencies to buy now.
Read our article on Binance Coin here.
Have you considered buying Binance (BNB)?
5. Dogecoin (DOGE) - Is $0.423 a joke or a real possibility?
Elon Musk’s new play thing has been brought back to life in 2021 with a wave of new support. For a while now, Dogecoin has been glued to the fifth position in terms of market capitalisation.
Dogecoin took off when a group of crypto Redditors decided to make it their mission to pump up the price of DOGE.
But it’s not just Redditors who have been bullish on Dogecoin. Snoop Dogg (or Snoop Doge?) and Kiss bassist and vocalist Gene Simmons are also riding this hype train.
However, we all know that Musk is the real one pulling the strings. Recently, it has been revealed that Musk has been working with DOGE developers since as early as 2019. Though he primarily provided advice and connections, he also offered to help fund them, which they refused.
Dogecoin is perhaps one of the more riskier investments on this list. There is always the possibility that Musk and Redditors will get tired of Dogecoin.
Further to that, traders should ask themselves, especially after Musk dumped BTC, can he be trusted? Is it possible that he just wants to manipulate the price for his own gain or just because he can?
But in all seriousness, Dogecoin is an important coin. Though its creators started it as a joke, it was supposed to lighten up the often serious tone usually used when discussing cryptocurrencies.
With this approach, they managed to reach a far wider demographic than Bitcoin could - a younger group, less involved in cryptography, anonymity and taking down the current financial system. Dogecoin did a lot for cryptocurrency adoption.
WalletInvestor believes Dogecoin could break the $1 mark within five years, reaching $1.243 and $0.423 within one year.
Meanwhile, DigitalCoin is forecasting DOGE to reach $0.328 by December 2021.
6. Cardano (ADA) - Bulls think $2 is possible this month!
Cardano sneakily stepped into the No.4 spot in top cryptocurrency by market capitalisation. Some will say that it’s finally time they were recognised.
In comparison to other coins, they are one of the few that is showing a nice bit of stability and growth in the latter part of the month and finally broke through the $1 barrier for the first time since 2017, and it doesn’t look like they are done yet.
Cardano stands out for its ouroboros blockchain. In short, Cardano technically has two blockchains, one to handle basic transactions and another to handle smart contracts.
What this ingenious idea does is prevent overburdening the Cardano network with too many transactions, which theoretically should make it faster and prevent scalability issues.
According to Capital.com, after a sluggish low period in January, Cardano has risen by as much as 329%. Overall, for 2020, Cardano has risen in price by 200%!
The Economy Forecast Agency predicts that in August 2021, Cardano will reach lows of $1.04 and highs of $1.66 (a pretty big gap, suggesting some volatility coming).
If you think Cardano is the best crypto to fix cryptocurrency’s problems with speed and scalability, then it could be one of the top cryptocurrencies to buy.
Read our article on Cardano here.
Have you considered buying Cardano (ADA)?
7. Polkadot (DOT) - Mooning to $160.232 in five years?
Polkadot is one of the most exciting projects to come out of cryptocurrency in the last few years. Similar to Ethereum, it offers a new way to build an entire ecosystem of projects.
As a multichain project, it bridges the gap between blockchains, allowing them to communicate. Devs can also build their own customisable parachains off Polkadot’s ‘Relay Chain’ (the central chain that ties all other chains together).
It also offers some very cool features such as ‘forkless onchain upgrades’ which allow Polkadot to upgrade without the risk of splitting the chain into two. Just like Bitcoin and Bitcoin Cash.
Many traders are bullish on Polkadot purely because of Dr Gavin Wood, DOTs founder, who previously co-founded Ethereum and is credited as inventing the coding language Solidity, which is used to power Ethereum smart contracts.
For the time being updates are slow and DOT has slipped a few places in market cap ranking but that is nothing to worry about. Just like many other crypto projects, time is needed to deliver something of real value - don’t expect a ton of new features every week or month.
Right now DOT is ideal to buy low and hold for the long-term. Coin is still very young, not even one year old yet.
For some traders, this may be off-putting because there is less data on how well it might perform. But one thing is for certain, Polkadot is something the crypto market really needs, and it is this necessity that gives DOT its value.
Trading Beasts foresees a maximum price of $18.455 by the end of the year.
DigitalCoin is more positive and believes DOT can reach $62 by November 2021 and can continue to rise in the next few years.
