5 Best Cryptocurrencies Redditors are Buying

2. Polkadot 

Polkadot is a payments mechanism that uses heterogeneous multi-chain interchange and translation architecture to connect with public blockchains. It is placed second on our list of 10 best cryptocurrencies Redditors are buying. The cryptocurrency was founded by Gavin Wood, a co-founder of Ethereum. The developers on the project included Parity Technologies, Chainsafe Systems, and Soramitsu. Polkadot was one of the most successful digital currencies of 2020 as it used the DeFi system which lets users with staking to gain instant liquidity through a tradable synthetic token. 

The ease and adaptability of cryptocurrencies is partly possible due to the powerful chipsets used by computers to mine these currencies. American visual computing firm NVIDIA Corporation (NASDAQ: NVDA) is a market leader in this regard. NVIDIA Corporation (NASDAQ: NVDA) has seen share price soar in recent weeks as a global chip shortage results in increased chip prices. 

At the end of the first quarter of 2021, 80 hedge funds in the database of Insider Monkey held stakes worth $6.2 billion in NVIDIA Corporation (NASDAQ: NVDA), down from 88 in the preceding quarter worth $8.6 billion. 

Just like Tesla, Inc. (NASDAQ: TSLA), PayPal Holdings, Inc. (NASDAQ: PYPL), and Square, Inc. (NYSE: SQ), NVIDIA Corporation (NASDAQ: NVDA) is one of the best crypto stocks that Redditors are buying.

In its Q1 2021 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ: NVDA) was one of them. Here is what the fund said:

“NVIDIA Corp. is the dominant supplier of Graphics Processing Units (GPUs) worldwide. NVIDIA’s GPUs are at the intersection of a number of important computing trends including the movement to the Cloud, artificial intelligence, autonomous vehicles, edge computing, gaming, and more. We previously owned NVIDIA and sold it in the third quarter of 2020 as the price to value gap closed and our margin of safety was reduced. As with all our MVP companies, we continued to follow NVIDIA closely. Since that time, NVIDIA reported excellent results and its value has compounded rapidly. The technology selloff at the beginning of the year negatively affected the stock price while our estimate of NVIDIA’s value per share increased. This happy combination of events created a margin of safety and an opportunity to once again add NVIDIA to the portfolio.”