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Home Finance

Ten Best Cryptocurrencies to Invest in 2022

Sambit Barua by Sambit Barua
26 May 2022
in Finance
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Cryptocurrency is a decentralized digital asset that we can use to: make purchases, trade with other cryptocurrencies, or exchange for other assets like gold and fiat currency.

There are hundreds of different cryptocurrencies available, and each one has its unique features and functionalities. For example, you can buy crypto on a cryptocurrency exchange using your bank account, credit card, or other cryptos, store it securely in a wallet, and then send it to others or purchase goods and services.

Some cryptocurrencies to watch out for in 2022 are

Bitcoin

Bitcoin, or BTC for short, is the first and most popular cryptocurrency in existence. It was launched around 2009 by Satoshi Nakamoto, an anonymous individual or group of people.

To buy Bitcoin, you have to use cryptocurrency exchanges like OKX, Coinbase, Kraken, Bitstamp, etc. The crypto exchange will hold your coins in your name. However, these exchanges are not entirely trustworthy, so do your research before choosing one to use!

Bitcoin is a digital currency that uses peer-to-peer technology for instant payments between people worldwide with no mediator needed. Think PayPal but better than it because there are no fees!

Litecoin

Litecoin is one of the oldest cryptocurrencies around after BTC. Having been launched back in 2011, it has had a lot of time to mature and reach its current position in the international crypto world.

It’s important to note that Litecoin comes from Bitcoin, the most popular cryptocurrency in existence. Furthermore, it’s a fork of Bitcoin, meaning that Litecoin built its code on top of the original project’s codebase.

Litecoin is also a peer-to-peer cryptocurrency based on blockchain technology in terms of functionality. It uses an open-source global payment network with no central authorities. It allows users to send money from one person to another without going through banks or other intermediaries.

As for its creator Charlie Lee? Unlike many projects where creators remain anonymous, he plays a massive role in helping keep Litecoin up and running with his leadership.

Ethereum

Ethereum is a cryptocurrency that runs on the Ethereum blockchain. It is the second-largest cryptocurrency by market cap, with more than $200 billion. You can use Ethereum to pay for transaction fees and services on the Ethereum network. But developers also use it to build and run applications inside Ethereum’s blockchain.

Unlike Bitcoin, Ethereum functions using smart contracts, which are scripts that automatically execute tasks when meeting certain conditions. As a result, smart contracts make it possible for individuals to exchange money or assets more efficiently without any third party. These smart contracts can also be programmed to automatically make payments based on instructions provided by users who have created them.

Binance Coin

Binance Coin (BNB) is the native cryptocurrency of Binance Exchange. BNB is used for paying fees on the platform, thus allowing its users to save money and time. Today, BNB has expanded its use cases and can be used to pay for travel, food delivery, services in the Defi space, and more.

BNB is also a deflationary asset that will burn quarterly. It means that the token supply of BNB will go down over time, and therefore it could increase in value (eventually).

Additionally, BNB is an ERC-20 token which means that you can store it anywhere that supports ERC-20 tokens.

Cardano

Cardano (ADA), one of the most popular cryptocurrencies globally, is a third-generation blockchain. It’s a platform for smart contracts and decentralized applications. In addition, Cardano is the perfect blockchain for investing because it’s easy to develop new applications on its network.

Cardano uses ADA as its native cryptocurrency. You can easily buy, sell, and trade this cryptocurrency on exchanges like OKX or Coinbase. If you don’t have an account with any of these exchanges, we recommend Binance because it lets you trade hundreds of different cryptocurrencies for USDT or BUSD in addition to ADA.

Unlike most other blockchains, Cardano is proof-of-stake instead of proof-of-work based. It means that miners don’t need to use complicated computer hardware to solve complex math problems to earn rewards from verifying transactions on Cardano’s network. Instead, users who hold more than a certain number of coins can become “stakers” by locking up their coins in a digital wallet.

Stakers are rewarded based on how many coins they have locked up and how long they keep their funds there without moving them around within the Cardano ecosystem. This means that even people who do not have experience in mining can still earn rewards just by holding onto their ADA!

Polkadot

Polkadot is an innovative contract platform that aims to connect multiple chains, including Ethereum. It also provides infrastructures for easy scaling and growing of these parallel blockchains. Gavin Wood, the co-founder of Ethereum and Parity Technologies, created Polkadot.

Benefits of Polkadot

  • Scalability
  • Interoperability
  • Security

Cosmos

Cosmos (ATOM) is a blockchain interoperability protocol that allows the exchange of financial and digital assets across blockchains. Cosmos achieves this with the Tendermint consensus algorithm, allowing for fast, secure, and scalable transactions. The native token of Cosmos is called Atom.

As a decentralized network of independent blockchains that can scale to thousands of transactions per second, Cosmos is an open-source platform where users can create their dApps (decentralized applications).

In addition to being a cryptocurrency and being able to send ATOM tokens from one person to another, Cosmos also runs on its blockchain-based exchange platform called Stargate.

Chainlink

Chainlink is a blockchain-based middleware that bridges cryptocurrency smart contracts and off-chain resources like data feeds, various web APIs, and traditional bank account payments. Sergey Nazarov, along with Steve Ellis, developed Chainlink.

Chainlink runs on the Ethereum blockchain, leveraging the network’s smart contract functionality to help users securely connect off, especially those built on Ethereum. It makes it possible for developers to create decentralized applications (DApps) that can more easily interface with external data sources and traditional banking systems.

IOTA

IOTA is a cryptocurrency not based on blockchain technology but the Tangle. That means it doesn’t use miners to confirm transactions. Instead, all users who want to send tokens have to confirm at least two initial transactions themselves first. The result should be a transaction confirmation-free currency with meager energy consumption, which can transact value almost instantaneously.

It could be the basis for many new applications in the future (e.g., autonomous driving). With IOTA, it would be possible to pay for small services or products “on the fly” without any delay and friction (e.g., when a self-driving car drives through an automatically opening gate).

IOTA’s market capitalization currently stands at around $2 billion and thus still counts as one of the smaller cryptocurrencies. However, if IOTA could implement its ideas quickly and convince more companies and developers of its technology, this could change very soon in 2022.

Stellar Lumens (XLM)

Stellar is an open-source blockchain network launched in 2014. It supports the transfer of fiat currencies, cryptocurrencies, and commodities on its platform.

Stellar has a market cap of $10.7 billion and a price of $0.403824, making it one of the best cryptocurrencies to invest in, in 2022.

Discover the Best Cryptocurrencies to Invest in 2022

There are five factors to consider when evaluating the best cryptocurrency investment opportunities for 2022:

  • Coin’s value and its evolution over time.
  • Coin’s community, development, and adoption.
  • Coin’s price volatility.
  • Coin’s real-world use cases.
  • Coin’s market cap.

Exercise Caution Before Investing in Cryptocurrencies

Remember, if you are going to invest in cryptocurrencies, your investment should be money you can afford to lose. Therefore, you must treat cryptocurrencies as if they were high-risk assets. Investing in cryptocurrency comes with significant risks, and you don’t want to risk losing all of your investment on one or two bad days.

If you are going to invest in cryptocurrencies, you must have a plan and strategy. First, you need to know why you are investing in a particular cryptocurrency and your future goals.

It would be best if you also exercised caution when it comes to trends. Don’t invest in any cryptocurrency just because it is trending right now. As we said earlier, the crypto market is highly volatile, and trends don’t last forever!

Lastly, do some research into the market! It will give you more insight into how cryptocurrency works and help you understand how this volatile market behaves!

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Sambit Barua

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