There are several cryptocurrencies with potential besides Bitcoin in the global cryptocurrency market
Crypto investors are very interested in the volatile cryptocurrency market. From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can make it overwhelming when you’re just starting out in the crypto world. There are several cryptos with potential besides the leading cryptocurrency in the global cryptocurrency market, known as Bitcoin. This article presents the top 10 cryptocurrencies that have gained more value than Bitcoin in 2022.
Ethereum (ETH) is a decentralized software platform that allows the creation and execution of smart contracts and decentralized applications (dApps) without any downtime, fraud, control or interference from a third party. Ethereum’s goal is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity or religion. This aspect makes the implications for those in certain countries more compelling, as those without state infrastructure and state identifications may gain access to bank accounts, loans, insurance, or a variety of other financial products.
Many recent discussions of power consumption related to proof-of-work mining models for cryptocurrencies such as Bitcoin have prompted some investors to seek out more environmentally friendly cryptocurrencies. Those that work with proof-of-stake models, like Solana, have performed better. It is one of the best cryptocurrencies which gained more value than Bitcoin in 2022.
Cardano is a blockchain project with over 70% of the total currency, ADA, being staked for network validation at a truly impressive rate. Part of the reason so much ADA is staked is due to the cryptocurrency’s lack of decentralized applications (dApps) available on its blockchain. While Ethereum has around 5% of its total supply locked as validators, significantly more ETH is locked in DeFi applications.
Tether is known as the cryptocurrency with a value pegged to the value of the US dollar to maintain the reputation of a stablecoin, for crypto investors to earn profits in crypto wallets. This crypto with potential is better than Bitcoin for its ability to be used as digital dollars. It is one of the best cryptocurrencies which gained more value than Bitcoin in 2022.
BNB is the cryptocurrency backed by Binance – which is the largest exchange in the world. BNB allows Binance users to reduce trading commissions. The token is also used to power Binance Chain and Binance Smart Chain – which are two independent blockchain networks. This means that BNB has a real use case. Binance also burns BNB tokens – reducing the overall circulating supply – which can help further increase the value of the token.
USD Coin (USDC) is a new stablecoin pegged to the US dollar. USDC is a USD-backed cryptocurrency that competes with Tether (USDT) and TrueUSD (TUSD). USD Coin, in a nutshell, is a service that tokenizes US dollars and allows them to be used on the internet and public blockchains. Additionally, USDC tokens can be converted into USD at any time. The ERC-20 smart contract ensures the issuance and redemption of USDC coins.
When investing in crypto, one of the most important things to consider is the purpose of a coin. Many fail in this area because they don’t have a defined purpose or do anything different from dozens of other pieces. XRP is unique in that it is targeted at financial institutions and payment services, unlike other consumer-facing cryptocurrencies. By using XRP, banks and other financial companies can transfer money without needing to pre-fund accounts in other countries or pay expensive exchange fees.
Terra is a public blockchain protocol that deploys stablecoins – cryptocurrencies whose value is tied to an underlying asset. It is very common for stablecoins to be pegged to the US dollar. The Terra blockchain uses stablecoins to enable price-stable global payment systems to support the mass adoption of cryptocurrencies. Terra is a type of cryptocurrency that has three main applications on the platform: Anchor, a savings service that offers competitive returns; Mirror, which allows you to invest; and Chai, a mobile payment application.
Avalanche is one of the few blockchains that can scale without sacrificing decentralization. Its potential for interoperability with many blockchains is limitless. Avalanche blockchains modify consensus algorithms depending on the use case, and the network has more validators than other networks. This potential crypto is known for the proof-of-stake consensus algorithm for the development of DApps to improve the platform.
Polkadot (DOT), founded in 2016, is a unique blockchain interoperability protocol designed to connect different chains together. It also allows exchanging data and processing transactions for parachains or parallel blockchains without compromising their security. Developers can create their own blockchains while using Polkadot security. The main founder of Ethereum, Gavin Wood created Polkadot. The interesting feature of DOT is that it has no hard limit on its total supply. On the contrary, a new token is constantly in circulation.
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