“LUNA crashed, bitcoin plunged, and other crypto went down the slope”. Welcome to the news headlines in June 2022. Every media outlet is discussing the crypto market crash, and investors are beginning to panic. This bear season has been likened to the major dip in 2018, and we can say history is repeating itself. What are you learning in this season? Are you taking advantage of another possible springboard to the moon? Or are you waiting in fear?
Amidst the growing fear, uncertainty, and doubt (FUD), it is important to not lose sight of the significant technological innovation of blockchain and some amazing projects that we believe are built to stand the test of time. We will discuss these projects, and if you are planning to buy the dip, you may consider some of these cryptocurrencies that are considered good alternatives to bitcoin. This is not financial advice. DYOR!
Top 10 Altcoins with potential in 2022
1. Ethereum (ETH). ETH at the time of writing has a price of $1107.00 at a market cap of $133.76 Billion making it the second most valuable coin in the market, second only to BTC. Ethereum is an excellent platform for decentralised software or dApps, and may be used as a store of value like bitcoin. Because it allows smart contracts, which perform a function when specific circumstances are satisfied, it’s a developer favourite. Even with the way the market is right now, ETH may still offer investors a unique opportunity to bag one of the hottest altcoins at a discounted price. Ethereum is currently being updated. ETH2, also known as The Merge, will improve the network’s scalability, security, and long-term sustainability.
2. Binance Coin (BNB). BNB’s market price at the time of writing is $214.42, with a market capitalization of $34.89 Billion. BNB is ranked 5th by Coingecko according to its market capitalization. On January 1st, 2021, the Binance Coin price rose from $38 to $683, showing an exponential rise in demand. Binance Coin (BNB) is a utility token that powers the Binance Smart Chain. It is also a deflationary cryptocurrency, which means that the total amount of BNB tokens in circulation will decline over time. Investors typically view BNB as an appealing long-term investment.
3. Cosmos (ATOM) ATOM is the 31st most valuable coin according to Coingecko. ATOM’s market price is $6.72 at a market capitalization of $1.96 Billion. If you’ve never heard of the term interoperability before, it refers to the ability of two or more systems to communicate with one another. In describing blockchain networks that need to share data, interoperability is a term for the difficulties they encounter in doing so. With the growth of the Cosmos Ecosystem and its native coin, ATOM, these issues have been addressed. To put it simply, Cosmos provides the necessary infrastructure for other blockchains to collect and distribute data. As a result of this information, Ethereum smart contracts might theoretically make choices based on specific network transactions. Additionally, the ATOM coin is required for competing on blockchains to make use of this cutting-edge technology. As a result, ATOM has become one of the most promising altcoins in recent years.
4. Cardano (ADA). ADA is ranked 7th by Coingecko according to market capitalization. The current market price is $0.50 with a market cap at $16.65 billion. While it hasn’t performed particularly well in recent months, the platform does have one big advantage over Ethereum: a proof-of-stake mechanism. Cardano’s proof-of-stake protocol performs a similar role to Ethereum’s earlier proof-of-work mechanism for confirming transactions and maintaining network integrity, but it is faster, cheaper, and more energy-efficient. Although Ethereum’s update may level the playing field, Cardano’s ADA coin may continue to be in high demand because of its appeal among decentralised application developers. According to CoinMarketCap, over 100 smart contracts were implemented on the Cardano network in the 24 hours following the recent “hard fork,” or protocol update. Cardano is down 84% from its all-time high in September of last year when the market was booming. This might be a good time to buy some at a low price.
5. Polkadot (DOT). DOT is ranked 10th by Coingecko according to market capitalization. The current market price is $7.70 with a market cap of $8.66 billion. Polkadot has developed into one of the top long-term cryptocurrencies to invest in since its launch in 2020. Polkadot is designed to bring together multiple different blockchains into a single unified network and construct new chains. The connection gives users access to the network’s proof-of-stake security and transaction validation and also makes it easier to move digital assets like apps and tokens between blockchains. A recent update makes it easier to communicate and transfer assets amongst Polkadot parachains, allowing the network to be used in new ways. Polkadot faces competition from Ethereum and Cardano, but its early dive into smart contracts offers it an advantage that some analysts believe it will sustain.
