Cryptocurrencies are trending worldwide. It seems like ages when only a select range of investors was keen on investing in crypto. In present times, there is hardly any person remaining who hasn't thought about investing in cryptocurrency. With differing degrees of utility, adoption, and promise, the cryptocurrency market has managed to garner attention from every corner of the globe. The attention and popularity that the digital currencies enjoy have surely made investors decipher as to which are the best cryptocurrencies to invest in. On that note, here is the list of the top 10 cryptocurrencies delivering mind-blowing returns in Jan 2022.
Gala is a blockchain gaming platform founded by Eric Schiermeyer on July 21, 2019. It combines Non-Fungible Tokens (NFT) to create a blockchain game ecosystem in which players can trade and own game assets on a global scale at any time. Gala Games' purpose is to take the gaming industry on a whole new level by reclaiming control of the game for the players. According to the platform's website, Gala Games' objective is to create "blockchain games you'll want to play."
Axie Infinity is one of the most popular, and highest revenue-generating games built on a blockchain. Like Pokemon, Axie Infinity is an adorable NFT pet game that has fattened the wallets of crypto geeks, and laymen, who would have otherwise steered away from the crypto market, alike.
Solana has generated a monster gain so far in 2021. The cryptocurrency is up nearly 124 times and that's after declining 30% from its high point over the past few weeks. The developers of Solana claim that it's "the fastest blockchain in the world." There's no question that Solana is fast. It can process up to 65,000 transactions per second. But that's a theoretical number. In reality, Solana usually handles close to 3,000 transactions per second which is still much faster than other top blockchains.
With only a few days left in the year, Avalanche has delivered a return of more than 39 times. In the process, the digital token has catapulted into the No. 10 spot for cryptocurrencies based on market cap.
Ethereum hasn't produced the mind-blowing returns that Solana and Avalanche have this year. What's remarkable about Ethereum's solid performance is that it was made despite several challenges. Some developers have switched to other blockchains because of Ethereum's sluggish transaction speed and high gas fees.
Shiba Inu coin was created anonymously in August 2020 under the pseudonym "Ryoshi." The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and Tweets from personalities like Elon Musk and VitalikButerin. Fast forward to November 2021 and the same digital currency hit highs of US$0.0000312. This means that in less than 12 months of trading, Shiba Inu generated gains of nearly 40 million%.
As exciting as blockchain is, it can leave much to be desired with transaction speeds and throughput. The Celer Network (CELR) is a smartly designed layer-2 scaling solution that provides off-chain transactions handling. The Celer platform offers fast, simple, and secure off-chain transactions for both payments and smart contracts. The project was among the first to be developed using the Substrate framework and is part of the Polkadot ecosystem.
Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. By using phone numbers as public keys, Celo hopes to introduce the world's billions of smartphone owners, including those without banking access, to transacting in cryptocurrency. The network also allows for the creation of smart contracts and decentralized applications (DApps) as part of decentralized finance (Defi). Its main net was launched in April 2020.
Terra is a blockchain protocol that uses fiat-pegged stable coins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
Cosmos bills itself as a project that solves some of the "hardest problems" facing the blockchain industry. It aims to offer an antidote to "slow, expensive, unscalable and environmentally harmful" proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. The project's other goals include making blockchain technology less complex and difficult for developers thanks to a modular framework that demystifies decentralized apps.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.