Ground Report | New Delhi: Top cryptocurrencies in January 2022; Overall, 2021 proved fruitful for cryptocurrencies. Many cryptocurrencies have reached new all-time highs and increasingly captured the interest of global financial institutions.
Bitcoin’s journey to $ 70,000 has garnered the attention of enthusiasts. The same is true for Ethereum, with ETH outperforming BTC.
The results of the crypto memes Shiba Inu and Dogecoin were also a surprise. In addition, we observe the advancement of digital currencies defined as “ Ethereum killers” such as Polkadot, Solana, and Chainlink. At the end of 2021, many other tokens came to life that pursues the improvement of the decentralized financial ecosystem.
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Top cryptocurrencies in January 2022
In 2021, the race for Ether (ETH) was consolidated, capable of reaching half the capitalization of Bitcoin. ETH execution began at the beginning of the year, growing from around $ 600 to over $ 4,000. The highest market price ever reached for ETH is $ 4,891, and it will be interesting to see how this cryptocurrency will perform in 2022.
The Ethereum ecosystem is attracting significant investor attention, mainly thanks to the proposed change to the Proof-of-Stake (POS) protocol. Switching from a proof-of-work (POW) system to a POS system makes the entire network use less energy and is more environmentally friendly.
Ethereum technology is increasingly at the center of the spread of cryptocurrencies and blockchain solutions. Many new cryptocurrencies use Ethereum’s ERC-20 system, and many decentralized applications are born on this blockchain.
The transition from a POW to a POS system is part of the great ETH 2.0 project. The initiative was announced in 2020, but it is unclear when the ecosystem update will be rolled out.
The market expects to see news about this area in 2022, making ETH one of the most exciting cryptocurrencies for next year.
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Binance Coin (BNB)
Binance Coin (BNB) was born in 2017 as an ERC token on the Ethereum network and later moved to the Binance Smart Chain. Its name suggests the close link to the Binance exchange, of which it is the official token used to pay transaction fees.
BNB is a utility token that has gained prominence in the world of cryptocurrencies in 2021. The increase in the price of BNB seems to be closely related to the popularity of the Chinese exchange.
The remarkable growth in the price of BNB is mainly due to:
- the number of daily transactions recorded on Binance
- the relevance that this exchange is acquiring in the main DeFi markets .
Those who believe in the future of the Chinese exchange will consider a smart investment in 2022 to buy BNB.
The idea of the founders of Solana (SOL) is to exploit the excellent intuition of the creators of Ethereum. With a proprietary blockchain and its native crypto, Solana aims to solve some of the main problems of its predecessors.
Solana is one of the altcoins considered by the market as an “Ethereum killer”, thanks to its transaction speed. Although it is still too early to understand if this nomenclature can be accurate, the SOL project is one of the most interesting for next year.
Solana was born as a blockchain network on January 1, 2018, by an international team of blockchain developers and experts. SOL is one of the cryptocurrencies that allows the highest number of transactions per second to date.
This is an essential factor to consider for interesting future developments in the success of the project. Now it seems clear that a slow cryptocurrency is destined to be abandoned by the main competitors in the market.
TabTrader Token (TTT)
Founded in 2016, TabTrader (TTT) is a Dutch player offering an exchange aggregation platform. In particular, it brings together 40 crypto exchanges, including the world’s most active (such as Coinbase).
The TTT token powers the platform and has a multitude of uses. TTT holders can use this currency for in-app purchases, pay transaction fees, and participate in the governance of the system. The idea of TTT is revolutionary and probably 2022 will also bring satisfaction to its investors. (Top cryptocurrencies in January 2022)
Ripple (XRP) is a financial technology company that offers global payment solutions through its “RippleNet” network. The Ripple platform promotes its native cryptocurrency called ‘XRP’.
Although Ripple uses both the XRP ledger and XRP coins, they operate independently of the company. Also, XRP does not use the famous Proof of Work or Proof of Stake models. Instead, it works solely with a protocol consensus algorithm that validates accounts and transfers payments through independent nodes.
Ripple is a great name that has been in the cryptocurrency market for several years. One of the reasons that drive us to talk about it for 2022 is related to a legal battle with the SEC. The US financial authority accused Ripple of selling unregistered financial assets in the form of tokens.