Cryptocurrencies that can triple your money in 2022

0

Due to its success and investor interest, the cryptocurrency market has tripled in the past two years and is currently trending among investors interested in bypassing traditional investment options like bonds, stocks and real estate due to their relatively weak gains over time.

Although cryptocurrencies are still not declared legal in many countries, they are certainly not illegal and are beginning to be accepted as legal tender in others. Additionally, the cryptocurrency market and its products, the cryptocurrencies themselves, are cryptographically secured, making it the safest decentralized investment solution for people and organizations who want to avoid the burden on local authorities monitoring their transactions. For the aforementioned reasons, the cryptocurrency market capitalization has grown from billions to trillions of dollars in recent years and shows no signs of stopping anytime soon.

In fact, 2020 and 2021 saw good ROI from cryptocurrency trading, which kind of came to a halt in 2022 due to bearish market conditions. Nevertheless, depending on a variety of factors, it may make sense to invest in some of the most popular cryptocurrencies right now, as they are relatively cheap and expect big returns in the future.

So what should you invest in this year, and in which cryptocurrencies will you get a decent return? Below, we’ll go over the five cryptocurrencies we think could explode this year.

Ethereum (ETH)

Although Bitcoin remains the “king of crypto”, Ethereum transactions are now faster than Bitcoin transactions. And despite the fact that Bitcoin and Ethereum have a relatively similar structure, they serve very different purposes and have quite different uses. Ethereum serves several purposes beyond simple payment and is very valuable in economic contexts.

Due to the latest use case of Ethereum for obtaining expensive NFTs, its price has increased over the past few years. Ethereum had a price of $1,000 in 2018; until December 2021, it had reached $4,000. Nowadays, the price of ETH has dropped slightly above where it was in 2018, making it a fantastic investment opportunity given its decentralized finance application and blockchain functionality. Regardless of the current price of the coin, these two traits are going nowhere.

Avalanche (AVAX)

According to market capitalization, Avalanche or AVAX is currently the tenth largest cryptocurrency. This year, according to crypto experts, AVAX has perhaps the best potential to triple in value. After all, it is AVAX’s blockchain-powered smart contracts that provide exceptional speed and compatibility to end users, and what sets this coin apart from all the others you can currently get on your favorite crypto exchange.

Gimbal (ADA)

Cardano (ADA) is another project that could spark the next cryptocurrency bull run. Charles Hoskinson, one of the co-founders of Ethereum, started this project with the aim of making Cardano more interoperable, scalable and sustainable than the best networks in the industry.

Cardano uses a “Proof-of-Stake” (PoS) consensus mechanism, which significantly reduces energy consumption when building new blocks, unlike other cryptocurrencies, such as Bitcoin and Ethereum. Cardano’s smart contract capability works well with this, making the network a solid alternative for dApp developers. The network’s native coin, ADA, hasn’t exactly had the best of luck lately, but this initiative still has incredible potential for the months to come.

Ripple (XRP)

Following encouraging news regarding the network’s ongoing litigation with the SEC, Ripple could be the next cryptocurrency to take off in 2022. As you may already know, Ripple is the startup that created RippleNet, a payment platform decentralized that allows rapid and inexpensive exchanges. of different currencies.

Cryptocurrencies that can triple your money in 2022

The use of XRP, which acts as a “bridge” between the currencies, facilitates the process. Due to this strategy, RippleNet was seen as a logical replacement for the outdated SWIFT network, which in some cases can take up to three business days to process payments. This clearly shows that now may be the best time to buy XRP before the coin surges once news of Ripple’s lawsuit resurfaces.

Cosmos (ATOM)

Due to its distinctive approach to interoperability, Cosmos could become the next major cryptocurrency to make a big splash in the market. You will find that blockchains generally work on their own rather than in conjunction with other chains if you invest in any of the major cryptocurrencies. This “competition” mentality has forced dApp developers to choose which channel they want to build their products on, which drastically reduces the user base.

Nevertheless, the Cosmos protocol allows programmers to create their own “zones”, which are independent blockchains connected to the Cosmos hub. While still having access to other areas and being able to interact and share information with them, developers have full sovereignty over their own blockchains. This ensures that dApps can be integrated into multiple zones, improving interoperability and elevating these networks.

Final Thoughts

There is no denying that cryptocurrencies are here to stay. The real question is, where is the best place to invest your money? Still, remember that crypto is not a get-rich-quick scheme and you should consider it as a long-term investment instead.

Disclaimer: Cardano Feed is a decentralized news aggregator that allows journalists, influencers, editors, publishers, websites and community members to share news about the Cardano ecosystem. User should always do their own research and none of these articles is financial advice. The content is for informational purposes only and does not necessarily reflect our opinion.

Share.

About Author

Comments are closed.