6 Altcoins To Purchase In 2022
Last year was a turning point in the Crypto sector. There are now more Crypto coins, investors, Cryptocurrency exchanges, and money in Cryptocurrency than ever before. It’s difficult to select just a handful of Cryptos out of over 16,000 available. Because altcoins are created from Bitcoin, they share certain qualities with Bitcoin while also differing from it in some ways. Some of these distinguishing features are the consensus techniques utilized in transaction validation, low price volatility, and smart contracts. Altcoin values tend to track Bitcoin price swings due to their similarities. Stable coins, utility tokens, security tokens, and mining-based Cryptos are all examples of altcoins. It has been determined that there were about 9000 Cryptos in 2021, with all coins accounting for 40% of the total. In the first quarter of 2021, Bitcoin and Ethereum had the highest market capitalizations.
Identifying the finest altcoins might be difficult because there are so many to select from, but it’s unquestionably worthwhile because these coins can frequently yield triple-digit returns. The best Cryptocurrencies for you are determined by the sort of investor you are. Some people are ready to take on more risks in exchange for greater potential benefits. Others are seeking more secure long-term investments. Thus, in this case, the following altcoins are worth keeping an eye on in 2022.
1. Algorand (ALGO):
Algorand is a two-tired, permissionless, open-source Blockchain using a Proof-Of-Stake (POS) consensus mechanism. Algorand is designed to address the Blockchain trilemma in ways that distinguish it from its counterparts with similar goals. This has drawn a significant amount of private money from major investors. ALGO’s utility token may be staked and rewarded. What distinguishes ALGO is that new ALGO tokens are issued to the system’s existing currency holders whenever new ALGO tokens are released. ALGO’s PoS is unique in that it utilizes a random selection mechanism in which validators are chosen at random to validate the following block. It leverages Verifiable Random Function (VRF), a one-of-a-kind and advanced Cryptographic mechanism that picks nodes at random. It is, in fact, a low-cost, fast, and ecologically friendly alternative to Ethereum and Bitcoin. The fact that Algorand’s approach plays into people’s emotions wasn’t the only reason to consider investing in it. With many supporters of environmental preservation, Algorand has an emotional advantage since, unlike Bitcoin, it has attained carbon negative status. Algorand’s market cap is now $9 billion as of January 2022 and may have a greater influence on its market worth.
Also read: Top 5 Yield Farming Tokens For 2022
2. NEO (NEO):
Like Ethereum, it’s a platform for creating decentralized application DApps, smart contracts, and initial coin offerings (ICOs). NEO is sometimes referred to as the ‘Chinese Ethereum’ due to its similarities to Ethereum. NEO was one of the greatest Cryptocurrencies in 2017 and provided excellent gains. It increased from around $0.16 in January 2017 to over $162 in January 2018. That equals a 111,400% return on investment, which is enormous. NEO is now performing well, rising from around $444 at the start of April 2018 to $82 today. It has nearly doubled. NEO has several technological benefits over Ethereum.
The NEO Blockchain can manage around 10,000 transactions per second, while the Ethereum network presently supports only 15 transactions per second. NEO supports many programming languages including C++, C#, Go, and Java. This has made NEO quite famous amongst the developing community since they utilize NEO’s platform in their native language rather than having to learn a new one. There are a few ways to purchase NEO using fiat currency such as USD or GBP. The simplest method is to first purchase Bitcoin from Kraken or Coinbase and then swap it for NEO. Several prominent exchanges, including Bitfinex and Binance, allow you to convert BTC to NEO. NEO is certainly one of the finest Cryptocurrencies for 2022.
3. FTX Token (FTT) :
FTX is a centralized Cryptocurrency exchange that provides a variety of services under one roof. Crypto derivatives like futures can be traded. Margin trading is a double-edged blade that may multiply your winnings and losses. On the other hand, it’s popular among traders, and FTX utilizes leveraged tokens as an alternative to margin trading. The Crypto exchange utility token is FTT, and the charge is cheaper than most of its competitors. This is by far one of the most useful tokens. Depending on the quantity you hold, owning the FTT token might cut your trading charge by 3%-60%. You may even use it as security for futures contracts and earn income by staking it.
