Top 8 best cryptocurrencies in 2022 so far

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Byline: Morgan Reeves

Cryptocurrencies have proven to be a great investment over the years, despite their volatility in the market. The crypto market has turned out to be one of the fastest-growing in the world. As the market expands, more exciting projects and benefits will be available to investors. This begs the question, which is the best cryptocurrency to buy in 2022? Cryptocurrencies have suffered through the bear market since their peak in 2021 November. The cumulative value of the once-hot asset class has plunged due to the stock market, driven by rising inflation and interest rates. 

What is cryptocurrency?

A cryptocurrency is a modern digital currency where transactions are verified and recorded by a decentralised system, using Cryptography as opposed to the traditional centralised authority commonly used to control currencies globally (financial institutions like banks and governments). Bitcoin 360 AI to see more information from, a reputable source of crypto news and fact, offers a detailed explanation and further information about cryptocurrency, which many in the community have found constructive and useful.

Top 8 best cryptocurrencies

Below is a summarised outline of the most profitable cryptocurrencies to invest in and we also believe they will record the greatest growth in the foreseeable future. This is based on their market capitalisation and the total value of the coins currently in circulation.

•         Solana (SOL)
•         Ethereum (ETH)
•         Bitcoin (BTC)
•         Binance (BNB)
•         Cardano (ADA)
•         Terra (LUNA)
•         Tether (USDT)
•         XRP

Solana (SOL)

•         Market cap: over $12.438 Billion

Created in 2017 and its first block created on March 2020 by Anatoly Yakovenko, Solana (SOL) is a public blockchain platform with smart contract functionality. In theory, Solana can process a total of up to 50,000 transactions per second. Solana achieves consensus using a proof-of-stake mechanism and its model known as a proof-of-history mechanism. The network works faster because the nodes do not need to communicate to validate a block.

Ethereum (ETH)

•         Market cap: over $157.27 Billion

Conceived in 2013 by Vitalik Buterin, Ethereum is a decentralised open-source blockchain with smart contract functionality. Ether is second only to bitcoin in market capitalisation and went through a historical merge on the 15th of September, transitioning its consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS). The upgrade required no action from Ethereum users.

Bitcoin (BTC)

•         Market cap: $358.81 Billion

Created in 2008 and kick-starting its use in 2009 under the pseudonym Satoshi Nakamoto, Bitcoin is the original cryptocurrency. BTC is a digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public ledger called a blockchain. BTC is kept secure and safe from fraudsters.

Binance (BNB)

•         Market cap: $43.538 Billion

Created in 2017 by Changpeng Zhao in the Cayman Islands, Binance is the largest exchange in the world in terms of the daily trading volume of a cryptocurrency. The Binance coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance. In 2021 Binance reached a market cap of more than 90 billion U.S dollars twice. Binance can be used for trading, payment processing, or even booking travel arrangements.

Cardano (ADA)

•         Market cap: $14.642 Billion

Released in 2017 by Charles Hoskinson, Cardano is a public blockchain platform. It is open source and decentralised with consensus achieved using proof-of-stake (PoS). Cardano can also facilitate peer-to-peer transactions with its internal cryptocurrency, ADA.

Terra (LUNA)

•         Market cap: $1.63 Billion

Founded by Do Kwon, Terra is one of two tokens used in the Terra blockchain as a payment method for stablecoins that relies on keeping a balance between two types of cryptocurrencies. It is pegged to different fiat currencies through algorithms. Terra stablecoins and Luna work in conjunction according to supply and demand: Luna powers the Terra platform and is used to mint more Terra stablecoins.

When a stablecoin’s price rises above its tied currency’s value, users are incentivised to burn their Luna to create more of the Terra stablecoin. Likewise, when its value falls compared to its base currency, this encourages users to burn their Terra stablecoins to mint more Luna. As the adoption of the Terra platforms grows, so too does the value of Luna.

Tether (USDT)

•         Market cap: $67.955 Billion

Launched in 2014 by a company called Tether Limited Inc, and owned by the Hong Kong-based company iFinex Inc., Tether is a stablecoin, meaning it is backed by fiat currencies like U.S. dollars and the Euro. In simple terms Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favoured by investors who are wary of the extreme volatility of other coins.

XRP

•         Market cap: $21.09 Billion

Released in 2012 and created by the same founders as Ripple, a digital technology and payment processing company called Ripple Labs Inc., XRP is the native cryptocurrency of XRP Ledger, which is an open-source, public blockchain designed to facilitate faster and cheaper payments.

Market cap changes daily due to supply change pressures. According to a Coinbase article, the market cap is significant. The market is very volatile, and before one dives in, they need to do their research to make an informed choice about which cryptocurrency to invest in, and this top 8 list can help narrow your search.