Ready to invest in cryptocurrencies on Robinhood? Explore our list of the best performing coins on the platform and make informed investment decisions.
Robinhood, the popular commission-free trading app, has become a go-to platform for many investors looking to dip their toes into the world of cryptocurrency. With a user-friendly interface and easy access to a variety of digital assets, Robinhood has made it easier than ever to invest in cryptocurrencies.
To help you navigate the world of crypto trading on Robinhood, we have curated a list of the best coins worth considering for your crypto investment endeavors. From Ethereum (ETH) to Dogecoin (DOGE), this is the guide to the best cryptocurrencies on Robinhood.
Best Cryptocurrencies on Robinhood
Here are some of the best cryptocurrencies available on Robinhood that you might want to consider adding to your portfolio:
Bitcoin (BTC)
Bitcoin was the first digital currency that used blockchain to create a distributed ledger. A ledger is a database that contains records of all wallet balances and historical transactions. By distributing the entire ledger across the network, no one person can create money out of thin air without being immediately discovered by all the others.
Ethereum (ETH)
Ethereum was connected by Vitalik Buterin, who was an early member of the Bitcoin community. Buterin saw the power of decentralization on the blockchain and the success of Bitcoin as digital gold. He decided to make a more general-purpose blockchain. While Bitcoin’s blockchain is essentially a shared ledger, Ethereum’s chain acts more like a computer. The Ethereum network is actually a virtual machine – capable of much more than a simple ledger. Ethereum can run complex smart contracts, enabling a potentially infinite number of new decentralized financial (DeFi) applications. The DeFi industry is brand new and quickly evolving on the Ethereum blockchain. Billions of dollars have been locked in all sorts of DeFi protocols from automated market makers to lending platforms.
Dogecoin (DOGE)
For quite a while, Robinhood was the easiest way for retail investors to get their hands on Dogecoin. During the Dogecoin craze of early 2021, everyone and their mother were looking for exposure to their favorite dog coin, and Robinhood was the easiest place for crypto beginners to get access.
Litecoin (LTC)
Litecoin is one of the Bitcoin forks available on Robinhood and was created as a payment currency similar to Bitcoin Cash. In crypto years, Litecoin has been around forever. Despite its relatively antiquated technology and its own founder selling out in 2017, Litecoin still hangs around the top 20 cryptocurrencies by market capitalization. More than likely, this is because of its lingering notoriety and widespread availability.
Bitcoin Cash (BCH)
Bitcoin Cash is a cryptocurrency created in 2017 as a result of a hard fork from the original Bitcoin network. Some early Bitcoiners thought Bitcoin’s throughput was too small to scale effectively as a global payment method. The community decided to fork away, and create their own blockchain designed for scale. They increased the size of each block from 1 megabyte (MB) to 32 MB, allowing for way more transactions per second. An increased block size comes at the cost of a more rapidly growing ledger, which becomes harder and harder for small-scale miners to store. Eventually, the database may become so large that only a few powerful miners control the network. If this were to happen, a 51% attack on the network would become a serious threat.
Ethereum Classic (ETC)
Ethereum Classic is a fork of the Ethereum blockchain resulting from the decentralized autonomous organization (DAO) hack in 2017. The DAO was a crypto fund that was breached, and millions of dollars of Ethereum were seized by hackers. The tight-knit Ethereum community came together, and the majority was able to pass a vote to return the stolen Ethereum. However, some people in the community didn’t approve of this intervention. These folks decided to remain on the old branch of the chain where the hack was still relevant. This old branch is known as Ethereum Classic and still has some developers working on it today. While there remain some die-hard loyalists to Ethereum Classic, most of its relevance today is because of its availability on Robinhood.
Bitcoin Satoshi’s Vision (BSV)
Bitcoin Satoshi’s Vision was created by Craig Wright, who claims to be Satoshi Nakamoto. However, Satoshi Nakamoto owns 1 million marked bitcoin and could easily verify his identity by moving some of these funds. Obviously Wright is not Nakamoto, or he would have proven it. Similar to Bitcoin Cash, BSV is a fork of the Bitcoin blockchain. It comes at the bottom of this list for not having unique or innovative features on its blockchain, and it has vastly underperformed the general crypto markets in recent years.
Robinhood Crypto Review
With the expansion of the cryptocurrency markets in 2021, Robinhood is hard at work to add features regarding the asset class. While there aren’t many coins available on Robinhood at the moment, more may be added soon. Even with just a few coins, important cryptocurrencies like Bitcoin and Ethereum are accessible on Robinhood, and many investors choose to only invest in the top few coins, anyway.
The recent development of the Robinhood crypto wallet enables users to send, receive, stake and loan their crypto assets. With the amount of revenue that Robinhood has generated with the current version of its crypto product, you can be sure there’s more to come in the near future.
Gain further insight into the platform’s features and offers by reading Benzinga’s review on Robinhood.
Other Cryptocurrencies You’re Missing out on
There are plenty of great digital assets to invest in that aren’t supported on Robinhood. Here are some coins that might be worth opening up on a different platform such as Coinbase:
- Cardano (ADA): Cardano is a blockchain platform known for its secure and scalable infrastructure for decentralized applications (dApps) and smart contracts. It uses a proof-of-stake consensus mechanism and focuses on sustainability, scalability, and interoperability. The project has gained attention for its rigorous academic research and peer-reviewed approach to development.
- Polygon (MATIC): Polygon is a layer 2 scaling solution on the Ethereum blockchain that aims to improve scalability and usability. It offers faster transactions at lower costs through sidechains, Plasma frameworks, and Proof-of-Stake consensus. Popular among developers and users for its efficiency, Polygon has partnered with major projects and gained traction in the crypto space.
- Solana (SOL): Solana is a blockchain platform known for its high performance and scalability, offering high throughput, low latency, and low transaction costs. Its popularity in the DeFi space is due to its speed and low fees, attracting developers and users. Solana has a growing ecosystem of dApps and projects, positioning it as a significant player in the blockchain industry.
Store Your Crypto Safely
Crypto security is of the utmost importance as a long-term investor. Robinhood is a very secure platform, as it holds custody over users’ digital assets with industry leading encryption. However, if you decide to dive deeper into the crypto ecosystem, you’ll want a wallet to take custody of your own assets. Cryptocurrency wallets store the private key needed to authorize access to your wallet address on the blockchain.
A typical crypto enthusiast will combine a cold storage, hardware wallet like Ledger with a hot, software wallet like ZenGo. The hardware wallet is like the safe in your basement, while the hot wallet acts as a daily carry wallet for trading and interacting with DeFi protocols like Uniswap and Aave.
Cryptocurrency Price Movements
The crypto market has seen significant growth since the beginning of the year.
This is a result of various contributing factors, including the recent approval of spot Bitcoin ETFs and ETH ETFs and the recent Bitcoin halving which happened in April. The global crypto market capitalization is sitting around $2.06 trillion, with Bitcoin owning over 56% of the share. However, regulatory uncertainty remains a potential concern for the market. For up to date crypto prices, check out our table below.
Invest in Crypto with Robinhood
Robinhood Crypto is a valuable platform for anyone looking to trade cryptocurrencies without paying high fees. Whether you are a beginner just starting out or a seasoned investor looking to diversify your portfolio, Robinhood Crypto offers a user-friendly interface, educational resources, and a variety of top cryptocurrencies to choose from. Consider using Robinhood Crypto for your cryptocurrency trading needs and take advantage of the benefits it has to offer.