6. Chain Link (LINK). LINK is ranked 21st by Coingecko according to market capitalization ranking. Currently, LINK trades at a market price of $6.89 and a market capitalisation of $3.22 billion. The Ethereum-based network, which was launched in 2014, provides real-time data from off-blockchain smart contracts to on-blockchain smart contracts via nodes and oracles. Chainlink’s goal is to build the world’s first blockchain oracle network. Oracles are the brains behind some of the most essential blockchain technology, and they’re crucial to the industry’s growth. The Chain Link 2.0 update will establish off-chain networks on top of oracles to alleviate the computational burden on the Ethereum main net, as stated in a whitepaper published in 2021. The LINK token, created by Chainlink, is used to facilitate network transactions. When compared to its competitors, LINK is trading at a good discount and looks like one of the best assets to buy when the crypto market recovers.
7. Polygon (MATIC) MATIC is ranked 25th by Coingecko according to market capitalization. The current market price is $0.39 with a market cap of $16.65 billion. Polygon was established by a group of developers who contributed significantly to the Ethereum blockchain platform. According to CoinMarketCap, Polygon is intended for Ethereum scaling and infrastructure development. It expands Ethereum into a multi-chain system as a “layer two” solution, allowing for faster transaction and verification speeds. According to a post on Polygon’s blog, the number of decentralised applications hosted by the company has increased by 500 per cent since last October. Polygon fully supports the tether stable coin as of last week, which could help the network thrive in the future. This may be a good thing because now is the time to get in on Polygon’s future. Polygon MATIC could be the multi-bagger altcoin in 2022, so don’t be surprised.
8. Sandbox (SAND) SAND is ranked 50th by Coingecko market capitalization ranking. The current market price is $0.84 with a market cap of $1.07 billion. The Sandbox, an Ethereum-based video game, is one of the most anticipated projects in the space, where players can create, own, and monetize their activities using non-fungible tokens (NFTs) and $SAND, the platform’s utility token. NFTs are digital certificates of ownership. With NFTs, players can prove that they own their digital assets, which they can then use in games and trade on markets. The Game Maker is one of the tools in the sandbox that allows players to take part. In addition, The Sandbox virtual environment — or metaverse — is made up of digital real estate lots purchased using LAND tokens, where players can engage and become digital property developers. Companies like Meta, the parent company of Facebook, are banking big on the metaverse as the next version of the internet, where people will work, play, socialise, and shop, and where money will be earned.
The Sandbox is a fantastic new coin to invest in.
9. Uniswap (UNI) UNI, ranked 32nd by Coingecko, has a market price of $4.17 and a market cap of $1.90 Billion. Liquidity pools are used by Uniswap, an Ethereum-based DApp that lets users trade Ethereum tokens. One of Uniswap’s most important services is the distribution of liquidity. Uniswap was part of the Defi framework, and its native token, $UNI, was launched in 2020. A former Siemens mechanical engineer, Hayden Adams, founded Uniswap on November 2nd, 2018. Smart contracts on the Ethereum blockchain enable the protocol to automate the transfer of cryptocurrency tokens. While still in its infancy, UNI has already reached important milestones and is one of the first Defi coins to make it to the top of the market. Since Uniswap just became the first decentralised exchange to allow margin and leverage trading, market observers believe that UNI is undervalued.
10. Ripple (XRP) Coingecko market capitalization ranking puts XRP as the 8th most valuable coin in the world. Its market cap is currently at $15.40 billion. The native token of the Ripple ecosystem is XRP. RippleNet is a digital payment network based on the XRP Ledger, a public distributed ledger (somewhat different from a blockchain). RippleNet’s growth and development are controlled by Ripple, a for-profit firm. Most investors are unaware that Ripple and XRP are based on a concept that predates Bitcoin and cryptocurrency in general. In 2004, XRP’s founder, Ryan Fugger, founded RipplePay, a peer-to-peer (P2P) financial network that aspires to replace the need for centralized banks by enabling a “trustless” online money exchange. When you consider that the number of transactions on the XRP network doubled in 2021 and that institutional demand for XRP is still going up, it’s easy to see why you might want to buy XRP. Here you have it, the top 10 Altcoins with potential in 2022. Remember NFA!
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