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Top tokens that can be used as payment methods

By:
on Nov 30, 2022
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  • Brazil legalized cryptocurrencies as a method of payment.
  • Bitcoin saw a price difference of 5%, Solana by 15%, and Cardano by 6% in the last 7 days.
  • All of these cryptocurrencies can potentially get used for everyday payments.

Bitcoin (BTC/USD), Solana (SOL/USD), and Cardano (ADA/USD) are all cryptocurrencies that can be used for daily payments. 

The Chamber of Deputies of Brazil, a federal legislative body, has successfully passed a regulatory framework to legalize the usage of cryptocurrencies as a payment method in the country.

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Keep in mind this makes paying for goods and services with crypto legal. However, crypto will not be legal tender. 

Bitcoin is the largest cryptocurrency in terms of market capitalization as well as global adoption, so it will likely be the most supported cryptocurrency.

Solana features a service in its ecosystem known as Solana Pay, which is an open and free-to-use payment network built on top of the blockchain.

The Cardano ecosystem features something similar, known as ADA Pay, a system for businesses relying on the network, allowing them to accept payments in ADA with instant settlement.

Due to the speed and overall ecosystem of these networks and cryptocurrencies, they also have a significant likelihood of being used for everyday payments as payment methods. 

Should you buy Bitcoin (BTC)?

On November 30, 2022, Bitcoin (BTC) had a value of $16,890.

BTC/USD Chart by Tradingview

The all-time high of Bitcoin (BTC) was on November 10, 2021, when it reached a value of $69,044.77. Here we can see the coin was $52,154.77 higher in value at its ATH, or 309% higher.

When we go over the cryptocurrency’s weekly performance, Bitcoin (BTC) saw its low point at $16,143.63, while its high point was at $17,013.24. Here we can see a $869.61 difference, or by 5%.

However, when we look at its 24-hour performance, Bitcoin (BTC) had its low point at $16,357.54, while its high point was at $17,024.13. Here we can see a difference of $666.59 or by 4%.

With this in mind, investors will want to buy BTC, as it can climb to $17,300 by the end of December 2022.

Should you buy Solana (SOL)?

On November 30, 2022, Solana (SOL) had a value of $13.72.

SOL/USD Chart by Tradingview

When we look at its ATH, Solana (SOL) reached a value of $259.96 on November 6, 2021. Here we can see it was $246.24 higher at its ATH, or by 1.794%.

However, when we look at its 7-day performance, Solana (SOL) had its low point at $12.89, while its high point was at $14.86. This marked a value difference of $1.97 or by 15%.

In terms of the 24-hour performance, Solana (SOL) had its high point at $13.33, while its low point was at $13.91. Here we can see another difference in the value of $0.58 or 4%.

Investors will want to take up this opportunity and buy SOL, as it can reach $15 by the end of December 2022.

Should you buy Cardano (ADA)?

On November 30, 2022, Cardano (ADA) had a value of $0.315.

ADA/USD Chart by Tradingview

Cardano (ADA) reached its all-time high on September 2, 2021, at $3.09. The difference is by $2.775, or by 881%.

When we go over the 7-day performance, Cardano (ADA) saw its low point at $0.302944, while its high point was at $0.321953. Here we can see a $0.019009 difference or by 6%.

However, when we take a look at the 24-hour performance, Cardano (ADA) had its low point at $0.306742, while its high point was at $0.319074. Here we can see a $0.012332 difference in value, or by 4%.

With this in mind, ADA can climb to $0.38 by the end of December, 2022, making buying ADA a solid option for investors.