Since Bitcoin’s introduction, altcoins have been part of the cryptocurrency industry. With the anticipated crypto trends in 2022, we envision altcoins becoming more widely recognized and gaining more interest over the next year.
However, investing in altcoins in 2022 is a hazardous venture. Let’s provide you with a comprehensive checklist of what you need to know before putting your money in these assets.
What is an altcoin?
In its literal sense, altcoins refer to two words: “alternative” and “coin.” They function through peer-to-peer transactions or as a computer programmed on a global scale to perform multiple functions simultaneously.
One of the first cryptocurrency iterations, Bitcoin paved the way for all other coins that would follow. Its design, whitepaper, and technology helped shape what cryptocurrency is. Alternate currencies differ primarily by implementing, improving upon, or omitting this technology.
Top 5 altcoin projects to trade and invest
During a historic moment in the cryptocurrency industry on 12 March, Bitcoin (the dominant crypto) reached a landmark level of over $60,000 for a second consecutive day. The price of cryptocurrencies spiked, including ETH getting $1900 but corrected later.
The correction resulted in a slight decline in prices, but a surge of prices is likely as Bitcoins’ value increased significantly. To date, many altcoins have shown great promise in the cryptocurrency industry, including Ethereum, Cardano, and Litecoin.
The following altcoin projects appear to be the most promising.
Cardano (ADA)
Due to many factors, Cardano stands out as one of the top cryptocurrencies. The first reason is that Cardano has shown price momentum during the first three months of 2021. These smart contracts will allow developers to build decentralized applications tokens and enhance the DeFi space.
Due to Cardano’s scalable network and speedy transactions are expected to remain one of the biggest cryptocurrencies.
Most special aspect
Depending on the altcoin you wish to invest in, you will need regulated platforms such as Bitcoin-up.io to find cryptocurrencies like BTC/ADA.
Price-performance
Early in January, the digital coin value was $0.182, but by late February, it was close to $1.45 before it corrected to $1. Its price took a sharp rise from the past year.
Price prediction 2022
As per multiple analysts, the ADA price prediction for 2022 is bullish. By 2022, Cardano is predicted to be $2.63 in average price.
Ethereum (ETH)
With its advanced technology and smart contracts, Ethereum is considered a new entrant into the market. According to the latest market cap, Ether is based on the Ethereum blockchain and is the second most valuable cryptocurrency after Bitcoin.
Apart from being called digital gold, Ethereum also offers various contracts similar to those in the Google wallet. The system can withhold or execute transactions depending on events around the globe. For example, online buyers and sellers establish deals that postal services will only confirm if the commodities are delivered as promised.
Most special aspect
Ethereum is taking off more quickly than the dominant crypto BTC. Compared with Bitcoin, which takes longer depending on the daily traffic, it is much faster to process transactions.
Price-performance
The price of ETH shot up from about $730 in late 2020 to $4,000 by May of 2021, followed by a new all-time high in November around $4,800.
Price prediction 2022
The digital coin’s Ethereum forecast for 2022 was less optimistic, predicting a price of $3,335 this year.
Dogecoin (DOGE)
There is another cryptocurrency called Dogecoin that looks too bright for investment. Because Elon Musk was then the richest man, the digital coin attracted international attention. After being launched in 2013, Dogecoin went through significant events. However, many skeptics did not expect the digital coin to become top crypto in 2022 or thrive in the competitive crypto market.
Most special aspect
The high prestige of this game is the result of several factors, such as tweets by Elon Musk and recent Gamestop events. As of right now, Dogecoin is considered an alternative investment tool by many analysts.
Price-performance
Although the price of Dogecoin increased from $0.007635 on 27 January 2021 to $0,07439 on 8 February 2021, the momentum did not sustain. Nevertheless, it is noteworthy that an increase of this magnitude occurred within two weeks.
Price prediction 2022
We estimate the DOGE price to reach $1 by mid-2022.
Uniswap (UNI)
The UNI coin is a digital product of UniSwap, one of the largest decentralized exchanges in the world. Uniswap was introduced within the DeFi framework in 2010, whereas the UNI coin appeared in 2020. On this list, Uniswap also ranks highly.
Most special aspect
It has achieved significant milestones while still being new to the industry, and now it’s one of the DeFi coins to join the top spot.
Price-performance
UNI fluctuated in value during the first months following its introduction, trading at approximately $4.45. The UNI, however, has been on an upward trend since January 2021, when it recorded a historic high of $33.54.
Price prediction 2022
By 2022, we should see the Uni Swap price reaching an all-time high. By 2022, the price should average $16.09.
Litecoin (LTC)
Litecoin is considered one of the most effective alternatives to Bitcoin as an investment tool, which has generated substantial income for investors.
Most special aspect
To create Litecoin, ex-Google engineer Charlie Lee exploited the strengths of Bitcoin’s original code and adapted it to produce faster tokens. As a result, making Litecoin cheaper and quicker to execute transactions than Bitcoin became more accessible to the general public.
Price-performance
In recent years, the price of Litecoin fluctuated a great deal between months, revealing high price swings between them. However, Litecoin’s price has increased by 1.49% last year.
Price prediction 2022
Litecoin’s price looks to rise in one year from $108.46 to $222.011.
Final thoughts
Despite widespread skepticism regarding the crypto market, various altcoins have shown substantial potential as alternate investment tools. Nonetheless, Bitcoin has broken new records, demonstrating that this sector is transforming into a haven to ward off inflation and diversify resources.