On the more bullish side, WalletInvestor is confident that DOT can reach $44.132 in one year and $160.232 in five years.
Would you invest in Polkadot (DOT)?
8. Uniswap (UNI) - The future of crypto trading edging to $54.63 in one year?
Here’s an example of what many believe will be the future of finance. Uniswap is a ‘decentralised exchange’ (or DEX) that works on the Ethereum blockchain.
Like anything decentralised, Uniswap isn’t owned or controlled by one single authority and uses a two-layered blockchain to handle transactions as well.
On Uniswap, you can list tokens for free and users don’t have to hand over their crypto to the platform to trade it, allowing them to remain in control.
Since its launch in 2018, Uniswap is now one of the largest DeFi coins and one of the largest exchanges. In 2020, $58 billion in trading went through the platform.
But the most bullish prediction comes from WalletInvestor, who believes UNI might even reach $54.630 in one year and $193.103 in five years.
9. Bitcoin Cash (BCH) - Scalenet update to lead to price of $581 by December?
In a relatively short amount of time, Bitcoin Cash has slid from 5th to 10th in terms of market capitalisation. But this may play into crypto traders’ benefit!
Just like Dash, Bitcoin Cash has some new updates coming either this year or in 2022 which may increase its value, meaning buying now might be a good idea.
According to GlobeNewswire, the primary update we know about is the introduction of ‘Scalenet’ which can supposedly produce blocks 256MB in size. Theoretically, this should dramatically speed up transaction times.
And another cool update is the introduction of ‘double-spend proofs’, a feature that is being added to nodes and wallets alike. Their purpose is to increase zero confidence security on the Bitcoin Cash network.
Bitcoin Cash is perhaps the best alternative for those not sure of Bitcoin; people who would prefer to go back to how Bitcoin used to be but are not as extreme as Bitcoin SV supporters (there’s a lot of animosity between these groups!).
According to The Economy Forecast Agency, Bitcoin Cash could be worth as much as $581 per coin by the very end of 2021. For August specifically, they predict lows of $446 to highs of $677.
Trading Beasts predict that for August 2021, they expect a maximum price of $601 and a minimum price of $408.
If you’re looking for a proper alternative to Bitcoin, Bitcoin Cash might be one of the best cryptocurrencies to buy in 2021.
Read our article on Bitcoin Cash here.
Have you considered buying Bitcoin Cash (BCH)?
10. Chainlink (LINK) - Powering up to 80% of DeFi
Chainlink jumped leaps and bounds in 2020 and has continued to grow in 2021 and has at times been included in the top 10 by market capitalisation.
Just like Polkadot, Chainlink offers something that the cryptocurrency community really needs - oracles.
In basic terms, oracles communicate off-chain information to blockchains. Chainlink’s idea is that these oracles can be used to activate smart contracts.
For example, imagine a smart contract set up to be activated if the weather changes. It can only receive that information via an oracle as the smart contract is only located in the blockchain, not in the physical world.
There are of course things we need to talk about with Chainlink. First of all, the idea can easily be taken and applied to other cryptocurrencies, which could destroy Chainlink’s value.
The second potential issue is fake news. Though Chainlink compares news with several other aggregators to ensure only the correct information activates smart contracts. It might not be enough to ensure that fake news doesn’t seep into the network.
But Chainlink’s importance only continues to grow. According to George Anadiotis, Chainlink provides between 50-80% of all DeFi applications with oracle services. So, it’s quite likely that we’re going to see a lot more of Chainlink in the coming years.
A conservative price prediction by Trading Beasts puts Chainlink at a max of $19.034 by December 2021.
But this is pretty low in comparison to WalletInvestor who more optimistically forecast $40.862 in one year and $128.49 in five years.
DigitalCoin predicts a similar price of $31.88 by December 2021.
11. Litecoin (LTC) - $250 by December 2021 is looking like a possibility!
Once upon a time, Litecoin was big news and was one of the top cryptocurrencies to buy, but as more cryptos burst onto the scene, it slowly started to fade into the background, but that doesn’t mean that it is no longer worth buying!
There are still plenty of opportunities to profit from Litecoin. It is still a household name and one of the leading cryptocurrencies to buy today.
Not to mention, it is the 12th largest cryptocurrency by market cap and has a history longer than most other cryptocurrencies, making it more trustworthy and reliable. It is perhaps one of the safest altcoins to trade.
