A cryptocurrency is a form of virtual currency that may be used for transactions without being controlled by a bank or centralized body. There are currently more than 20,000 crypto ventures active, which together make up the $1.07 trillion global marketplace. There are a variety of cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, which makes it difficult to get started in the world of cryptocurrencies. We will discuss some of the famous coins that are currently available to help you in determining the best cryptocurrency to invest in right now.
Best Cryptocurrency To Invest In 2022
1. Bitcoin (BTC)
Bitcoin (BTC), launched in 2009 by Satoshi Nakamoto, is the first virtual currency. It runs off of a ledger, which is a database that records information and is shared over a system of numerous computers, like the majority of other digital currencies. Bitcoin is made private and secured from hackers because the verification of public blockchains requires solving a challenging issue, a process called proof of work.
BTC’s value has increased as a result of its demand. Since May 2016, the cost of one BTC was around $500. The price of one Bitcoin was almost $23,046 on August 1, 2022. This represents a rise of about 4,500%. If you are looking to invest in Bitcoin then you should choose a reliable platform like Bitcoin Pro. But before you invest, make sure to do your study and research.
2. Ethereum (ETH)
Ethereum, a blockchain technology, and a coin are popular among coders because of numerous uses, including the so-called consensus mechanism that tells the computer when certain parameters are achieved. Moreover, Ethereum has experienced tremendous growth. The value of ETH rose by almost 14,800 percent from almost $11 to around $1,640 in April 2016 to the start of August 2022. Today ETH is considered the best cryptocurrency to invest in right now after Bitcoin.
3. Dogecoin (DOGE)
Dogecoin which was not famous before was launched as a joke in 2013. However, a devoted group and innovative meme helped Dogecoin grow into a well-known crypto coin. Dogecoins may be manufactured in an unlimited amount, compared to other cryptocurrencies, making the cryptocurrency vulnerable to fluctuation as supply rises. In 2017, Dogecoin cost $0.0002. On August 1, 2022, it was worth $0.067, an increase of 33,400%.
4. Tether (USDT)
It is a virtual currency known as Stablecoin, which implies it’s supported by monetary systems such as Euros or US dollars. It generally keeps a strong similarity to these values, compared to other kinds of virtual currencies. Therefore, traders who are concerned about the high crypto market movement choose Tether since its value is generally considered more stable compared to the other virtual currencies.
5. Cardano (ADA)
The relative newcomer to the crypto industry, Cardano (ADA), is notable for having used proof-of-stake identification. This technique consumes less energy, speeds up payment processing, and has a less negative influence on the ecosystem by getting rid of the competitiveness, and problem-solving element of payment transactions in platforms such as Bitcoin. Cardano works the same as Ether in enabling consensus protocol and decentralized application supported by ADA, the system’s native coin.
Compared with other famous digital currencies, the advancement in the Cardano virtual currency has been somewhat moderate. In 2017, the price of ADA reached $0.02. On August 1st, 2022, it cost $0.50. This is a 2,400% gain.
6. Solana (SOL)
It is a network designed to support decentralized applications like Defi and crypto algorithms. It employs a special combination of proof-of-stake as well as proof-of-history approaches to handling trades rapidly and efficiently. The network is controlled by the local currency of SOL. When Solana made its debut in the year 2020, its price was $0.77. At the start of August 2022, it has increased in value by almost 5,300%, to about $41.55.
XRP is a cryptocurrency that may be employed on a platform to allow trades of many currency categories, notably fiat money and other significant cryptocurrencies. It was developed by some of the developers of Ripple, which is a technology and electronic payment service firm. XRP was worth $0.006 at the start of the year 2017. Now its price has been increased by 6,066% to $0.37 as of August 1, 2022.