The cryptocurrency industry is expanding rapidly. Bitcoin, the most widely used digital currency, has seen its value increase by almost 75% in the past year.
The total evaluation of the cryptocurrency market is now more than $2.4 trillion. The largest financial institutions in the world are
The industry appears to be on an upward trend, with sustainable growth expected to continue for the foreseeable future for the reasons listed above.
This is why there are millions of people trying to predict the next big cryptocurrency. The market for virtual currencies is
Even successful cryptocurrencies risk being derided as “shitcoins” within a week of their initial success. Some digital currencies, though, remain at the forefront.
No matter where digital assets land after their moonshot, crypto investors always look for those booming.
The cryptocurrencies in this collection are ideal whether you’re looking for the next trend in 2022 or want to add some high-risk, high-reward assets to your portfolio. You can also view our list of the most affordable digital currencies available.
Bitcoin
Value of the market: over £370 billion
(Bitcoin) is the first cryptocurrency; its creator, who uses the alias Satoshi Nakamoto, released it in 2009. Bitcoin, like other cryptocurrencies, is powered by a blockchain, a distributed ledger that records transactions and is stored on thousands of computers.
It is protected from hackers and other malicious actors by requiring them to verify transactions by completing a cryptographic challenge (known as proof of work).
As Bitcoin has gained widespread attention, its value has increased exponentially. For example, a Bitcoin cost roughly $370 in May of 2016. The value of one Bitcoin on October 3, 2022, was close to $19300.
Ethereum
With a market value of almost $155 billion, Ethereum, both a virtual currency and a blockchain platform, is widely popular among programmers due to the variety of use cases that can be implemented with it.
These use cases include smart contracts, which are programmed to execute when certain conditions are met, and non-fungible tokens, which cannot (NFTs).
Ethereum’s popularity has skyrocketed as well. It went from being sold for around $9 in April 2016 to being sold for nearly $1300 in October 2022.
Tether
Market cap: Over $68 billion
Tether is a stablecoin, which means it is backed by fiat currencies such as the pound sterling, the United States dollar, or the Euro. So, theoretically, it maintains a constant value to one of those currencies.
For this reason, investors concerned about the severe fluctuation of other coins sometimes prefer Tether because its value is expected to be more stable.
Binance Coin
Market cap: Over $52 billion
One of the cryptocurrency exchanges around the world accepts the Binance Coin as payment for trading and other services.
After debuting in 2017, Binance Coin quickly found uses outside those related to the Binance trading platform.
It has recently found widespread application in commercial transactions, financial transactions, and even the booking of vacations. It is also tradable for other cryptocurrencies like Bitcoin and Ethereum.
On 3 October 2022, its price climbed to roughly $287 from around 11 cents in 2017.
XRP
Value of the market: over $44 billion
XRP was developed by the team that brought you Ripple, a digital networking and payment processing firm. It may be traded for other cryptocurrencies and fiat currencies on the Ripple network.
In January of this year, one XRP was worth approximately $0.0045. Its price has risen to 44 Cents as of October 3, 2022.
Cardano
Over $14 billion in market value, despite its late arrival in the cryptocurrency industry, Cardano stands out as one of the first to implement proof-of-stake validation.
By eliminating the competitive, problem-solving part of transaction verification in systems like Bitcoin, our solution speeds up the transaction time and reduces energy usage and environmental effect.
Similarly to Ethereum, Cardano’s native coin, ADA, may be used to access smart contracts and run decentralized applications.
Compared to some of the other main cryptocurrencies, Cardano’s ADA token hasn’t grown nearly as quickly. For example, the value of one ADA was roughly 1.7 cents in 2017. On October 3, 2022, it cost approximately 42 cents.
Solana
Value of the market: £11.3 billion
Solana is a blockchain platform that was created to facilitate the usage of decentralized financing (Defi), decentralized applications (DApps), and smart contracts.
It utilizes a piece of new hybrid evidence and proof-of-history mechanism to execute transactions rapidly and securely. The Solana network operates on its native token, SOL.
SOL had a launching price of $0.64 in 2020. However, as of 3 October 202, its cost was close to $31.62.
