Cryptocurrencies have made a huge splash all over the world this year, especially in India. The crypto market has seen a significant boom, making investors excited about the future of cryptocurrency in this developing economy. 2021 was a crucial year for crypto enthusiasts, as the market went through a lot of ups and downs. This past year, major cryptocurrencies reached their peaks, and some coins reached the lowest value that they’ve ever seen. While the start of cryptocurrency was marked by Bitcoin several years ago, it inspired many other cryptocurrencies into existence. A lot of these cryptos have grown significantly in the past few years, despite the unpredictability of the markets.
The volatility of investing in cryptocurrency is widely known but that has not stopped people from investing in them, making sure that this is not just a passing trend. Cryptocurrencies are fast being accepted globally (by several acclaimed organizations), as an accepted method of payment as well as a store of value investment. With the constant growth in the crypto market, it stands to reason that dabbling in cryptocurrency will be highly beneficial for investors. As the new year comes, here are the fastest-growing cryptocurrencies that are anticipated to make it big in 2022.
Cryptocurrencies To Look Out For
1. Dogecoin (DOGE) :
Dogecoin or DOGE was created as a joke by its founders Jackson Palmer and Billy Markus, (software engineers by profession) in the year 2013. This was the first ‘meme’ coin, and what started as a joke then, turned into a swiftly growing cryptocurrency. Elon Musk made a tweet about it, which in turn spurred its growth rate rapidly. This joke quickly gained traction and the value of dogecoin shot up instantly. The value of dogecoin at present is approximately $0.14 in USD and 1 Dogecoin to INR is approximately Rs. 10. Dogecoin has gained tremendously from its initial market value in a very short span. With it’s fast-growing tendencies, it currently ranks among the top ten most valuable coins in the crypto market and is anticipated to grow even more in the coming year.
2. Tron (TRX)
Tron is a blockchain-based decentralized digital platform with its own currency/coin called Tronix or TRX. Having similarities with Ethereum’s network structure, TRX uses a peer-to-peer network to allow sellers to directly get in touch with the consumers enabling transparency. Tron has gained recognition due to its operating system which enables the usage of several decentralized apps, smart contracts, and tokens. Tron’s tokens can be used by the users to directly connect to creators, eliminating the middleman and making content accessible at a reduced price. The market crash of May 2021 had negligible impact on TRX’s market value, which is currently around $0.066 USD and 1 TRX to INR is valued at around Rs. 4.89.
3. Tether (USDT)
Tether is a slightly different cryptocurrency as it is a stablecoin and is backed by the U.S. Dollar. Stablecoins are cryptocurrencies that have their value tethered to collateral or fiat currency. This is beneficial for investors as the risk factor involved while investing and price fluctuations both decrease substantially. Hence, this virtual currency’s value remains far more stable than other, more volatile cryptos. Tether is hosted on Ethereum’s blockchain network, which offers transparency, security, and ease of usage. This is also one of the reasons why Tether has the potential to be big in 2022. Tether can be used as a virtual currency for payments, acquiring other cryptocurrencies, or just as a solid investment.
4. Shiba Inu (SHIB)
Another meme coin is Shiba Inu, based on Ethereum’s blockchain and named after a Japanese breed of hunting dogs. It primarily rose to fame after Ethereum’s founder donated 1 billion dollars worth of SHIBS to India’s COVID Crypto Relief fund. SHIB has become one of the favorite coins to invest in as it’s value increased more than tenfold since October 2021, giving it a market capitalization of $35 billion and ranking it 10th among all cryptocurrencies by this measure. SHIB costs a fraction of a cent currently and thousands of tokens can be bought with very little money which lends it incredible growth potential in the coming months as it has seen a steady and gradual rise in its value.
5. Polkadot (DOT)
Not being limited to just tokens, Polkadot allows blockchain transactions across various other blockchains. Since most cryptocurrencies operate independently and limit sharing data or token transfers, DOT has the advantage over other cryptocurrencies. Dot’s technology offers connection to other blockchains via the relay chain and para-chains that run parallelly. This technology offers tremendous economic stability which makes DOT an upcoming cryptocurrency in 2022.
Other than these, traditional cryptocurrencies like Bitcoin and Ethereum have had an amazing year. Bitcoin reached an all-time high in November 2021 and is by far the most popular cryptocurrency in the world. With multiple countries accepting Bitcoin, it is predicted that its value will continue to grow in the coming year. Ethereum saw significant growth in 2021 as well with features like smart contracts and DApps being the reason why it became so popular. Ethereum is set for an upgrade, Ethereum 2.0, this year which will provide solutions to problems that have been long since bugging the Ethereum investors, which makes it another crypto to look out for in the coming year.