This year has unquestionably been the year of cryptocurrencies, and there is no sign of it stopping anytime soon, even in 2022.
Cryptocurrency is a novel means of keeping value and, in certain cases, doing business.
When Bitcoin, the world’s first cryptocurrency, rocketed beyond $60,000, it made many people millionaires. It’s vital to recall that Bitcoin began trading in 2010 at around $0.08.
Newer players made an impression as well; Solana, for example, has increased by an incredible 12,600% this year.
So which cryptocurrencies will be the most popular in 2022? It’s impossible to know for certain. But there are four that have the potential to soar in the next 12 months.
Here, we highlighted four cryptocurrencies that may run wild next year.
Cardano is a decentralised, open-source, public blockchain platform that uses proof of stake to create consensus. Users can conduct peer-to-peer transactions using Ada, the company’s own cryptocurrency. It was first introduced in 2015 by Charles Hoskinson.
Cardano has outlined a five-stage plan that will lead to the eventual objective of being a self-sustaining decentralised system. This year, the platform introduced smart contracts. Now the focus is on the final two stages of development. Before releasing any modifications, part of the strategy is to rely on peer evaluation. With this comprehensive strategy, one can expect quality from Cardano.
Binance runs the world’s largest cryptocurrency exchange. Binance is the third most popular digital coin on the market and altcoin exchanges in terms of trading volume. This works with any smart device and allows crypto traders to begin trading safely and conveniently. Changpeng Zhao is the founder of the platform.
Binance Coin is expected to achieve a large market cap in 2022, with an average daily volume of 2.0 billion and over 1,400,000 transitions per second. This exchange platform offers a variety of products that will be advantageous to crypto investors in the near future.
Ethereum is a well-known player in the market. After all, it’s the world’s second-largest cryptocurrency by market capitalisation. It was created in 2015, and it has been in use since then. Ethereum, on the other hand, has a long way to go. And 2022 could be its most important year yet. With blockchain about to receive a significant upgrade. Ethereum 2 will also address the most pressing issue that the platform is experiencing, which is transaction speed.
At the moment, Ethereum can only perform roughly 30 transactions per second. However, with the improvement, it may be able to process up to 100,000. This is due to two enhancements. The first step is to switch to the proof-of-stake validation approach, which eliminates the time-consuming validation method that requires sophisticated computation. Instead, it gives validators validation capability based on the currencies they have. Second, to alleviate congestion on the main network, Ethereum is introducing shard chains. If the upgrade goes successfully, this crypto powerhouse could grow much bigger.
Solana is a high-performance blockchain that employs both proof-of-stake and proof-of-history techniques. With a block explorer, network performance, and stake distribution, it aids in the development of seamless crypto apps. It can handle roughly 2,292 transactions per second at an average cost of $0.00025 per transaction. With DeFi, NFTs, Web3, and many other projects, crypto investors can have access to over 400 projects. As a result, it is expected to be one of the fastest-growing cryptocurrencies in 2022.