Cryptocurrency markets are unpredictable. The cryptocurrency value of a coin at any given time can vary from another coin’s value. On top of that, cryptos are volatile. So, these coins will have varying prices amongst themselves, depending on when you buy them.
Cryptocurrency prices have hardly been stable, yet people aren’t afraid to invest in them. One thing that most people do is go for the top-rated or most popular cryptos on the market. Their choice of crypto depends on several factors. However, instead of diving into the factors themselves today, we will only look at five of the most influential cryptocurrencies in 2022.
Litecoin is one of the best-known and most widely used cryptos. When it was first released in 2011 by former Google engineer Charlie Lee, its goal was to improve on some of Bitcoin’s shortcomings. While Bitcoin has been plagued with high fees and transaction delays, Litecoin offers a more viable alternative.
The mining process that mints new coins every time a block is discovered takes around 2.5 minutes with Litecoin—compared to around 10 minutes with Bitcoin—and confirmations arrive every 2.5 minutes, rather than every 10 for BTC. For users looking for a faster cryptocurrency experience, Litecoin is often their go-to choice.
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Bitcoin, the first and most popular cryptocurrency, has dominated the market for years. It is currently the most expensive cryptocurrency and is worth about $39,000 per coin. That makes it an ideal investment if you want to make money. It is widely traded on exchanges and used by thousands of merchants around the world.
While there are hundreds of cryptocurrencies in existence today, Bitcoin is far ahead of its competition when it comes to market share and public awareness. Some members of the crypto community see this as a problem, as it means people won’t be willing to adopt new cryptocurrencies that could bring superior features or efficiency gains over Bitcoin. However, some believe that Bitcoin will become even more valuable once other promising currencies start to emerge.
Cryptocurrency prices have boomed significantly in the past year, with Ethereum’s market cap surpassing $100B. The most notable and successful of these is undoubtedly Bitcoin, which has seen spectacular growth over the past few years due to its decentralized nature and 1MB block size limit. Ethereum, however, is still a relatively recent phenomenon. It was launched in 2015 and has experienced much more explosive growth since then.
In many ways, Ethereum resembles Bitcoin. There is a fixed number of coins in circulation (21 million) with a high maximum number of coins (1 mil). However, it is vital to note that Ethereum doesn’t use the same Proof-of-Work consensus mechanism as Bitcoin does. It uses Proof-of-Stake, which adds a layer of security and fairness to the system by requiring users to hold Ethers themselves rather than simply having their computers do it for them.
Currently, there are about 12 million people who are actively using Ethers and 3 million tokens sitting locked in wallets. That means only 4% of all Ethers will be mined on top of this year or two.
When evaluating cryptocurrencies to invest in, it is crucial to think about the company or individual behind the token. The organization must have a clear and transparent vision for its future. If the team is lacking information on their website, this may be a red flag—but it is not always! With crypto, nothing is certain until you see how something performs in real life.
Polkadot has an experienced team that has already created two well-known projects: Parity and ethereumJ. They propose a revolutionary idea that could make cross-chain transfers accessible to everyone. If they can pull it off, they will create an interconnected mesh of chains with fast and secure transfers of data and assets between them.
Launched in September 2017, Cardano has a market cap of over $5 Billion. With over 45 billion mineable tokens, Cardano is here to stay.
Cardano’s founder, Charles Hoskinson, is no stranger to the cryptocurrency community. He was one of the minds behind Ethereum and played a key role in its development before he departed from Ethereum in 2014. In essence, Cardano can be seen as the spiritual successor to Ethereum; however, there are major differences between the two projects that will become more apparent later on in this guide.
That is all you need to know about the five best cryptocurrencies in 2022 to invest in. You can pick any of these cryptos and start trading today through a reliable cryptocurrency exchange platform.
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