Crypto investors are highly interested in the volatile cryptocurrency market. From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can make it overwhelming when you're first getting started in the world of crypto. There are multiple cryptos with potential besides the top cryptocurrency in the global cryptocurrency market, known as Bitcoin. This article features the top 10 cryptocurrencies that have gained more value than Bitcoin in 2022.
Ethereum (ETH), is a decentralized software platform that enables smart contracts and decentralized applications (dApps) to be built and run without any downtime, fraud, control, or interference from a third party. The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity, or faith. This aspect makes the implications for those in some countries more compelling because those without state infrastructure and state identifications can get access to bank accounts, loans, insurance, or a variety of other financial products.
A lot of recent discussion around the energy usage tied to proof-of-work mining models for cryptocurrencies such as Bitcoin has driven some investors to seek out more environmentally friendly cryptocurrencies. Those operating with proof-of-stake models, such as Solana, have been outperforming. It is one of the best cryptocurrencies that have gained more value than Bitcoin in 2022.
Cardano is a blockchain project with over 70% of the total currency, ADA, staked for network validation at a really impressive rate. Part of the reason that so much ADA is staked is due to the cryptocurrency's lack of decentralized applications (dApps) available on its blockchain. While Ethereum has around 5% of its total supply locked as validators, much more ETH is locked in DeFi applications.
Tether is known as the cryptocurrency with a value pegged to the value of the US dollar for maintaining a reputation of a stablecoin, for crypto investors to earn some profit in crypto wallets. This crypto with potential is better than Bitcoin for its ability to use like digital dollars. It is one of the best cryptocurrencies that have gained more value than Bitcoin in 2022.
BNB is the cryptocurrency backed by Binance – which is the world's largest exchange. BNB allows users of Binance to reduce trading commissions. The token is also used to fuel the Binance Chain and the Binance Smart Chain – which are two independent blockchain networks. This means that BNB has a real use case. Binance also burns BNB tokens – reducing the overall circulating supply – which can help further increase the value of the token.
USD Coin (USDC) is a new stablecoin that is linked to the US dollar. USDC is a USD-backed cryptocurrency that competes with Tether (USDT) and TrueUSD (TUSD). USD Coin, in a nutshell, is a service that tokenizes US dollars and allows them to be used on the internet and public blockchains. Furthermore, USDC tokens can be converted to USD at any moment. The ERC-20 smart contract ensures the issuing and redemption of USDC coins.
When investing in crypto, one of the most important things to look at is a coin's purpose. Many fall short in this area, as they don't have a defined purpose or they don't do anything different than dozens of other coins. XRP is unique in that it's intended for financial institutions and payment services, unlike other cryptocurrencies that are aimed at consumers. In using XRP, banks and other financial companies can transfer money without needing to pre-fund accounts in other countries or pay hefty foreign exchange fees.
Terra is a public blockchain protocol that deploys stablecoins – cryptocurrencies whose value is pegged to an underlying asset. It is most common that stablecoins are pegged to the U.S. dollar. The Terra blockchain uses stablecoins to enable price-stable global payment systems to support the mass adoption of cryptocurrencies. Terra is a type of cryptocurrency that has three main apps on the platform: Anchor, a savings service that offers competitive yields; Mirror, which allows investing; and Chai, a mobile payment app.
Avalanche is one of the few blockchains that can scale without sacrificing decentralization. Its potential for interoperability with many blockchains is limitless. Avalanche blockchains alter consensus algorithms based on the use case, and the network has more validators than other networks. This crypto with potential is known for the proof-of-stake consensus algorithm for the development of DApps to enhance the platform.
Polkadot (DOT), founded in the year 2016, is a unique blockchain interoperability protocol designed to connect different chains together. It also allows exchanging data and processing transactions for parachains, or parallel blockchains without compromising their security. Developers can create their own blockchains while using the Polkadot security. The core founder of Ethereum, Gavin Wood created Polkadot. The exciting feature of DOT is that it has no hard limit on its total supply. Rather, a new token is constantly in circulation.
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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.