What a great year it has been for cryptocurrency! In 2020 when the stock market took a hit and the world came to a halt, crypto really took off. People took notice of this market and the growing opportunities in many parts of the world. Many people invested heavily and made a profit in 2022. There are some cryptocurrencies that outshone others and are expected to come out on top in 2022.
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There were a lot of cryptocurrencies that have gained popularity. Let us take a look at these cryptocurrencies so that you know which ones are good for you!
You cannot mention cryptocurrencies without the one that has been leading since the crypto market started. Started in 2009 under a pseudonym, Bitcoin has come a long way since then. The blockchain is essentially a ledger that records transactions and miners who solve complex problems are rewarded with Bitcoin. Bitcoin works on the concept of Proof of Work. The BTC to INR value in February 2022 is 32,92,369 rupees.
Always a hot amongst the community looking for Bitcoin to be flipped, Ethereum is the only blockchain that has come close. It has managed to overtake Litecoin and other altcoins that were second to Bitcoin when it was launched. From April 2016 to February 2022, the Ethereum to INR value has gone from 822 rupees to 2,31,791 rupees. The potential applications of Ethereum blockchain along with the ecosystem built on the source code are a few of the reasons this is one of the most liked cryptocurrencies.
One of the most preferred stablecoins, Tether is backed by FIAT currencies like the dollar and the Euro and theoretically Tether keeps a value equal to one of those. The reason stablecoins like Tether are popular is that they provide the perfect solution to the problem of volatility that comes with the crypto market.
4. Binance coin
The Binance coin is a currency used on that platform for trading. It can be used to pay the fees and makes your process easier. Launched in 2017, the Binance coin has grown by 377,000%. It can be used for trading, making travel arrangements, trading, or exchanging for other cryptocurrencies.
5. U.S. Dollar Coin
This is supposed to be a stablecoin that is expected to have the value of 1 US Dollar coin to 1 US dollar. USDC is supported by the Ethereum blockchain.
Cardano is known for its use of the concept of Proof of Stake that reduces energy usage and the environmental impact. This method also enhances the transaction time by removing the need for solving complex problems.
Solana is the token that powers the platform which facilitates decentralized finance uses, decentralized apps, and smart apps. Solana uses a unique blend of proof-of-stake and proof-of-history mechanisms. From its launch in 2020, Solana has seen a 13,000% growth till February 2022.
Ripple was launched in 2012 and has focused on streamlining the use of cryptocurrency in absence of regulatory authorities. It is a cryptocurrency used on the payment platform used for financial transactions. XRP and Ripple are not the same things.
Ripple was introduced with the goal to streamline the usage of cryptocurrency in mind. The list of international banks that support Ripple is growing by the day. The elevated usage of the Ripple payment system will ensure the value of this cryptocurrency grows.
9. Terra (LUNA)
It is a payment platform that depends on maintaining a balance between 2 types of cryptocurrencies. Terra-backed stablecoins are equivalent to the value of FIAT currencies. This platform is powered by the counterweight LUNA, which is used to mint more Terra stablecoins. They both function in tandem to manage the demand and supply.
Cryptocurrencies can use any number of blockchains and the aim of Polkadot is to integrate them by creating a cryptocurrency network so that blockchains can work together. This integration has completely changed how cryptocurrencies work and has seen growth in the last 2 years.
11. Shiba Inu
This bagged the “Most Viewed Cryptocurrency of 2021” place and beat the cryptocurrency giants. Although the beginning and end of 2021 were rough for this currency it showed tremendous growth. Shiba Inu coin is one of the most talked-about coins in the crypto market.
These cryptocurrencies have not shown growth but they are looking to expand their potential by dabbling in various technologies that are supported by blockchains. Although Bitcoin is at the top, there is no harm in considering other cryptocurrencies as you may end up with a higher profit.