2021, was an extraordinary year for the cryptocurrency industry. Many cryptocurrencies attained their all-time high, more investors joined the market, more projects and coins came up, and the industry’s market cup hit the all-time high of over $2.8 trillion.
Many investors also had everything to smile about with the individual cryptocurrencies hitting the highest prices ever. Ethereum went up more than 400%, Cardano 1000%, Dogecoin 10,000%, and HEX 100,000% within last year. However, which cryptocurrencies in 2022 would be the next Ethereum, Cardano, Dogecoin, or HEX? Let us consider the top 10 cryptocurrencies to buy in 2022.
1. Ethereum (ETH)
If you are not into taking too much risk with less-known cryptocurrencies, then ETH is for you. Ethereum is anticipated to continue with the good run that it had last year. Ethereum 2.0 upgrade finishes this year. The upgrade will make the blockchain more scalable and sustainable. If this upgrade goes well, which is highly likely, it will attract more investors to Ethereum, which will derive the demand and the prices of ETH even higher.
2. Solana (SOL)
Solana is another Layer 1 cryptocurrency, which is highly likely to be one of the superstars of 2022. Solana is known for its speed and low-cost transactions, which attracts many developers. It is the leading Ethereum alternative and we believe it will continue with the good run it has had since its inception.
3. Cardano (ADA)
Cardano is a research-oriented project that targets to solve problems in the cryptocurrency world using its long-term solutions approach. For example, it is considering the impact of quantum computing on the crypto industry. It uses proof-of-stake (PoS) validation, which makes it faster and cheaper. Cardano already has several real-world projects. We are likely to see the rollout of many new projects on the Cardano in 2022, following the launch of smart contract capability earlier last year. ADA sold at $0.02 in 2017. In January 2022, it is selling above $1.1, which reflects more than 6000% up since 2017. If all goes well, then ADA is likely to fly high this year.
4. Avalanche (AVAX)
Avalanche, just like Solana, is an alternative to Ethereum. It has a clear purpose of achieving the fastest transaction at a low cost. Currently, it has a speed of 4,500 transactions per second, which is much faster than Ethereum’s 13 transactions per second. According to the project’s official website, Avalanche is the most advanced blockchain network with the fastest-growing ecosystem. It supports a range of crypto and blockchain applications including DeFi, exchange, DAO, gaming, and NFTs. Putting all these actors together, AVAX is highly promising in 2022.
5. Elrond (EGLD)
Elrond is a layer one protocol that seeks to offer extremely high transaction speed through sharding. It positions itself as a technology ecosystem for the new internet, including FinTech, DeFi, and the internet of things (IoT). It can process 15,000 transactions per second with a 0.001 transaction cost.
EGLD has seen considerable growth in the past few years, yet has not hit the high of some competitors such as Solana. However, it has a larger space to grow, and 2022 could see it soar high.
6. Fantom (FTM)
FTM is the native token to the Fantom blockchain. Fantom uses an Abft consensus algorithm, Lachesis, to achieve high transaction speed, high scalability, and a more secured network. The decentralized network allows users to build peer-to-peer applications without the need to create their own network layer.
Fantom has increased in value by over 11,000% in the past year, selling at $2.37, at the time of writing, compared to $0.02 twelve months ago. With the project having a clear purpose, Fantom is likely to continue with the good run in 2022.
7. Polkadot (DOT)
Polkadot (DOT) is a multichain protocol that connects networks of specialized blockchains to facilitate the cross-chain transfer of any data or asset types. Polkadot creates interoperability of blockchains. The goal of Polkadot is to provide a foundation for the decentralized internet of blockchain.
The project’s coin, DOT, has experienced massive growth in the recent past. The value of the token keeps soaring as many people get attracted to the Polkadot. As of the time of writing, Polkadot’s price was $24.25 with a 24-hour trading volume of $1,763,115,217. Just one year ago, the price of this coin was $8, implying a 200% rise in value. We expect DOT to continue with the impressive run in 2022.
8. Polygon (MATIC)
Polygon aggregates layer 2 solutions for Ethereum blockchain. It helps the existing projects on Ethereum running on Ethereum to reduce the cost of operation as well as network congestion issues. MATIC token is currently trading at $2.15 and is likely to have achieved a general bull market in the previous year. The bull market is likely to continue as more developers find this protocol highly useful in solving their cost, scalability, and speed problems with Ethereum.
9. Enjin (ENJ)
ENJ is the native coin for the Enjin Network, a project that provides an ecosystem for blockchain-based gaming products. Its social gaming platform allows users to create websites and clans. Users can also chat and host virtual item stores. The project taps into the NFT world, a niche in the blockchain ecosystem, has dramatically risen in fame in the past year. The project has quickly become game developers’ favorite, as it enables tokenization of in-game items on the Ethereum blockchain. Enjin coin is an ERC-20 token that backs the digital assets issued on the Enjin platform, enabling the tokens to be bought, sold, and traded with real-world value. The coin was launched on Ethereum mainnet in June 2018, with one coin selling below $0.1. Currently, the token is worth $2.2. Enjin Coin is showing a general up tread since its launch. The positive run is likely to continue in 2022.
10. Velas (VLX)
Velas coin (VLX) is the native cryptocurrency token for Velas, the fastest EVM blockchain in existence. The project is a fork of Solana and enables up to 75,000 transactions per second. Its transactions are processed instantly and securely at a very low cost — close to free. The coin (VLX) facilitates the activities in the ecosystem made of decentralized products built on top of the Vela network to enable an easy user experience.
VLX is trading at $0.31 at the time of writing with a 24-hour trading volume of $14,330,120. With the unique solutions that Velas blockchain presents to the developers and other cryptocurrency users, the native coin is likely to attract more investors and users, which will continue driving its price up.
That is the list of the leading cryptocurrencies highly likely to soar high this year. One of the criteria used in selecting these tokens is the value that the whole project brings to the crypto industry. It is also important to note that this list majorly focuses on tokens of layer 1 and layer 2 blockchains. More projects with high potential tokens are definitely out there, yet not covered in this limited list. An example of such tokens is POCK, a native token for Pocket Wallet and Pocket Finance, which is a multichain all-in-one cryptocurrency wallet and DeFi solution. “Projects that solve problems are likely to be more attractive to users. Another criterion is the general price trend in the past”, notes Arnold Mhlamvu, Founder of Pocket. You can use the above criteria to do more research and find such projects. Needless to say, 2023 will be an interesting year in the crypto industry as institutional adoptions increases across major first world countries.