Litecoin might actually be the best hedge against Bitcoin, offering much of the same functionality but with slightly better features, including lower fees, better security, faster transaction speeds and a cap of 84 million coins that can ever be created (four times that of Bitcoin).
According to Connor Sephton of Currency.com, like many other cryptocurrencies, Litecoin lost a lot of value around March 2020 but then increased 57.2%.
Then in December 2020, we started to see some real movement from Litecoin, and by April 2021, it had started to reach a level not seen since March 2018. So, we may be on the cusp of an uptrend.
Trading Beasts’ Litecoin price predictions for August 2021 tell a good story. They predict that Litecoin will reach a maximum price of $162.993 and a minimum price of $110.835 in August 2021. And Coinpedia predicts that Litecoin may reach $250 by December 2021.
If you’re still a fan of the old school, first-on-the-block altcoins, then Litecoin could be the best cryptocurrency to buy in August 2021.
Read our article on Litecoin here.
Have you considered buying Litecoin (LTC)?
12. Dash (DASH) - Could updates take this crypto to $196?
While everyone’s been talking about Ethereum 2.0, little did they realise that Dash might just one-up them.
Dash is mostly known for its ‘Private Send’ feature, which can send transactions anonymously, but more recently it has been preparing to release a new version of Dash, the Dash Platform, which will allow developers to create decentralised apps on top of the Dash network, in a very similar way to Ethereum.
But that’s not all. To ensure that all these DApps do not interfere with everyday transaction sending, they will add a second layer for the DApps. (Doesn’t that sound a bit like Cardano, doesn’t it?)
The update will also supposedly improve speed and security too, including on the DashPay app.
We should also not forget that Dash was created by forking Litecoin, which technically speaking is more advanced than Bitcoin in several ways.
It’s like Dash just took a look around at what everyone else is doing in the crypto community and stole all their best ideas! (Nothing wrong with that if it all works!)
Further to that, Dash is one of few cryptocurrencies to really crack the third world and reach the unbanked, something many cryptocurrencies wished that they could do.
As it currently stands, Dash is particularly popular in Latin America with Venezuela being one of its primary hot spots.
All this could mean that Dash is pretty much ready to jump on the launchpad on its way to outer space, which is why August 2021 is looking like the best moment to buy early.
February 2020 was the bumpiest we’ve seen Dash get since 2017, gaining a lot of value and then losing a fair bit of it. At the time of writing, Dash is the 24th largest by market cap, according to CoinMarketCap.
For December 2021, Trading Beasts predicts that the maximum price of Dash will be $176.479, and the minimum will be $120.006.
With Dash already trading above the maximum predicted by Trading Beasts, this prediction may be too conservative.
The Economy Forecast Agency sees a lot more potential in August, predicting that Dash will reach $196 at the highest and $140 at the lowest.
For crypto traders asking what is the best all-around cryptocurrency to invest in right now, Dash might be a rather good option in more ways than one.
Read our article on Dash price predictions here.
Have you considered buying Dash (DASH)?
13. Tezos (XTZ) - An increase of 35% coming this month?
Perfect buying opportunity right here! In late February, Tezos started losing a lot of value while other altcoins were up. In fact, according to Benson Toti, writing for Coinjournal, Tezos lost as much as 30% of its value in one day.
Tezos is masterminded by some of the smartest people in cryptocurrency - husband and wife Arthur and Kathleen Breitman - and holds a lot of promise.
Those that know about Tezos know that it had one of the largest ICOs ever, raising $232 million in Bitcoin and Ether. But Tezos’s primary selling point is that it is designed to be extremely flexible in how it is developed.
Tezos focuses on ‘governance’. Basically, what that means is they believe that by having a strong, decentralised decision-making process, they can emerge stronger than all other cryptocurrencies.
They will theoretically be able to adapt to any changes and incorporate or drop what does and doesn’t work. It is super important to remember, what we think of as innovative today might not be tomorrow, and cryptocurrency is not immune to this.
Despite a tough February, the outlook for Tezos is still very good with many still predicting an increase further on in the year.
And 2021 looks like a good year for Tezos. The demand for Tezos grew, causing an increase in the price of XTZ, even reaching its all-time high of $8.40 on 7th May 2021.
If the visions of Bitcoin jumping up in value come to fruition and it does indeed bring up the value of altcoins, Tezos could see a big increase and investing in August could be a great idea.
According to Wallet Investor, the price of Tezos might reach $4.494 in one year and up to $10.327 in five years.
