Business & Investment

Three cryptocurrencies that could surpass Bitcoin in 2022

Image Source: Getty Images

Over the last 18 months, there has been a significant recovery in several cryptocurrencies, including Bitcoin. The most popular digital assets hit a record high of US $ 67,000 last week, surpassing 1,000% since March 2020, with a market capitalization of US $ 1.14 trillion at the time of writing. Bitcoin more than doubled in 2021 due to increased institutional investment and worldwide adoption.

Bitcoin is now considered an alternative asset class and is considered similar to “Digital Gold”. In short, it should be popular in the current economic environment of inflation, instability and uncertainty.

But there may be others Cryptocurrency, Cardano, Solana, Ethereum, etc., could surpass Bitcoin after 2022. Let’s see why each of them may gain traction in the future.

Ethereum

Ethereum is ready for explosive growth over the next decade as blockchain networks have already gained support in multiple areas such as DeFi (decentralized finance) and NFT (non-fungible tokens). .. EtherToken is the second largest cryptocurrency in the world, with a market capitalization of US $ 494 billion.

In addition, several cryptocurrencies and smart contract services are built on the Ethereum blockchain, making Ether tokens more useful. Ethereum users will soon be able to bet tokens and verify transactions, resulting in less energy used on the blockchain. According to the Ethereum Foundation, the total energy consumed by the entire blockchain network is estimated to be reduced by 99.95%.

Investing $ 1,000 in Ether in early 2020 is today worth nearly $ 31,500, easily surpassing Bitcoin’s earnings during this period.

Solana

Solana, a cryptocurrency with a market value of 12,500% this year, is currently the sixth largest digital asset with a market capitalization of US $ 61.23 billion. Solana’s blockchain has emerged as one of the most popular altcoins of the year due to its high score in terms of scalability and speed.

actual, Blockchain network process There are 1,000 to 2,000 transactions per second, with an average cost per transaction of less than $ 0.01. Like Ethereum, the Solana blockchain is also used for applications such as DeFi and NFT. However, the Ethereum network can handle 10 to 15 transactions per second, which is inferior in comparison.

Solana has also been selected by FTX to facilitate derivative trading. FTX is the 17th largest cryptocurrency exchange in the world, with trading volumes of US $ 2.4 billion.

Cardano

Cardano is the fourth largest cryptocurrency in the world, with a market capitalization of $ 71.48 billion. Cryptocurrencies launched in 2016 and ADA tokens have increased by almost 2,300% last year. Cardano is one of the largest blockchain networks that use the Proof of Stake mechanism and consumes much less energy than Bitcoin or Ethereum.

In September, Cardano launched the Alonzo Hard Fork. This ended the Sherry era and began the next phase, also known as Gogen. According to CoinMarketCap.. Now users can easily deploy smart contracts on Cardano. This suggests that decentralized applications can be built on blockchain networks and is a direct competitor to Ethereum.

Three cryptocurrencies that could surpass Bitcoin in 2022

https://www.fool.ca/2021/10/27/3-cryptocurrencies-that-might-outperform-bitcoin-in-2022/ Three cryptocurrencies that could surpass Bitcoin in 2022

Back to top button