If you are in search of the 10 best cryptocurrencies to invest in 2022, you have reached the right place.
As with almost everything on the planet today, when you want to start with cryptocurrencies, you are faced with an overwhelming array of options.
Well, in this post, we have endeavored to make that choice a little less daunting for you by listing out the 10 best cryptocurrencies in the world at the moment. The parameter for this listing is the market capitalization of a particular coin and the total value of all of that currency that is currently in circulation.
Before we begin, we’d like to provide a brief definition of cryptocurrencies for the ignorant. Simply put (or not so simply!), a cryptocurrency is a digital asset that circulates digitally throughout the world without the aid of a centralized authority, like a bank or the government.
At the time of writing, there are more than 20,000 live cryptocurrency projects. This represents a physical amount of a staggering $952 billion crypto market.
Now, let’s dive into that list of 10 Best Cryptocurrencies to invest in 2022!
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Bitcoin (BTC)
- Market capitalization: $377 billion
Odds are you’d have heard of this cryptocurrency.
Bitcoin (BTC) is the original and oldest cryptocurrency. It was founded by Satoshi Nakamoto in 2009 and runs on blockchain technology. This means that a ledger logs all the transactions taking place around the world and this ledger is distributed across a network of a multitude of computers.
There’s a process called proof of work that verifies and authorizes the entry of a new transaction into the ledger, and thus it remains protected from fraudsters. This process essentially involves the solving of a cryptographic puzzle.
The price of a single Bitcoin as of September 30, 2022, is $19,531. In 2016, it was $500. That’s a growth of more than 3,800%.
Ethereum (ETH)
- Market capitalization: $165 billion
Program developers favor Ethereum (ETH) because of what it claims to be able to do, like automated execution of ‘smart’ contracts when certain conditions are fulfilled. There are also non-fungible tokens (NFTs). Ethereum is both a cryptocurrency and a blockchain platform.
In April 2016, Ethereum was worth around $11 for a single coin. In September 2022, that price went up to $1,388. That’s a growth of about 12,518%.
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Tether (USDT)
- Market capitalization: $67 billion
Tether (USDT) is different from some other cryptocurrencies in that it’s backed by fiat currencies like US dollars and Euros, otherwise termed a stablecoin. That means that its value is kept equal to one of these denominations, at least in theory.
That is why its value is much more consistent than that of other cryptocurrencies. That’s also why investors wary of digital volatility prefer such coins.
US Dollar Coin (USDC)
- Market capitalization: $47 billion
The USD Coin (USDC) is another stablecoin pegged to the US dollar. Its aim is to maintain a 1 USD to 1 USDC ratio. It is powered by Ethereum and you can use the USD Coin for complete global transactions.
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Binance Coin (BNB)
- Market capitalization: $46 billion
When it was launched in 2017, Binance Coin (BNB) was a form of cryptocurrency with which you could trade and pay fees on Binance, which at the moment happens to be one of the largest crypto exchanges in the world. But now, it has gone way beyond that.
You can use Binance now for trading, payment processing, and even booking travel arrangements. Also, there’s the option of trading it for other cryptocurrencies, like Ethereum or Bitcoin.
In 2017, BNB’s price was a mere $0.17. However, by late September 2022, that price had risen to $283, an increase of 282,900%.
XRP (XRP)
- Market capitalization: $24 billion
The founders of Ripple (a payment processing and digital technology company) are also of XRP. XRP can be used on Ripple for the ease of exchanging different currency types. This includes fiat currencies as well as other major cryptocurrencies.
At the start of 2017, XRP clocked in at $0.006. At the end of September 2022, that price had jumped up to $0.48, a crisp increase of 7,900%.
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Binance USD (BUSD)
- Market capitalization: $21 billion
Binance USD (BUSD) is a combined product of Paxos and Binance and it’s a stablecoin, backed by the US dollar. For the sake of maintaining a 1 to 1-ratio between USD and BUSD, Paxos holds an amount of US dollars equivalent to the total supply of BUSD.
And just as is the case with other stablecoins, BUSD lets trades and crypto users engage in transactions with other crypto assets without the major hassle of volatility.
Cardano (ADA)
- Market capitalization: $14 billion
Cardona (ADA) is a latecomer, and yet it’s a significant entry. Its most significant claim to fame is the proof-of-stake validation. This method facilitates transaction times and decreases energy usage and environmental impact through the removal of the problem-solving aspect of the transaction, which is part of the proof of work system of security, prominent in coins like Bitcoin.
Cardano has smart contracts and decentralized applications as well, much like Ethereum. These applications are powered by ADA, its native coin.
In 2017, ADA’s price was around $0.02. Around September 30, 2022, that price had increased to $0.44, which is an increase of 2,100%.
Solana (SOL)
- Market capitalization: $12 billion
The aim of the development of Solana (SOL) was to facilitate the processes of decentralized finance (DeFi), decentralized apps (DApps), and smart contracts. Solana has a unique mix of proof-of-stake and proof-of-history mechanisms. This expedites the transactions and makes them more secure. Solana’s native token, SOL, powers the platform.
The price of SOL at its launch in 2020 was $0.77 and by the end of September 2022, it had risen to around $33.72, an increase of 4,279%.
Dogecoin (DOGE)
- Market capitalization: $8 billion
Famously launched as a joke in 2013, Dogecoin has quickly risen to a place among the world’s top cryptocurrencies with the help of a dedicated community and also creative memes (and also the famous patronage of Elon Musk!).
The unique feature here is that there is no limit to the number of Dogecoins that can be created. And that means that this cryptocurrency is susceptible to devaluation as the total number of coins in circulation increases.
In 2017, Dogecoin’s price was $0.0002. On September 30, 2022, that price was recorded to be $0.06. That is an increase of 29,900%.
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And there you have it. The 10 best cryptocurrencies of 2022 are listed for your ease. We hope that this list contributed to clarifying some of the doubts that beginners usually have about cryptocurrencies, particularly with regard to which coins to choose.
We will update you with the new information as soon as it comes out, so keep following Gamevro.
