Cryptocurrencies to watch out for in 2022
Snapshot
- Polkadot (DOT)
- Bitcoin BTC
- Ethereum
- Dogecoin (DOGE)
- Tether (USDT)
- Cardano (ADA)
- Binance coin (BNB)
- XRP (XRP)
- Solana (SOL)
One of the most popular methods, to make money these days is cryptocurrency trading. The risk involved in cryptocurrency trading is also very high because of the volatility of the crypto market. The high potential of the market to grow allows investors to implement other strategies that would allow them to profit from cryptocurrency. Some of the cryptocurrencies to watch out for 2022 are:
Polkadot (DOT)
Market Cap: $28,646,816,980
This cryptocurrency aims to integrate all the blockchains so that they can coordinate with one another. Polkadot aims at creating a cryptocurrency network to connect different blockchains so that they can work together. This will completely change the complexity of how cryptocurrencies are managed. It was launched in 2020 and has witnessed rapid growth. Within one year, from September 2020 to September 2021 there was an 872% of price increase from $2.93 to $25.61.
Bitcoin BTC
Market Cap: $890,168,062,241
The first cryptocurrency to be created was Bitcoin by pseudonym Satoshi Nakamoto. It runs on blockchain technology that uses a proof of work consensus mechanism. Prices of Bitcoin have risen significantly in past few years. Around five years ago Bitcoin was trading at $500 and presently, it’s trading at $47,052.
Ethereum
Market Cap: $453,361,226,876
It is a cryptocurrency and a blockchain platform that offers its clients various applications like NFTs (non-fungible tokens) and smart contracts. This cryptocurrency has also witnessed significant growth in the past few years. At present, it’s being traded at $3,809.
Dogecoin (DOGE)
Market Cap: $22,752,353,712
Dogecoin is a meme coin but has been very popular because of Elon Musk, Tesla CEO. It has rapidly become a cryptocurrency option. At present, it’s being traded at $0.172.
Tether (USDT)
Market Cap: $78,354,229,998
It is a Stablecoin, which is backed by fiat currencies like Euro and U.S. dollars. Tether value hence is more consistent than other cryptocurrencies.
Cardano (ADA)
Market Cap: $45,303,650,042
The consensus mechanism used is proof of stake, which accelerates transaction time and decreases energy usage. Its working is similar to Ethereum as it enables smart contracts and decentralized applications. The native coin of Cardano is ADA and at present, it was being traded at $1.35.
Binance coin (BNB)
Market Cap: $87,609,915,680
It is used as a mode of payment on Binance, the largest cryptocurrency in the world. It is also currently being used for payment processing, trading and even booking travel arrangements. At present, BNB is trading at $525.24.
XRP (XRP)
Market Cap: $39,914,349,750
XRP is a digital payment processing company, used on a network to facilitate exchanges of different currency types. At present, it’s being traded at $0.839
Solana (SOL)
Market Cap: $53,519,578,888
It operates on a hybrid mechanism of proof of stake and proof of work, to ensure a very quick and safe transaction. It is developed to assist smart contracts, DeFi (Decentralized Finance) uses, and decentralized apps (DApps). Currently, SOL is being traded at $172.86
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
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