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The 6 Best Cryptos to Buy on Coinbase in June

Source: Have a nice day Photo/Shutterstock
Coinbase (NASDAQ:COIN) is one of the best places to buy cryptocurrencies. Not only is it often to hard to buy digital assets through traditional brokers, but Coinbase makes things especially convenien…

Source: Have a nice day Photo/Shutterstock

Coinbase (NASDAQ:COIN) is one of the best places to buy cryptocurrencies. Not only is it often to hard to buy digital assets through traditional brokers, but Coinbase makes things especially convenient. You can buy coins and tokens with U.S. dollars, and you can designate exactly how much of a particular crypto you want to buy.

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Other exchanges don’t work like this. They either require you to buy stablecoins first or have more complicated fee structures.

So what are some of the best cryptos to buy on Coinbase in June? Here are the top six. Let’s dive in.

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BTC-USD
Bitcoin
$30,574
ETH-USD
Ethereum
$1,879
ADA-USD
Cardano
52 cents
SOL-USD
Solana
$46.47
DOGE-USD
Dogecoin
8.51 cents
DOT-USD
Polkadot
$10.10

Bitcoin (BTC-USD)

Bitcoin (BTC-USD) on american dollar banknote close up, Marathon Digital (MARA) is a major bitcoin minerSource: FabrikaSimf / Shutterstock.com

Bitcoin is the largest cryptocurrency with a market cap of $584 billion. The truth is that BTC is likely to stage a comeback once the market rebounds.

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Bitcoin has a limited total potential supply of coins — just 21 million. The supply slowly creeps up with more mining. With fewer available coins, the resulting supply shortage pushes the price higher.

Bitcoin owners and other crypto market participants conduct all their transactions on a decentralized platform. There is no need for any kind of bank, finance company or brokerage firm to act as a middleman. That is the great hope of all cryptocurrency owners.

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So far, Bitcoin transactions are validated on the Bitcoin blockchain using proof-of-work (PoW) protocols. This requires a large amount of electricity. That is where others of the best cryptos cryptos to buy come into play, as they use non-mining-based protocols.

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Ethereum (ETH-USD)

A coin with the Ethereum logoSource: shutterstock

Ethereum is the second-largest cryptocurrency after Bitcoin. It currently uses proof-of-work to validate transactions, but things are set to change soon.

Ethereum co-founder Vitalik Buterin recently said that “the Merge” will happen sometime in August. That is when the old proof-of-work (mining) platform will merge with the ongoing proof-of-stake Ethereum blockchain that developers have been testing.

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This will allow Ethereum to process smart contracts quicker and possibly at a lower cost. Smart contracts automatically fulfill any agreement between parties to the contract, without any middleman.

As of May 30, ETH traded below $1,900, which put it down over 50% YTD. Moreover, it is well off of its highs of $4,891.70 in November 2021. Once the merge happens in August, it’s possible this could act as a major catalyst to push Ethereum higher.

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Cardano (ADA-USD)

A concept token for Cardano (ADA) with a trading chart in the background.Source: Shutterstock

Cardano is the eighth-largest crypto. That’s very close to the market cap of Solana, which is ranked right below it. It is currently trading for 52 cents, 83% below its September 2021 all-time high.

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Cardano is a multichannel platform. This means it acts as a hosting crypto, allowing developers to build their applications on top of it. Its chief goal is to act as an alternative to Ethereum by allowing quicker transaction processing times and cheaper fees.

Since September 2021, Cardano has been accepting smart contracts and apps. For example, since the beginning of the year, Cardano’s total value locked (TVL) has risen from under $1 million to nearly $130 million, according to Defi Llama.

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Solana (SOL-USD)

Abstract 3d rendered coin solana (SOL-USD)Source: solvertv / Shutterstock.com

Solana is the ninth-largest crypto, making it one of the best cryptos to buy on Coinbase. Trading at $46.47 as of May 30, it is down 74% from $178.52 at the start of 2022.

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Solana is seen as a faster alternative to Ethereum to validate smart contract transactions. As of this month, it can process 2,700 transactions per second (TPS). The platform can reach up to 710,000 TPS at its peak.

However, the platform is now so popular that it sometimes receives millions of transactions and crashes. Solana says it is making changes so it will be able to handle large numbers of TPS. This could eventually push its market cap even higher, closer to Ethereum’s market value.

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Dogecoin (DOGE-USD)

Dogecoin CryptocurrencySource: Orpheus FX / Shutterstock.com

Dogecoin is a meme crypto with a Shiba Inu dog on its logo.

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As of May 30, it was trading for 8.51 cents per coin. This is down 53% from its price of 17.3 cents on Dec. 31, 2021, and well off of its peak price of more than 73 cents in May 2021.

Dogecoin is an increasingly popular crypto payment method with an increasing number of merchants.

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It also doesn’t hurt that Elon Musk has championed Dogecoin and is standing behind its development. With his help, the crypto could move to greater heights.

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Polkadot (DOT-USD)

Polkadot altcoin logo on pink backgroundSource: shutterstock.com/nurionstd

Polkadot is the 11th-largest cryptocurrency. It trades off with Dogecoin in the 10th-largest position. As of May 30, DOT was at $10.10, down 65% YTD from its Jan. 1 price of $28.58. Moreover, it’s down significantly from its 2021 high price of $55.

Polkadot’s multi-chain blockchain platform allows other cryptos to run decentralized applications (dapps). They use the DOT platform to validate and close transactions. It also facilitates cross-chain transfers of data and assets, not just tokens.

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This makes it useful for smart contract applications, especially in the DeFi arena. These are the kinds of apps that allow investors to stake their DOT assets and earn a good yield, which is paid in more coins.

With a market rebound, Polkadot is likely to move significantly higher. This makes it one of the best cryptos to buy on Coinbase.

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On the date of publication, Mark Hake did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines

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