The world of cryptocurrency has seen a lot of ups and downs in the past year, especially Bitcoin and other top crypto tokens. As of today, there are over ten thousand cryptocurrencies in the market, with newer ones coming in every other day. Naturally, not all of them are worth investing in. With 2021 experiencing a market flash crash, 2022 has been a relatively good start for the crypto market despite major social and economic disturbances taking place globally. This year has however seen a sharp rise in the value of some cryptos while other coins like, Bitcoin and Ethereum, have seen pretty major downfalls as well. 2022 has also witnessed a major rise in memecoins and altcoins, that have outperformed others in terms of percentage rise in a short time span. Here’s a list of some of the top performing cryptocurrencies of 2022, that will help you guide your investment decisions.
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1. Dogecoin
One of the most successful cryptocurrency in the market is the Dogecoin, Although it is a meme coin that started as an internet trend, it is only making its investors wealthier. Between 2020 and mid 2021. Dogecoin went up around 12,000% and subsequently saw a downward spiral, which makes it an undervalued crypto in the current market with promising returns. Check out the market value for yourself by converting DOGE to INR.
2. Shiba Inu
Shiba Inu is another highly potential meme coin in the market that has outperformed its long standing rival- Dogecoin by approximately 800%. Since SHIB was only launched in 2020, it is still quite volatile. However, Shiba Inu is expected to increase approximately 1750% over the next 5 years.
3. XRP
XRP is one of the most lucrative altcoins in the current market as it has shown an increase of 377% through the year. Being a High potential cross-border payment cryptocurrencies, it is highly undervalued. Converting XRP to INR would give you a better idea about it’s place in the current market.
4. Ethereum
As an inherently strong cryptocurrency in the current trend, Ethereum has a consistently increasing demand as well as growth. This makes it a viable investment to hold with an approximate market cap of $275.89 Billion. It is said to be the Silver of cryptocurrencies in today’s day and age.
5. Bitcoin
If Ethereum is the Silver of cryptocurrencies, Bitcoin is the Gold. It is still easily the largest cryptocurrency by market cap of approximately $579.25 billion. Bitcoin has reduced to 50% from its glory highs but experts have predicted for it to hit a $100,000 mark by the end of 2022. This makes it another highly undervalued cryptocurrency. So much so that 2 countries now accept Bitcoin legally and the queue awaits many more countries, Making Bitcoin a promising buy of 2022.
6. Terra LUNA
Another high potential altcoin that is performing well this year is Terra and LUna is its native token. It has an approximated market cap of $78.9 billion. Terra has a good advantage in the payment space which is why the Terra stable coins are growing at a fast pace. Due to a growth in its algorithmic stable coins, investors of LUNA are looking at a good profit.
7. Cordano
Cordano is another cryptocurrency to look out for this year as its high speed of growth is based on its scientific principles. Currently Cordano is performing at 50% more than it’s all time high and becoming Ethereum’s top competitor. Cordano’s market cap is said to be approximately $38 Billion, which makes it a good investment to hold on to.
When you’re investing in cryptocurrency, the policy of ‘high risk, high reward’ prevails. Although it might be tempting, always be cautious while investing your hard earned money and do your research thoroughly. The crypto market is known for its volatile fluctuations so only invest capital that you can afford to lose and keep yourself updated on the day to day ongoings as well.
