10 Best Cryptocurrencies To Invest In 2022
Bitcoin (BTC) : Market cap Over $1.28 Trillion
Bitcoin (BTC), created in 2009 by an individual or group under the pseudonym Satoshi Nakamoto, is a decentralized cryptocurrency. It operates on a peer-to-peer network with no central authority or banks overseeing transactions. Bitcoin transactions are managed by a network of miners who validate blocks and receive rewards for their efforts. The cryptocurrency relies on a blockchain, a distributed ledger that records transactions across thousands of computers. Bitcoin’s security is maintained through a process called proof of work, where distributed ledgers must be verified by solving cryptographic puzzles. Bitcoin operates on an open-source model, and its design is shaped by public demand and supply. It is not owned or controlled by any single entity, allowing anyone to participate. In January 2010, Bitcoin was valued at around $0.40 per unit. As of October 12, 2022, its price stands at $19,090, reflecting a remarkable growth of approximately 47,72,500%. Bitcoin reached its all-time high of around $68,990 in November 2021.
Ethereum (ETH) : Market cap Over $157 billion
Ethereum is a decentralized, open-source blockchain. It is favorite program for developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs). Ethereum can be used by anyone to create their secured digital technology.When a user interacts with the network it pays a transaction fee to miners and validators to process the transaction. This we called as revenue for Ethereum (gas fee) that users paid. In April 2015, you could buy a Ethereum for about $0.311. As of Oct 12, 2022, its price was at $1285, growth of about 412219%. Its lifetime high was around $4891.70 in November 2021.
Tether (USDT) : Market cap Over $68 billion
Ethereum stands out as a decentralized blockchain, cherished by developers for its versatile applications like smart contracts and NFTs. Users leverage Ethereum to craft secure digital solutions. Interacting with the network incurs a transaction fee, known as gas fees, paid to miners and validators for processing. In April 2015, Ethereum was priced at $0.311. By October 12, 2022, it soared to $1285, marking a staggering growth of 412,219%. Its peak reached approximately $4891.70 in November 2021.
Binance Coin (BNB) : Market cap Over $43.50 billion
Binance Coin, a cryptocurrency tied to the Binance exchange, facilitates seamless trading and fee payments within the platform. Since its 2017 inception, Binance Coin has expanded its utility, serving purposes like international payments and travel bookings. It’s also tradable for other major cryptocurrencies like Ethereum or Bitcoin. The cryptocurrency market, known for substantial returns, witnessed Binance Coin’s remarkable surge from $0.10 in 2017 to $269 by October 12, 2022, boasting an impressive gain of around 269,000%. Its peak value reached approximately $690.93 in May 2021.
XRP (XRP) : Market cap Over $23 billion
XRP, crafted by Ripple, a pioneer in digital technology and payment processing, serves as a means to streamline currency exchanges on its network. This includes facilitating transactions involving fiat currencies and various cryptocurrencies globally. Starting at $0.006 in early 2017, XRP surged to $0.4983 by October 2022, marking an impressive growth of over 8,305%. Its peak value touched approximately $3.84 in early 2018.
Terra (LUNA) : Market cap Over $34 billion
Terra functions as a blockchain payment platform specializing in stablecoins, maintaining equilibrium through a dual-cryptocurrency system. TerraUSD, a stablecoin tied to physical currencies, is upheld by Terra. Luna, the powerhouse behind the platform, is utilized to generate additional Terra stablecoins. The interplay is governed by supply and demand dynamics: as a stablecoin’s value surpasses its pegged currency, users burn Luna to create more of that stablecoin; conversely, when Terra’s value dips, users burn stablecoins to mint more Luna. Notably, from January 3, 2021, at $0.64, Luna skyrocketed over 14,200% by the beginning of March 2022, reaching $92.
Cardano (ADA) : Market cap Over $13 billion
Cardano, a cryptocurrency distinguished by its early adoption of proof-of-stake validation, excels in expediting transactions while reducing energy consumption and environmental impact. Unlike competitive models like Bitcoin, Cardano omits the resource-intensive problem-solving aspect. Similar to Ethereum, it supports smart contracts and decentralized applications, driven by its native coin ADA. Priced at $0.02 in 2017, ADA surged to $0.38 by October 12, 2022, marking an impressive gain of nearly 1900%. Its peak value reached around $3.10 in August 2021.
Solana (SOL) : Market cap Over $11 billion
Solana, designed to drive decentralized finance (DeFi), decentralized apps (DApps), and smart contracts, operates on a distinctive hybrid proof-of-stake and proof-of-history mechanism, ensuring swift and secure transaction processing. SOL, the native token of Solana, fuels the platform. Launched in 2020 with an initial price of $0.77, SOL soared to approximately $101 by March 1, 2022, boasting an extraordinary gain of almost 13,000% in just a year.
Polkadot (DOT) : Market cap Over $7 billion
Polkadot (DOT), established in 2016, stands as a blockchain interoperability protocol, connecting diverse chains seamlessly. It facilitates the exchange of data and transaction processing for parallel blockchains without compromising security and transparency. Developed by Ethereum co-founder Gavin Wood, Polkadot allows developers to create their blockchains while leveraging its security. A distinctive feature of DOT is its limitless total supply, with new tokens consistently in circulation. Priced at $0.29 in October 2017, Polkadot surged to $6.15 by October 12, 2022, marking a substantial gain of approximately 2,120%. Its peak value reached around $55.11 in May 2021.
Litecoin (LTC) : Market cap Over $4 billion
Litecoin (LTC), an open-source blockchain project launched in 2011 by Coinbase software engineer Charlie Lee, serves as an early cryptocurrency with code derived from Bitcoin. While sharing similarities with Bitcoin, Litecoin prioritizes faster transaction confirmations. Operating without intermediaries, it provides a global payment avenue. Often dubbed “silver to Bitcoin’s gold,” Litecoin boasts a capped supply of 84 million tokens. In May 2021, it reached a lifetime high of $413.47, witnessing a subsequent 50% decline in the following years. Priced at around $3 in November 2013, Litecoin climbed to $51.40 by October 12, 2022, showcasing a notable gain of approximately 1,714%. Its peak value reached around $412.96 in May 2021.