Cryptocurrency is the digital money that created hype in the covid-19 pandemic. Where most things such as schools and shops went online, cryptocurrency also touched the sky in this period. The trend of purchasing digital currency has been seen in the preceding year, which has helped rank a few of them among the top and worth spending money on in 2022. To read more about digital currency trading trends, visit here.
Bitcoin has ranked at the top among the cryptocurrency having a market cap of $8111.1 billion as mentioned in the Coin Market, and it would not be wrong to predict that it will rise even higher. The trade in this currency is carried out on Bitcoin Trading Software. Significant reasons for people to invest in Bitcoin are
- People trust it more than any other currency
- It provides qualitative web platforms
- It has a properly defined system for safe transactions
Keeping in view the above points, it can be foretold that Bitcoin will not fall out unless the other currencies develop a solid plan to beat it.
Ethereum has successfully maintained its second position throughout the year with a market cap of $390.01 billion in January 2022, reported in the Market Cap. It will have to change from proof of work to proof of stake to maintain its position and address scalability.
Moreover, considering that all the NFTs are selling through Ethereum currency and in the upcoming world of Metaverse, it would not be wrong to consider it among one of the top currencies in crypto. Ethereum is worth buying as:
- It helps people in smart contracts, making it transparent, unlike fiat currency which uses banks as a central authority.
- Changing it from Ethereum to Ethereum 2.0 will improve the chance of its increased rank. So, it seems to be worth buying in 2022.
For people who are scared of the volatile nature of cryptocurrency, the tether could be the best option for them to invest in, as it is the most stable currency with a market cap of $78.1 billion in January, as mentioned in Market Cap. It can be pegged against the Dollar and Euros.
Binance coin stands fourth with a market cap of $80.1 billion in January. It is also good to invest in 2022 as it has expanded quickly. Its native coin is Binance Coin, and its exchange is remarked as the biggest cryptocurrencies exchange.
It benefits people who are in trading. It helps by reducing the transaction price and increasing the cost of coins side by side. Considering the cryptocurrency exchange rate, it would not be wrong to predict it among the top currencies of 2022 as it will rise with the exchange.
This currency is mainly for the Metaverse and NFTs. Predicting the future and looking at the shift in the trend from physical to virtual world (Metaverse), the world this currency seems to rise. It is used for investors who want to purchase digital artwork.
Polkadot provides transactions at low fees with the highest speed among all the currencies. It is an open-chain source and can transfer any data except tokens. It works on the proof of stake consensual mechanism and thus has higher chances of growing unless a powerful competitor competes with a specific strategy.
Cardano will touch the sky this year because of its recent software updates, which also include the implementation of smart contracts. The rise of any digital currency is observed whenever some big-name purchases it.
Cardano will also shoot its price as soon as a famous name puts his money in it. Many crypto experts have claimed that Cardano will reach its peak by October if the idea of a smart contract works. Therefore, Cardano can also be counted as one of the rising stars of the digital market.
The Bottom line
Investing in cryptocurrency is somehow very risky, and it cannot be fully trusted. However, the aforementioned currencies could be considered the top currencies of this year. Keeping in view their statistics, their background, and the steps they are taking for sustainable growth. Every person investing capital should study them and have strong insights to know which currency has a bigger chance to grow.