The Top 5 Cryptocurrencies in 2022

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Last year, there were several highs and lows for top cryptos such as Ethereum and Bitcoin, which both reached all-time high values of more than $4,460 and $65,000, respectively. Several other stablecoins and virtual currencies grew their market cap and made new records. However, there’s no denying it. Most cryptocurrencies are having a bad start to 2022 so far. Many of the leading digital assets in the world are falling into bear-market territories.

Form Tether and Dogecoin to Ethereum and Bitcoin. There are many different cryptocurrencies available to you. This can be very overwhelming for someone who’s just getting started in this world. But, if you’re a newbie, then you’re in the right place. This article will highlight 6 of the best virtual currencies to invest in in 2022.

1.    Bitcoin (BTC)

Market Cap: Over $800 billion

Created by someone known as Satoshi Nakamoto in 2009, Bitcoin is the original cryptocurrency. As with most cryptos, Bitcoin runs on a blockchain network or ledger logging transactions facilitated across thousands of computers.

You verify the additions to these distribution ledgers by solving cryptographic puzzles, a process commonly known as proof of work. This verification process helps keep this particular digital asset safe and secure from hackers and fraudsters.

Bitcoin has become a household name, which has helped skyrocket its price. For example, you could get BTC for around $500 in the middle of 2016. However, now you’d have to part with more than $38,000 for a single Bitcoin. That’s around a 7,600% increase.

2.    Ethereum (ETH)

Market Cap: Over $380 billion 

Ethereum has been the second-best cryptocurrency for about a year or so. Ethereum’s transition from PoW (proof of work) to PoS (Proof of Stake) will help enhance scalability and make it eco-sustainable in 2022. 

ETH is commonly known for being a great foundation for operating many different blockchain-based applications such as NFTs.

As a blockchain platform and virtual currency, ETH is beloved by program developers and software specialists because of all its innovative applications, such as smart contracts and agreements that automatically execute once the contract terms are met.

Ethereum has also grown tremendously since its inception. From mid-2016 until now, its price has increased by almost 24,000% to more than $2,700 from around $11.




3.    Binance Coin (BNB)

Market Cap: Over $80 billion 

Binance Crypto Exchange is the biggest crypto exchange by volume globally, and BNB is its native cryptocurrency. Binance came to life in 2017 but grew incredibly fast by facilitating digital assets trade on its exchange platform. As a result, this virtual currency has grown leaps and bounds from its initial $0.10 price in 2017 and is now around $520 per coin, representing a 52,000% increase.

Binance nowadays does way more than just facilitate trades on its crypto exchange platform. You can now use it for payment processing, trading and even travel bookings. You can also exchange or trade it for other kinds of crypto, like Bitcoin and Ethereum.

4.    Tether (USDT)

Market Cap: Over $75 billion 

This is one of the world’s largest stablecoins and had a $78 billion market capital as of January 17, 2022. This stablecoin decreases volatility by pegging to euros and US dollars. It’s a very popular solution for folks looking to invest in virtual currencies but are a bit afraid to face volatility.

Unlike some other kinds of crypto, stablecoins initially backed by fiat currencies such as the Euro and the US dollar. Therefore, it hypothetically maintains a value equal to these denominations. Theoretically, this means the value of Tether is meant to be way more consistent than many other virtual currencies out there, and it is beloved by investors and traders who are not keen on dealing with extreme volatility.


5.    Solana (SOL)

Market Cap: Over $53 billion 

This digital asset is most known for its high transaction speed of 65,000 tps, smart contracts and Dapps. It’s part of the ethereum killers group and utilizes a hybrid consensus format of PoH (proof of history) and PoS.

When Solana was launched around two years ago, it had a value of $0.77. Now, the price has increased by almost 22,000% coming in at around $171, as of January 3, 2022. This digital asset was specifically designed to help power DeFi (decentralized finance} uses and decentralized applications (DApps). The unique hybrid format it runs on helps me process transactions faster and more securely.

SOL powers the platform. SOL is Solana’s native token.

Conclusion 

Many people are still very skeptical about investing in cryptocurrencies and digital assets. However, even though things are still a bit slow so far, they’re still a great investment if you pick the right ones. If you want to get your feet a little wet in this space, the virtual currencies above are the best ones so far. Hopefully, this article has helped show you why.

 


Avatar of Dennis Mugambi

Dennis Mugambi

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A investor, emerging technologies enthusiast and a writer.

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