Although there are over 13,000 cryptocurrencies in circulation, not all of them share the same value
Five years ago, Bitcoin was just US$0.4 and Etheruem didn’t even exist. But today, things have changed upside down. Bitcoin and Ethereum are leading the cryptocurrency sphere while other types of digital tokens like altcoins and memecoins are also gaining prominence. There is always something big and exciting happening in the virtual world. For example, people are more interested in decentralized applications (dApps) and NFTs recently. While these are on the sidelines, the development of digital tokens is unconditional. Since Bitcoin white paper launch in 2009 to the recent Shiba Inu rally this November, the cryptocurrency market has started from scratch and managed to revolutionize the financial ecosystem. Today, there are over 13,000 cryptocurrencies in circulation. However, not all cryptocurrencies carry the same value. While Bitcoin’s value is triggered by institutional adoption and growing investors, Ethereum’s strength solely relies on its smart contract and dApps features. In this article, Analytics Insight lists the top 10 cryptocurrencies that are all set to gain prominence in 2022.
Top 10 Cryptocurrencies to Gain Prominence
Bitcoin is synonymous with the cryptocurrency market itself. Launched in 2009 as the first digital token, BTC has managed to break many records since its inception. The digital token recently rallied at US$68,000 at the beginning of November following Bitcoin ETF’s debut in NYSE. Besides, Bitcoin is also considered a legal tender in El Salvador. The blockchain technology behind Bitcoin is planning to work on its energy consumption issue.
Ethereum has emerged as the first Bitcoin alternative in the virtual token sphere. Ethereum is a decentralized software platform that enables smart contracts and decentralized applications (dApps) to be built and run effectively. Launched in 2015, Ethereum is the second-largest digital token in play. Although ETH follows the price trend of Bitcoin, it stood out recently when the cryptocurrency hit a recent record high of US$4,800.
2021 was an eventful year for Solana as its price soared up by 17,500% since the beginning. With the unique Proof of History model, SOL has nothing to lose in the digital currency market. Solana’s low fees, maturing ecosystem, and promising future in DeFi make it compete with mainstream cryptos like Bitcoin and Ethereum.
Originally born out of online memes featuring Shiba Inu dog in 2013, Dogecoin is the favorite crypto of famous names like Elon Musk and Mark Cuban. Since its inception, DOGE is maintaining its position as the top memecoin. After maintaining a low profile for a long time, Dogecoin entered the mainstream crypto market after the 2020 Bitcoin rally. Over the past year, the digital token has gained many honest investors who can also be addressed as followers.
Cardano is featuring an amazing cryptocurrency called ADA. Created by Ethereum co-founder, Cardano also provides smart contract facilities, enabling identity management. It consensus is achieved with Proof of Stake. Created in 2015, ADA can execute peer-to-peer transactions.
Tether is the best stablecoin choice for investors who opt for less volatility. It is seen as the top long-term investment model. Pegged to the US dollar, Tether is the largest stablecoin by market capitalization.
Ripple is gaining ground as a local cryptocurrency investment among general investors. Ripple’s cryptocurrency, XRP, allows for third-party development. Built for digital payments, XRP is hailed for its fast and more efficient transactions. The Ripple platform has also engaged in a tough fight with SEC. Besides, the platform also has connections with banks and financial institutions, which makes it stand out from other tokens.
Although Shiba Inu is currently occupying the 13th position, just a month back, it was on the top as a direct competitor to Dogecoin. Launched in August 2020 after the DOGE rally, Shiba Inu was also based on the Shiba Inu dog memes that went trending in 2013. Similar to Dogecoin, Shiba Inu also maintained a low key before hitting mainstream this November. It also briefly took the crown from Dogecoin and placed itself in the fourth position.
Initially started as a token issue through the Ethereum blockchain, Binance Coin has later transitioned to being issued on its own Binance blockchain. Today, Binance is one of the largest and most used global exchanges in the world. Its digital token, Binance Coin, is one of the top cryptocurrencies with a supply cap of 200 million. Although it is comparatively very huge, already over 168 million coins are in circulation. Besides, Binance conducts quarterly burns of coins to cause inflation.
Polkadot is a ‘Proof of Stake’ cryptocurrency that is aimed at delivering interoperability among other blockchains. One thing that makes Polkadot combat with Ethereum is its capability to allow users to create their own blockchain while also using the security that Polakdo’t chain already has.
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