Altcoins is a term used to describe all the cryptocurrencies floating in the market, apart from Bitcoin. Looking at the current market in 2022, there are around 5,000 altcoins in existence, with many more being created and some being slashed. Due to the rough crypto market of 2022, a lot of cryptocurrencies have lost their value. Cryptocurrencies usually generate large losses or gains in a short amount of time due to their volatile nature and the various factors affecting the market. Despite that, there are some currencies that rode out the plunge and performed well. Here are some of the best performing Altcoins of 2022.
1. Terra (LUNA)
Terra is a public blockchain technology that uses tokens which are linked to real-world assets. Terra is a cryptocurrency that includes three major applications: Anchor, Mirror, and Chai. LUNA is Terra’s native token with a current market cap of approximately $5,438,630,673 USD. As the Terra platforms become more widely used, the value of Luna increases as well. Luna’s price has increased by more than 14,300 percent since its inception in January 2021, bringing its per token value to around $92.64.
Ethereum is the second largest home to cryptocurrencies by market cap. It is a decentralized software platform that allows smart contracts and decentralized apps to be written and run without the need for third-party downtime, fraud, control, or intervention, making financial products easily accessible. Second only to Bitcoin, Its market cap is currently approximated at $411 billion and the Year to date return is said to be around -8.7%. You can convert ETH to INR to get a better idea of its value in terms of Rupees.
Tether was one of the first stablecoins (cryptocurrencies that are linked to real world assets like gold or USD) in the market that had an aim to decrease volatility by linking their market value to the US Dollar making one tether token equal to one US Dollar’s value. Tether is the third largest cryptocurrency according to the latest market capitalization by the market cap of approximately $80.1 billion, with a per token value of $1. Converting Tether to INR would give more insight on these figures.
Ripple is a payment system for various cryptocurrencies and XRP is a native cryptocurrency of Ripple. XRP, known for its scalability, low cost, and speed, is a digital asset built specifically for payments. With a market cap of around $90 Billion, XRP has grown in leaps and bounds this past year.
Cordano (ADA) is an open source blockchain platform that operates on a proof-of-stake protocol. Cordano’s native token platform is ADA which is known to allow platform users to navigate upon this network and stake upon the platform to participate in the governance systems. Cordano’s Year-to-date return is approximated at -13% and the market cap is said to be around $38 billion.
6. Avalanche (AVAX)
Through its smart contract capability, Avalanche competes with Ethereum blockchain by enabling decentralized applications and other blockchain networks. It has great scope for scalability as well as high transaction output, and offers flexibility to network developers. Its Year-to-date return is approximated at -18.3% with a market cap of around $37.4 billion.
7. Dogecoin (DOGE)
As one of the most widely traded cryptos as well as the largest cryptocurrencies by market cap at approximately $18.4 billion, Dogecoin is an open source peer-to-peer digital currency. Its Year-to-end return is approximated at -18.9%.Dogecoin is marketed as a fun internet cryptocurrency backed by an online community.
It is essential to weigh in the profits and losses of all investments as many factors play a role in adding to the uncertainty of the crypto market. You should not be overzealous and invest money that you can’t afford to lose. However, despite fluctuations, cryptocurrencies still hold a significant value in the market and investors with disposable income or a strong financial sense can take the risk and reap the rewards.