Meanwhile, Digitalcoin predicts that in August 2021, Tezos will reach an average price of $4.6.
If you believe that a cryptocurrency that focuses on decentralised decision making is the way to go, Tezos might be one of the top cryptocurrencies to buy in August 2021.
Read our article on Tezos here.
Have you considered buying Tezos (XTZ)?
14. Stellar (XLM) - Creating a crypto for Ukraine might get us to $0.35!
Stellar’s destiny seems tied to Ripple’s. Stellar emerged when Ripple co-founder Jed McCaleb (also the founder of Mt. Gox) set up Stellar with Joyce Kim after disagreeing with the direction Ripple was taking and leaving.
The two have been rivals ever since.
Technically speaking they are very similar, and both aim to provide cross-border transfers that are facilitated by a token (Lumens or XLM, in Stellar’s case). But that’s where the similarities mostly end.
Stellar also provides a decentralised exchange where a variety of assets can be traded, payment apps that use the currency-backed tokens and they have also created a service for micropayments that could be used for tipping people online.
While that’s all well and good, the real reason we’re excited about Stellar is that in January 2021 it was announced that Ukraine plans to use Stellar’s blockchain technology to develop a central bank digital currency (CBDC).
With many countries exploring the possibility of creating such a digital currency (China is already ahead in this game), if this goes well with Ukraine, we could see Stellar being used more by other central banks to create other CBDCs. For the time being though, we’re not quite sure when this project will start.
Getting back to Stellar’s relationship with Ripple, Stellar might be the best hedge for those looking for an alternative, especially concerned US traders.
Traders who already have built up a position with XRP should consider also investing in some Stellar as well. The situation with the SEC will likely drag on for a while until we see some kind of resolve.
This could negatively impact Ripple during that period, or it may just range on for a long time with little activity. Stellar is clearly the best possible alternative. While the price is yet to pick up, it may be a good time to get involved.
The Economy Forecast Agency estimates that XLM will reach between $0.24 at the lowest and $0.35 at the highest for August 2021.
Read our article on Stellar here.
Have you considered buying Stellar (XLM)?
15. EOS (EOS) - Breaking a symmetric triangle could lead to an increase of 480%!
The ‘Ethereum Killer’ is back with a vengeance! 2020 was a really good year for EOS and August 2021 continues that positive trend, following on from a jump in price in late February.
EOS is a real contender to knock Ethereum off the throne as king of smart contracts and decentralised apps. Of course, though, crypto traders need to accept that it’s a pretty competitive industry.
It claims to pretty much accomplish the same things as Ethereum, but in a better, more efficient and more user-friendly way.
PrimeXBT gives crypto traders a very interesting reason to want to trade EOS in August 2021. They point out that for much of EOS’s existence, it has been forming a huge symmetric triangle.
Typically, when such patterns appear on charts and the highs and lows start getting closer and closer together, it implies that a big breakout might be on the horizon.
PrimeXBT believes that if EOS can break out of this triangle, they expect it to rise up to 480%! It could even mean highs of $160 per token.
But do note that such a breakout might not happen this year, and on top of that, such patterns can also have the opposite effect, where the price drops dramatically.
Other price predictions are also quite positive for EOS too. 3Commas gives EOS a high estimate of $5.90 and a low estimate of $5.22 for August 2021, both of which are higher than the current price.
If you’re looking for an alternative to Ethereum, EOS could be one of the best cryptocurrencies to consider buying in August 2021.
Read our article on EOS here.
Have you considered buying EOS (EOS)?
Other cryptos on our radar for August 2021
At Trading Education we love to look out for up-and-coming cryptocurrencies that most people probably haven’t spotted yet.
Usually, we advise keeping away from unheard of cryptos until they show some promise to avoid scams or unfortunate situations (like when a crypto is too volatile or shows no real signs of being able to make a profit - a ‘zombie coin’).
But you should definitely keep watch on the following cryptos as they establish themselves. They might even be the best cryptocurrencies to buy in our next list in the months to come!
Or, if they fail to succeed, we’ll find out why and learn to avoid similar cryptos (as cheesy as it sounds, learning is always the most important thing!).
This month, we’re focusing primarily on DeFi coins who have really proven themselves in 2020, but perhaps still need a bit more time before they hit the mainstream. Currently, they are some of the cheapest cryptocurrencies to buy.
This DeFi coin allows people to lend and borrow crypto from each other with ease.
