Are you overwhelmed by the thousands of cryptocurrencies in the world? Are you wondering which can back you hundreds of times that you paid?
Nothing to worry about. We have got your back. Here we came up with the list of top 10 cryptocurrencies to invest in the year 2022 based on the total value of coins circulating in the market and their total market capitalization.
So let’s dive into the following article to find out the best cryptocurrencies.
But before that, you should have a complete idea about cryptocurrency. You may check our blog on Cryptocurrency: A detailed overview to have a fair idea of the Cryptocurrency industry before investing in it.
Top 10 cryptocurrencies
1. Bitcoin (BTC)
Bitcoin is the original cryptocurrency created in 2008 under the pseudonym of Satoshi Nakamoto. The current market capitalization of Bitcoin is around 846 billion dollars.
The price of Bitcoin has skyrocketed for a few years as it becomes a household name. The growth rate of Bitcoin is around 7800%. That is, the price of Bitcoin in 2016 is around 500 dollars which has risen to 44000 dollars as of now.
Like most cryptocurrencies, Bitcoin also runs on blockchain technology or a ledger logging transactions that are distributed across a network of thousands of computers.
As additions to the distributed ledgers must be verified by solving a cryptographic puzzle by the process called proof of work, Bitcoin is kept secure and safe from fraudsters.
2. Ethereum (ETH)
Ethereum is the favorite of program developers due to its potential applications, for example, so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs) and act as the work of Both cryptocurrency and a blockchain platform.
With a market capitalization of 361 billion dollars, Ethereum has also experienced tremendous growth during the past few years. It is the only cryptocurrency that has seen the highest growth.
The price of Ethereum was 11 dollars in 2016 which raised up to 3000 dollars as of now. Thus it increased to more than 27,000%.
3. Tether (USDT)
Unlike some other cryptocurrencies, Tether is a stablecoin which means it is backed by fiat currencies like U.S. dollars and the Euro and hypothetically it keeps a value that is equal to one of those denominations.
In theory, it demonstrates that Tether’s value is supposed to be more consistent than the other cryptocurrencies, and it is also favored by investors who are wary of the extreme volatility of other coins.
The Market capitalization of the Tether is around $79 billion.
4. Binance Coin (BNB)
The Binance Coin is a form of cryptocurrency which you can use to trade. Besides you can pay fees on Binance too. It is one of the largest crypto exchanges in the world with a market capitalization of 68 billion dollars.
Binance coin was launched in 2017 and then it has expanded past merely facilitating trades on Binance’s exchange platform. Thus now, these are used for trading, payment processing, and booking travel arrangements. It can also be exchanged or traded for other forms of cryptocurrency, such as Ethereum or Bitcoin.
The price of the Binance Bitcoin was just $0.10 in 2017. Its price had risen to around $413 by the beginning of 2022, with a gain of approximately 410,000%.
5. XRP (XRP)
XRP is used on that network to facilitate exchanges of different currency types that including fiat currencies and other major cryptocurrencies. It was created by some of the same founders as Ripple, a digital technology and payment processing company,
The current capitalization of XRP is around 37 billion dollars.
The price of XRP was $0.006 in 2017 which raised to $0.80 as of now equal to a rise of more than 12,600%.
6. Terra (LUNA)
Market cap: Over $34 billion
Terra is basically the blockchain payment platform for various stablecoins which relies on keeping a balance between two types of cryptocurrencies.
Terra-backed stablecoins, like TerraUSD, are tied to the value of physical currencies. Their counter coin Luna powers the Terra platform and is used for more terra stablecoins.
Terra stablecoins and Luna work in concert as per the supply and demand, which means When a stablecoins price rises above its tied currency’s value, users are incentivized to burn their Luna to generate more of that Terra stablecoin.
Just like that, when the value falls compared to its base currency, it encourages users to burn their Terra stablecoins to mint more Luna. Thus, as the adoption of the Terra platforms grows, the value of Luna also increases.
Luna has seen tremendous growth in just one year. That means the price of the Luna club was 0.64 dollars in 2021, which is raised up to 92 dollars with a growth of 14,200%.
The current market capitalization of this coin is 34 billion dollars.
Market cap: Over $33 billion
Cardano is notable for its early embrace of proof-of-stake validation somewhat later to the crypto scene.
The Cardano method expedites the transaction time and decreases energy usage and environmental impact while removing the competitive, problem-solving aspect of transaction verification present in platforms like Bitcoin.
Cardano also works like Ethereum in order to decentralize applications and enable the smart contracts which are powered by ADA, the native coin of Cardano.
Cardano’s ADA coin has experienced relatively modest growth compared to other major crypto coins. ADA’s price was $0.02 in 2017 its price rose up to $0.99 with an increase of 4,850%.
8. Solana (SOL)
Solana runs on unique hybrid proof-of-stake and proof-of-history mechanisms which help it to process transactions quickly and securely. It was developed to help power decentralized finance uses and decentralized apps, and smart contracts.SOL is the native token of Solana That powers the platform.
The price of SOL was 0.77 dollars when it was launched in 2020 which raised up to 101 dollars by March 1 with an increment of 13000%. The market capitalization of this coin is over 33 billion dollars.
9. Polkadot (DOT)
Polkadot (DOT), is a unique blockchain interoperability protocol designed to connect different chains together which was founded in the year 2016.
It allows the exchange of data and processing of transactions for parachains, or parallel blockchains without compromising on their security. Developers can also create their own blockchains while using the Polkadot security.
Gavin Wood, the core founder of Ethereum is the creator of Polkadot. The Polkadot has no hard limit on its total supply; rather, a new token is constantly in circulation which adds an advantage to buying it.
The price of Polkadot reached its heights in 2020 at $6.30 and later in 2021, the price hit its all-time high of $55.11 with a market capitalization of 22billion dollars.
10. Litecoin (LTC)
Market Cap: Over $9 billion
Litecoin (LTC) is an open-source blockchain project that was launched in 2011 and it was one of the initial cryptocurrencies whose code imitated Bitcoin. Thus Litecoin is often considered as silver to Bitcoin’s gold.
It was created by the former crypto exchange Coinbase software engineer Charlie Lee. Despite the fact that it has some similarities with Bitcoin, Litecoin was developed to have a faster transaction confirmation time.
It also can be used as an avenue for paying the people around the world without a mediator..”
Litecoin has a total round-off supply of 84 million tokens with a total market capitalization of over 9 billion dollars.
it recorded its lifetime high of $413.47 in May of 2021 but it dropped by over 50% on some days.
Now, there are a growing number of merchants who have undertaken Litecoin. Now It has a per token value of around $106 and becomes the 21st-largest cryptocurrency in the world.
As you read the article this far, you might have gotten the idea of the best cryptocurrencies in the world.
We hope this article might help you to have a great insight into cryptocurrency investment.
So what are you waiting for? Choose the best out of these as per your convenience and invest in that.
*image source from Google
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