Who will be the top cryptocurrencies to watch this 2022? In the midst of all the hype and noise, it's important to sharpen your own judgment in choosing which coins to invest your hard-earned money in.
There’s no stopping cryptocurrency from growing and being a popular alternative to our current financial system. A lot of major global companies have already displayed interest in crypto and blockchain technology by accepting crypto payments on their platforms.
Even if it’s only a relatively new market — first used in 2009 with little to no past references for an accurate prediction, financial experts agree that cryptocurrency will be a crucial part of our lives in the future. Its success is a matter of how it will perform amidst the inevitable regulations to be set by governments around the world and limited coin supply.
But as it stands now, cryptocurrency is an excellent market to get into. Here are the top 10 cryptocurrencies to watch out for this 2022.
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Disclaimer: The list is in no particular order and is not to be used as financial advice. Everything you will read in this article is for informational purposes only. Always do your own research before investing. Past performance does not indicate future results.
Having the largest market capitalisation out of all currently available cryptocurrencies, Bitcoin remains the best choice for potential, current, and future investors. Due to its popularity, it’s become a household name, almost synonymous with the entirety of the crypto market.
Bitcoin remains one of the most stable, safe, and secure cryptocurrencies, in an otherwise volatile market.
Ethereum is becoming more popular as smart contracts, decentralised finance (DeFi), and non-fungible tokens (NFTs) use this crypto. With new applications for this cryptocurrency, it has since experienced an over 800% increase over the past year.
It is the second most valuable cryptocurrency and is a great investment choice without needing proof of work. This results in more energy-efficient and cheaper transactions.
With a high potential for daily and weekly growth, XRP is a rising cryptocurrency. It started out as a processing payment company that can be used to exchange other major cryptocurrencies as well as fiat currencies.
The price of XRP has increased more than 10,000% since the start of 2017. From $0.006, its price has now reached over $0.79.
Solana uses a combination of proof-of-stake and proof-of-history mechanisms. It’s developed to help process transactions quickly and securely through decentralised finance (DeFi) usage, decentralised apps (DApps), and smart contracts.
Since its launch in 2019, its price has increased by more than 13,000%! It’s currently valued at $92.98, up from the initial price of $0.77.
Binance Coin is a cryptocurrency developed to trade and pay fees on Binance, one of the biggest cryptocurrency exchanges. Its initial purpose was to be used exclusively on Binance, but it’s now expanded to include trading, payment processing, and other financial services besides the exchange. Since its expansion, its price has now risen to $377, from $0.10 in February 2017.
BNB can now be traded on other crypto exchanges as well as on other forms of cryptocurrencies, including Ethereum and Bitcoin.
Cardano is relatively new to the crypto market, but they’re making names for one of the early adopters of proof-of-stake validation. This decreases energy usage and speeds up transactions at the same time. This eco-friendly nature of Cardano has made its growth modest but steady with an increase of only 5.15% from 2017 to 2022.
It eliminates the competitive problem-solving transactions that make crypto damaging to the environment, but enables smart contracts and decentralised applications just like Ethereum.
Tether is backed by fiat currencies like the US Dollar and Euro, making it more stable compared to other cryptocurrencies. In concept, its value should always be equal to one of these denominations. This makes it unique compared to other cryptocurrencies that rely on regulations and supply and demand, among other factors.
Because it’s less volatile and less likely to fluctuate within a short period, this is preferred by long-term crypto investors.
What once started as a meme, Dogecoin is now a full-fledged cryptocurrency that increased drastically in 2021. While it’s not expected to grow in its first few months, it’s now become more stable over time. Its rise is also owed to Tesla CEO Elon Musk accepting it as payment on their merchandise.
As DOGE is more stable nowadays, its market capitalisation is competitive enough for it to enter the top list for cryptos, especially on its highest value.
Avalanche is a fast-rising cryptocurrency, thanks to its low fees and ability to enable smart contracts. It’s the youngest member of the Forbes 40, with a lot of potential for growth this year. However, it can be extremely volatile as the value can go as low as $9.34 to $146.22 over a 52-week period.
Sam Bankman-Fried, co-founder and CEO of FTX cryptocurrency exchange even called it an Ethereum killer, along with Solana.
Terra’s value is a matter of supply and demand between Terra-backed stablecoin and Luna. The physical currency is tied with the value of Terr-backed stablecoins such as TerraUSD, while the counterweight value, Luna, powers the Terra platform. Luna is also used to mint more Terra-backed stablecoins.
As the stablecoin rises in value above the tied physical currency, users can burn more Luna to generate more Terra-backed stablecoin. On the other hand, users can burn more Terra stablecoins to create more Luna when the value goes the other way around.
Ultimately, different users have different qualifications depending on their financial situation and investment goal, among other factors. Whatever crypto you choose to invest in, make sure you have the right tools. This way, you maximise your investment and reap great returns.
Whether it’s a crypto wallet or exchange, get the best crypto investment tools for your needs. Use our free comparison tool, right here at glimp.
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