The 10 most important cryptocurrencies in 2022 according to Forbes
Whether we like it or not, digital currencies have become a large part of the global economy. It started with Bitcoin in 2009 and is still going on.
After Bitcoin, more sophisticated and competitive currencies appeared, such as Ethereum and Tether, the most stable currency ever. There are coins that also appeared as a kind of joke but quickly became very valuable like Dogecoin.
The emergence of digital currencies and their rapid growth drew the attention of investors to them as an investment opportunity that is no less valuable than investing in stocks. The large number of digital currencies may make the idea of investing in them somewhat confusing, but here comes the role of this report from Forbes.
Of all the cryptocurrencies, there are a handful that are expected to boom in 2022 which makes it an excellent investment opportunity for beginners.
Note
We will mention the symbol for trading each currency on the cryptocurrency exchange next to its name. This symbol is usually used to denote the currency on these platforms.
1. Bitcoin and its symbol (BTC)
Bitcoin was created in 2009 by a person (as of now unknown) under the pseudonym Satoshi Nakamoto.
Bitcoin is the world's first cryptocurrency. Bitcoin works with blockchain technology like most digital currencies.
Blockchain technology can be thought of as a digital accounting ledger that operates through a network of a huge number of computers. Technology depends on the top 10 digital currencies in 2022, according to Forbes, and many other currencies.
The price of Bitcoin has increased significantly over the past years. In May 2016, the price of one bitcoin reached about $ 500, on the first of April of this year the price of one bitcoin reached more than $ 40,000 with a growth rate of more than 9,000%.
Bitcoin boom is due to several factors that need a series of articles to explain them. Suffice it to say that any boom or decline in cryptocurrency begins with it. The Bitcoin currency has maintained its position among the digital currencies significantly, despite all the fluctuations that have occurred in this field.
It is true that the value of Bitcoin is not currently considered the largest value, but it is still equal to the highest monetary value of all cryptocurrencies. The high value of Bitcoin helped it top the list of the top 10 digital currencies in 2022, according to Forbes.
The market value of Bitcoin in March of this year reached $880 billion.
2. Ethereum and its symbol (ETH)
Programmer Vitalik Buterin designed the Ethereum coin in 2013, and it is the first coin that added technical features in the field of digital currencies. Ethereum uses blockchain technology like the rest of the cryptocurrencies, but it provides smart functionality in terms of concluding financial agreements and smart contracts.
Ethereum is second only to Bitcoin in terms of market capitalization with a value of $415 billion. Ethereum is considered the preferred digital currency for software developers, due to the flexibility of relying on it and benefiting from its technology in more than one way, such as smart contracts that are automatically executed when their conditions are met.
The most recent technical use of Ethereum is its use in the field of non-fungible tokens, or what is known as NFT.
Ethereum has experienced massive growth in a relatively short period of time. The currency, which was worth about $1.25 in 2015, has now reached more than $3,000, meaning that its value has increased by nearly 31,000%.
3. Tether and its symbol (USDT)
Tether is a digital currency based on blockchain technology, like Ethereum and Bitcoin. The currency is issued by Tether Limited, located in Hong Kong, which is managed by Bitfenix, which specializes in the field of cryptocurrency trading.
Tether is considered a stable digital currency, unlike most digital currencies. This stability is due to the support of the currency with fiat currencies such as the dollar and the euro, which makes its value equal to the value of one of these two currencies, thus gaining it greater stability than most other digital currencies.
Tether is the currency of choice for investors who are wary of the extreme volatility of other cryptocurrencies. Tether is currently the third largest cryptocurrency in the world by market capitalization of more than $79 billion.
4. Binance Coin and Token BNB
Binance Cryptocurrency is a currency that is used to trade and pay fees on the popular cryptocurrency exchange Binance, one of the largest cryptocurrency exchanges in the world.
When Binance Coin was launched in 2017, it was used to facilitate transactions on its platform, now it can be relied on for purchases, payments or even booking travel arrangements.