With no wealth or credit score ratings involved, it gives control to both the borrower and lender in a way typical loans companies would never offer. With Aave, there is just the lender and the borrower.
This makes it possible to benefit from lending out your crypto while you hold it, to make a little interest on the side.
One of the coolest features of Aave (which means ‘ghost’ in Finnish) is it’s ‘flash loans’ option, which are quick loans that need to be repaid in the same transaction, saving time and money on fees.
On top of that lenders can choose what kind of interest they want to apply to the loan too, giving them even more control. And, to avoid volatility users can also move the asset they borrowed to a stablecoin.
Aave also recently went through an update and is increasingly allowing users to take part in governance, which is an excellent way to keep the platform decentralised.
Many have forgotten the power that Neo once wielded. In 2017, during the last cryptocurrency boom, Neo went from a lowly $0.14 to almost $200 per coin!
Could you imagine getting in on that early on? Well, it could be possible if indeed history does repeat itself. As we’re maybe just about to enter another crypto boom, Neo might just make a new record.
Designed to be regulator-friendly, Neo can be used to tokenise different kinds of assets. They also offer a more centralised approach, different from other cryptos which try to avoid this.
Many believed that after China announced tighter regulation on cryptocurrency and developed their own digital currency (DCEP) that cryptos made in China would either be halted or would have to leave (TRON, for example, relocated to San Francisco).
This news made many crypto traders sceptical of getting involved with Neo, just in case it would be shut down. But they didn’t. But it wasn’t the case, in fact, Neo’s focus on regulation saved them.
It is also quite likely that China’s government saw that Neo is not trying to replace renminbi (China’s currency) and the fact that they were centralised as opposed to decentralised like most other cryptos was probably appealing too as it might be perceived as more stable.
Neo has billed itself as a growing ecosystem that aims not only to become the leader in smart contract development but the basis for the next generation of the internet and cross-chain interoperability. Its goals are not the same as that of Bitcoin, to be purely digital cash.
And Neo’s ability to work closely with the Chinese government looks like it will likely mean they will have a monopoly over DApps and smart contracts in the country, while bigger fish like Ethereum might struggle with the regulation.
The biggest reason to get excited about Neo in August 2021 is the release of Preview5, which allows oracle usage on the blockchain for the first time. This will be a huge boost to their smart contract capabilities.
Liteforex predicts that Neo will reach lows of $11 and highs of $30 per coin by December 2021, but it’s quite likely both predictions are too low.
Meanwhile, The Economy Forecast Agency predicts lows of $28.81 and highs of $48.12 for August 2021, which might be more reasonable.
If you believe that Neo has the potential to transform the future of cryptocurrency investing, then it may be the crypto for you.
Read our article on Neo price predictions here.
Have you considered buying Neo (NEO)?
Celsius is a fintech platform for lending, saving and payments with a focus on a community of users, not intermediaries, giving incentives to keep the community using the platform.
It primarily works via a mobile app where users can earn rewards on the coins they hold, borrow cash while keeping their assets, or simply pay and transfer money.
Similar to Uniswap, Balancer is another decentralised exchange that acts without an intermediary on the Ethereum blockchain.
Balancer allows users to create their own custom pools, allowing many other cryptos to set up their own projects much easier, and we may see a rush to this coin as more new projects begin to emerge.
Conclusion: Which cryptocurrencies should I buy for August 2021?
All in all, August 2021 looks like a great time to make some smart investments in cryptocurrency. For a variety of different reasons, we might see some cryptos reaching new heights.
What we are seeing is the two biggest coins, Bitcoin and Ethereum both look like they are at points where they are about to explode.
Money is pouring into Bitcoin which will likely feed into altcoins and Ethereum is best positioned to benefit from that influx.
Similarly, Binance Coin looks like it might also benefit from this trickle-down investment, enabling the buying and selling of most of these coins.
And then we have a large number of coins that are releasing new updates, including Dash, Neo, and Bitcoin Cash.
Of course, we will have to wait and see if these updates bring any real value to users, but the very fact that there are updates could improve prices.
And then we have Ripple and Tezos which should be theoretically doing much better than they are.
Elsewhere, we have cryptos that are expanding in entirely new ways, such as Stellar working with Ukraine to create a new digital currency and TRON moving more into DeFi.
So, what we might be looking at in August 2021 is a wealth of coins that should really be worth a lot more than they are, and it is only a matter of time before people start assigning value to them properly and they start to skyrocket.
