by Adilin Beatrice
December 10, 2021
Although there are more than 13,000 cryptocurrencies in circulation, not all of them share the same value
Five years ago, Bitcoin was only $0.4, and Ethereum didn’t even exist. But today things have changed upside down. Bitcoin and Ethereum lead the cryptocurrency space while other types of digital tokens such as altcoins and memecoins are also gaining prominence. There is always something big and exciting going on in the virtual world. For example, people have become more interested in decentralized applications (dApps) and NFTs recently. While these are matters on the sidelines, the development of digital tokens is unconditional. From the launch of the Bitcoin white paper in 2009 to the last Shiba Inu rally in November, the cryptocurrency market has started from scratch and has managed to revolutionize the financial ecosystem. Today, there are more than 13,000 cryptocurrencies in circulation. However, not all cryptocurrencies have the same value. While the value of Bitcoin is powered by institutional adoption and growing investors, the strength of Ethereum rests solely on its smart contract and dApps features. In this article, Analytics Insight lists the top 10 cryptocurrencies all set to gain popularity in 2022.
Top 10 cryptocurrencies gaining top spot
Bitcoin is synonymous with the cryptocurrency market itself. Launched in 2009 as the first digital token, BTC has managed to break several records since its inception. The digital token recently rose at $68,000 at the beginning of November after the Bitcoin ETF debuted on the New York Stock Exchange. Besides, Bitcoin is also legal tender in El Salvador. The blockchain technology behind Bitcoin plans to work on the issue of energy consumption.
Ethereum has emerged as the first Bitcoin alternative in the virtual token space. Ethereum is a decentralized software platform that enables smart contracts and decentralized applications (dApps) to be created and run efficiently. Launched in 2015, Ethereum is the second largest digital token in play. Although ETH has been following the Bitcoin price trend, it came to prominence recently when the cryptocurrency recently reached a record high of $4,800.
2021 was an eventful year for Solana with its price up 17,500% since the start. With its unique Proof of History model, SOL has nothing to lose in the cryptocurrency market. Solana’s low fees, mature ecosystem, and promising future in DeFi make it rival mainstream cryptocurrencies such as Bitcoin and Ethereum.
Originally born from online memes featuring the Shiba Inu dog in 2013, Dogecoin is the cryptocurrency of choice for famous names like Elon Musk and Mark Cuban. Since its inception, DOGE has maintained its position as the best memcoin. After maintaining a low position 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 features an amazing cryptocurrency called ADA. Created by the co-founder of Ethereum, Cardano also offers smart contract facilities, enabling identity management. Consensus is achieved with proof of stake. Created in 2015, ADA can perform peer-to-peer transactions.
Tether is the best stable currency option for investors who choose lower volatility. It is seen as the best long-term investment model. Tether, which is pegged to the US dollar, is the largest stablecoin by market capitalization.
Ripple is gaining prominence as a local investment in cryptocurrency among general investors. Ripple’s cryptocurrency, XRP, allows for third-party development. Designed for digital payments, XRP has been praised for its fast and most efficient transactions. Ripple has also been involved in a tough battle with the 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 ranked 13th, just a month ago, it was at the top as a direct competitor to Dogecoin. Launched in August 2020 following a DOGE rally, the Shiba Inu was also based on the Shiba Inu dog memes that went viral in 2013. Similar to Dogecoin, the Shiba Inu also kept a low key before hitting the mainstream in November. It also briefly took the crown from Dogecoin and positioned itself in fourth place.
Initially as a token issue through the Ethereum blockchain, Binance Coin later moved to issue it on its own Binance blockchain. Today, Binance is one of the largest and most widely 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 relatively huge, there are actually more than 168 million coins in circulation. Besides, Binance conducts quarterly coin burns to cause inflation.
Polkadot is a “proof of ownership” cryptocurrency that aims to provide interoperability between other blockchains. One of the things that keeps Polkadot fighting with Ethereum is its ability to allow users to create their own blockchain while using the security that the Polakdo chain already provides.
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