Also read: 6 Crypto Airdrops For February 2022
Plus, you get protection and security for your long investments as well as over-the-counter rebates. Not only will you receive these significant benefits from the exchange, but you will also see again in FTT value reflected in your portfolio. It’s no surprise that more users are attracted to the token. The value of the FTX token increased 400% in one year in 2021, and its market capitalization is now $5 billion at the time of writing in January 2022. FTX has legitimately established itself as one of the leading Cryptocurrency exchange marketplaces.
4. Stellar Lumens (XLM):
Stellar is an open-source, decentralized platform that enables low-cost transfers of digital currencies to fiat money. It features a diverse variety of currencies that may be exchanged both locally and internationally. It is a DeFi project that experts anticipate will recover quickly from the broader Crypto market crash. The entire supply of XLM is 50 billion, with 23 billion in circulation. It has a market capitalization of $5 billion. In terms of market capitalization, this makes it the 5th largest Cryptocurrency. It has been regarded as fascinating and disruptive, with the ability to increase in value in the shortest amount of time. If you prefer to trade in XLM, the indicators are favorable, and it will not be deemed as a terrible investment. It is regarded as one of the finest Cryptocurrencies of 2021 because it has a good correlation rate with the powerful Bitcoin, which is no simple achievement.
These digital currency creators are working around the clock to expand their prominence in the Crypto industry. Stellar just struck a deal with the Ukrainian government in the first quarter of 2021 to ensure that their central bank leverages the Stellar Blockchain to hold its Central Bank Digital Currency. This resulted in a significant increase in its worth throughout the first quarter. The Stellar information is attempting to negotiate a similar arrangement with governments in other nations. Stellar has been trading for less than a dollar since its debut. It began trading at $17.00 in 2021 and grew to an astonishing rate of $70 before being struck by the Crypto market downturn. A single Stellar now costs $27. Analysts predict that it will live up to the hype. Lumens is now available on several Cryptocurrency exchanges. Lumens may be purchased from anywhere in the world using other digital currencies or Fiat currency and can be purchased on Binance, Coinbase, Kraken, and many more exchanges.
5. Chainlink (LINK):
Whilst Chainlink is a top 2022 altcoins choice for businesses and investors, it is also an excellent choice for ordinary users. Chainlink, as the name implies, may connect its network to those of other non-blockchain platforms and data. That implies Blockchains will be able to source and use smart contracts as well as data from other sources such as Central Banks, traditional banks, businesses and individuals, IoT sources, and other Blockchains. Chainlink, like several other top Cryptocurrency 2022 choices, use smart contracts that leverage oracles to pull information via APIs, off-chain data pools, and other technologies. Contributors to all of these data pools, APIs, and other technologies can be paid for supplying the information, while those that use the data via smart contracts can charge a fee. The use of smart contracts, the usage of ERC-677 and ERC-20 standards, price, Crypto potential, and a very low transaction cost are just a few of the elements that make Chainlink one of the finest Cryptocurrencies in 2022.
Chainlink has worked with global behemoths like Google and SWIFT, as well as prominent Cryptos such as Synthetix and Polkadot. And Chainlink will work hard to satisfy its hunger for more similar partnerships. As a result, you can picture the incredible growth potential of this wonderful Cryptocurrency. In January 2022, Chainlink’s market cap was US$12 billion, and this altcoin has the potential to contribute billions of dollars to the Crypto ecosystem.
Also read: Top 3 DeFi Tokens To Watch Out
6. Harmony (ONE) :
The RSI for ONE indicates that it has only recently launched a fairly fast rise. Of course, no one knows how long it will endure. Having said that, there are several basic reasons to be enthusiastic about ONE. It has profited from the expanding use of its platform, which is a layer-one Blockchain that also links to Ethereum and other networks, as the Harmony Blockchain’s native coin. Most significantly, Harmony’s total locked-in value has increased from around $500 million in mid-December to $1.23 billion at present. Simultaneously, Harmony continues to announce new product releases, applications, and integrations. It recently launched the oneUSD Stablecoin. This will significantly improve the liquidity of its ecosystem, therefore expect rallies to follow its introduction.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.