Bearing in mind though, not every coin on our list of best cryptocurrencies to buy right now will shoot off! Who knows what will happen in the following weeks and months.
And, of course, remember to keep your eyes on the growing DeFi community as well!
Should I be worried about the SEC?
Probably not. Of course, it would be understandable to be a little worried if you have invested in Ripple, but the case against Ripple is quite weak.
The real concern is that the SEC and other regulators from around the world might continue to try to get in the way of other cryptocurrencies’ development, by trying to make them fit into their idea of what they should be, instead of acknowledging that cryptocurrency is a new market.
But perhaps this will just remain an annoyance. In the end, the power of the SEC didn’t change anything with Ripple.
Aside from creating a buying opportunity (little more than a minor dent if you look at the charts), they displayed how far they really are from understanding cryptocurrency.
This lack of understanding is unfortunately still deeply embedded in how many top political figures think, and it’s giving many in the crypto community a migraine.
The US Secretary of Treasury, Janet Yellen, embodies this issue, believing Bitcoin to be ‘inefficient’, citing the amount of power needed to run the network (and not expanding further on the topic).
She also ‘fears’ that Bitcoin is primarily used for ‘illicit finance’, a phrase so overused it makes your eyes roll. As many crypto enthusiasts will tell you, there are far more illegal payments happening with physical cash than with Bitcoin, which can be traced.
So, in 2021, we’re still dealing with people that do not understand what crypto really is, and it appears that they have more or less the same mindset as politicians 10 years before.
As strange as this sounds, this is exactly why we shouldn’t worry about them, because in the history books they will be the ones that look foolish.
The crypto community needs to plough ahead and spend less time worrying about such empty comments they know are wrong.
Is it a good idea to invest in stablecoins?
We get a lot of questions about stablecoins here and there and decided that this month we’d outline our position on them.
You’ll never see them on our lists and there is a specific reason for that - they’re not designed to be profitable.
Wait, what are stablecoins?
Stablecoins are cryptocurrencies that are designed not to be volatile. Typically, they are tied to the value of something else that is considerably less volatile.
Many traders use stablecoins, particularly those that are tied to the US dollar like Tether and USD Coin, to store value in something more stable when they stop trading.
For example, a crypto trader might day trade Bitcoin and when they’re finished for the day, use a crypto exchange to put their gains into a stablecoin just in case the value of Bitcoin tanks during the night when they’re not looking.
When it comes to investing in stablecoins, it will likely not give you any real profits because they are designed not to be volatile. There aren’t many dips to buy and not many highs to sell. You might as well just trade forex.
The most well-known stablecoin is Tether (USDT), which is tied to the US dollar. It has been pretty successful and for a long time was the third-largest cryptocurrency by market cap on CoinMarketCap.
Despite this success, it is recommended that you use caution when trading Tether. This is because of the scandals that have broken out relating to it and the Bitfinex cryptocurrency exchange (who both have the same parent company).
Long story short, Tether and Bitfinex have been hit with several lawsuits that accuse them of attempting to manipulate the price of Bitcoin.
It is believed to have all started when the Bitfinex exchange got hacked and then borrowed the money from Tether (approximately $900 million), which is supposed to back every USDT with one USD.
By lending their USD, they were no longer solvent which could have crashed Tether and lost a lot of traders millions.
The scandals are so big that some believe that Tether may even have had something to do with the spike in Bitcoin’s price in 2017, as it is believed that Tether was used to artificially pump the price of Bitcoin in an attempt to recover losses.
If you want to use a stablecoin, Dai (DAI) is probably the best, showing the least volatility.
And if you use a CFD broker instead of a cryptocurrency exchange, you will not have to worry about this.
If you remember anything from the top cryptocurrencies to consider in August 2021, make it these key points.
- Ethereum is perhaps one of the best cryptocurrencies right now. Experts have suggested that it may reach highs of $3,319 by the very end of 2021.
- Bitcoin, Ethereum and Binance Coin take the top three spots. It’s going to take a lot to unseat these giants!
- Watch out for DeFi coins Aave, Uniswap, Celsius and Balancer. They may be serious game-changers in the near future.
- Many of the top 15 best cryptocurrencies to buy for August 2021 are in the process of changing. New updates and features can greatly improve the value of a crypto… if they work!
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Top cryptocurrencies in August 2021 - Infographic
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