7 altcoins making waves in the crypto world
Bitcoin is also referred as the Crypto King which continues to enjoy the lion’s share in the crypto market. The cryptocurrency market, which is estimated to be nearly $ 2 trillion; the share of Bitcoin Prime Home Page is around 40% of the total crypto market share. Therefore, this makes it evident that though Bitcoin may still be the most popular cryptocurrency, it is not the only cryptocurrency that is being accepted and incorporated into the crypto economy.
The other cryptocurrencies also collectively termed altcoins, an abbreviation for an alternative to Bitcoin, are gradually making their presence felt in the crypto market. In fact, the performance of several altcoins has surpassed Bitcoin in previous years. The surge in the popularity of altcoins is being attributed to the wide range of unique features and applications that each altcoin has to offer. There is a sense of excitement in the crypto arena at the prospect of numerous trading and investment opportunities with several altcoins doing so well in the market.
Altcoins that are projected to be the frontrunners in 2022
Investing in altcoins is a good option if you want to expand and diversify your cryptocurrency portfolio. Also, they are preferred for investment purposes because of the possibility of a sizeable profit in a short period of time. Bitcoin traders can also incorporate altcoins in their portfolio to mitigate the risk factors that are associated with Bitcoin, mainly due to its highly volatile nature. In the event of a loss in Bitcoin, your profits in your altcoin investment can help neutralize your financial setback.
Here is a list of some of the altcoins that really found acceptance and performed well in 2022. We have selected 7 altcoins that you can invest in as they are expected to get good returns for their investor.
- Ether (ETH)
Ethereum is the most well-known altcoin and Ether is the currency used in the Ethereum blockchain. It has almost half of the market share compared to Bitcoin which is almost 19% of the cryptocurrency market. Its current market cap is nearly $360 billion. There is a huge expectation of its value to grow in the ongoing year.
Ethereum is widely used as a software network enabling the creation of new apps, tools, and NFTs. Its usage can be seen in gaming, entertainment, music, and decentralized finance applications.
- XRP (XRP)
XRP is another popular altcoin and as a technology, it is most well-known for its digital payment network and protocol. The XRP payment system has been incorporated by several major financial institutions as a part of their daily operations. It has also been effectively used in building decentralized finance (DeFi) infrastructure.
XRP price stands at around 72 cents and it has a market cap of $35 billion. It is expected to rise higher in value and is deemed as a good altcoin investment.
- Solana (SOL)
It is regarded as the fastest blockchain with a capacity to process over 2500 transactions in a second. Its most common usage is to support applications like DeFi and Web3, smart contracts such as NFTs, and lending protocols.
- Terra (Luna)
It is a stablecoin-oriented smart contract network. Its stablecoin TerraUSD (UST) is the third largest stablecoin in the market today. Luna has a market cap of nearly $34 billion and has risen almost 600% in the last year.
- Cardano (ADA)
It is one of the largest coins with a market cap of $31 billion. It has a flexible blockchain that supports several DeFi apps, NFTs, games, and many more.
- Avalanche (AVA)
Comparatively a new altcoin, Avalanche has already established itself as the fourth most employed blockchain and one of the most traded altcoins. Valued at $77, it has a market cap of $21 billion. Its growth was nearly 200% the previous year.
- Dogecoin (DOGE)
Dogecoin is currently among the most traded of all altcoins. Its increased popularity can be easily credited to the tweets by Elon Musk in its favor, who has termed dogecoin as the peoples’ crypto. It was one of the strongest performing altcoins in 2021.
With such a wide range of altcoins that are deemed a good investment, you can buy one or more type from a reliable crypto trading platform like Bitcoin Era, and enjoy your journey into the world of altcoins.