Even when the cryptocurrency market is extremely unstable, people are still interested to try their hands on the decentralized financial ecosystem. However, just keep in mind that it is risky and you could lose everything or see your value sliced 90% overnight. Not to forget the overnight millionaires as well. In a nutshell, cryptocurrencies are interesting, to begin with. Unlike the mundane dollars, rupees, pounds, or yen, top cryptocurrencies inject a more substantial element of speculation into the financial market. Since Bitcoin made its debut in 2009, the stock market and national currencies were widely threatened. Besides being a source to double or triple your investment, digital tokens are currently used on a daily basis as a trading medium. Other factors like set regulations and institutional adoption are expected to trigger the cryptocurrencies' prices to new highs in the coming days. But for now, top cryptocurrencies including Bitcoin are going through a severe storm. Fortunately, that doesn't make many investors back up from their initiatives. Many of them are still relying on some of the most promising cryptocurrencies to grow their investment. In this article, Analytics Insight has featured the top 10 most promising cryptocurrencies that investors should buy and hold in 2022 for amazing benefits.
Bitcoin is the first successful blockchain-based currency to hit the market in 2009. The foremost digital token started from scratch and is keeping up its first position for a decade now. Although many altcoins have emerged recently, the dominance of BTC still remains at the top. Besides, Bitcoin is the first choice for institutional investors who want to try their hand at cryptocurrencies. It reached a record high of US$69,000 in November 2021.
While Bitcoin is the 'Gold' of the cryptocurrency market, Ethereum is the silver. As the second-largest digital token by market capitalization, ETH has grown exponentially in recent years. Although it is the first altcoin to emerge out of the cryptocurrency circle, Ethereum often follows the pattern of Bitcoin to reach growth. However, the only time it stepped out of BTC's pamper circle was in last November. Back then, Ethereum performed out of Bitcoin's growth and reached a record high of US$4,8000. Besides, the Ethereum platform to house decentralized applications, NFTs, and smart contracts make it a top investment choice.
Solana is also a top cryptocurrency with the potential to grow in the coming months of 2022. Similar to Ethereum, its underlying blockchain network acts as a medium for developers to build and host DApps. Solana is currently planning to opt for the 'Proof of Stake' mechanism, which will help the platform become energy efficient and leverage faster transaction speeds.
Cardano was created by a group of engineers, mathematicians, and cryptography experts. Among them was Charles Hoskinson, one of the five initial founding members of Ethereum, who left the network after having a disagreement. With an aim to become the world's financial operating system, Cardano is leveraging services for chain interoperability, voter fraud, and legal contract tracing. On the sidelines, its cryptocurrency ADA is also performing well.
Although Dogecoin was launched in 2013, its price skyrocketed only in 2021. DOGE was the first memecoin to hit the market with a Shiba Inu dog's image featured on it. The inspiration behind Dogecoin was the Shiba Inu meme that went viral over the internet back at the time. Over the years, famous people like Mark Cuban and Elon Musk have also become big fans of Doge.
Polkadot is also a blockchain network that is working on interoperability protocols. It connects several chains together in a single network and allows parallel transactions in a single network. Its top cryptocurrency, DOT, is used for governance, connecting with parachains, and governance.
The whole motto of Ripple Company is to unleash digital scalability across the globe and reduce transaction costs associated with cross-border fund transfer. On their way to fulfilling this mission, RippleNet has launched XRP, its digital currency, into the cryptocurrency sphere. According to experts, XRP and the tactic that it works on could reach a new level in the future. But currency, the XRP token is tangled in a court case with SEC.
Tether is a stablecoin, pegged to the US dollar. The idea behind Tether is to combine the benefits of cryptocurrency with the stability of a currency issued by the government. Although there are many stablecoin in use today, people still prefer Tether as their reliable investment source. Investors who seek stability in the cryptocurrency market choose Tether over the others.
Despite its unfamiliarity among mainstream investors, Binance Coin is the third-largest cryptocurrency in the market. BNB is the Binance Smart Chain's native coin. Binance Smart Chain is a popular blockchain and it also stands as one of the largest Bitcoin and altcoin cryptocurrency exchanges.
After gaining popularity in 2021, Shiba Inu is seeing growth in 2022 as well. Recently, the memecoin gained over 30% after speculations on Robinhood enlistment sparked the craze. Last year, it briefly overtook Dogecoin, the native memecoin, and entered the top 10 list also. Currently, SHIB and the army behind is it awaiting another price rally.
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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.