Binance coin can also be relied upon for trading or exchanged for other forms of cryptocurrency such as Ethereum or Bitcoin.
The price of Binance in 2017 was only 10 cents, currently its price has risen to 415 dollars (and this is not the maximum price it has reached), meaning that its value has increased by about 445,000%. Currently, the market capitalization of Binance Coin is more than $68 billion.
5. US Dollar Digital Currency (also called Digital Dollar) USDC
The US dollar is categorized as a stablecoin because it is backed by the US dollar, and the developer aims to make the value of one coin permanently equal to 1 US dollar.
The US dollar digital currency is managed by a trade consortium called Centre, which includes members from major crypto exchanges such as Coinbase and Bitcoin and cryptocurrency mining company Bitmain.
The US dollar digital currency is based on the same technology as the ethereum currency, and can also be used to complete global transactions. The current market value of the US dollar digital currency is estimated at more than 53 billion dollars.
6. Solana coin and symbol (SOL)
Solana was developed to help support the uses of decentralized finance (DeFi), decentralized applications (DApps), and smart contracts. Solana Coin operates on unique hybrid verification mechanisms that help process transactions quickly and securely.
Solana coin uses a range of new methods to process financial currencies and smart contracts, including the “proof of history” method. Solana is also used in digital buying and selling operations, and profits can be made through staking and staking.
When Solana was launched in 2020, its price was 77 cents. Currently, its value has reached about 104 dollars, meaning that its value has increased by about 17,500%. The market value of Solana's currency is currently 44.5 billion dollars.
7. XRP Coin and Token (XRP)
XRP was developed by some of the founders of the Ripple platform, a digital network that works in the field of payment processing. The XRP currency on the Ripple platform can be used in various currency exchanges including fiat currencies and other digital currencies.
At the beginning of 2017, the price of XRP was about $0.006, but in April of this year, its price reached $0.83, that is, its price increased by more than 13,700%. Currently, the market value of XRP is about $40 billion.
8. Cardano Coin and Token (ADA)
Cardano is very similar to BNB in its origin, as Binance Cardano has its own coin known as ADA.
Cardano is a public, open source, and decentralized blockchain platform for its financial transactions. Cardano was founded in 2015 by Charles Hoskinson who contributed to the design of the Ethereum coin.
Cardano is best known for its early adoption of proof-of-stake validation. This method speeds up the transaction time, Cardano can also be relied on, like Ethereum, in the field of smart contracts and decentralized applications.
Cardano has a relatively modest growth rate compared to other cryptocurrencies, in 2017 it was priced at 2 cents. Currently, its price has reached 95 cents, which means that its growth rate is about 5,750%. The current market value of Cardano is $39 billion.
9. Terra coins and symbol (LUNA)
Terra is a blockchain-powered platform that specializes in stable cryptocurrencies that rely on maintaining a balance between two types of cryptocurrencies.
The Terra platform has two types of cryptocurrency:
Stablecoins backed by physical value such as Terra USD.
Luna is used within the Terra platform or to mine more Terra stablecoins.
Tera and Luna both work on the concept of supply and demand, when the price of a stablecoin rises above the value of its restricted currency, users are incentivized to sell their Luna at any price (this process is called price burn) in order to extract more Tera coin sedentary.
Likewise, when the value of the stablecoin drops relative to its base value, this encourages users to burn Terra stablecoins to extract more Luna, as the Terra platform becomes more and more valuable.
On January 3, 2021, the price of Terra was 64 cents. At the beginning of this April, its price rose to more than 106 dollars, meaning that its value increased by more than 16,400%. The current market value of the Terra coin is about 37.5 billion dollars.
10. Avalanche Platform Coin and Token (AVAX)
In a similar fashion to Binance and Cardano, Avalanche, which specializes in smart contracts, offers a currency called AVAX. The currency works with Blockchain technology, through which smart contracts can be created and executed in a way that does not require a large amount of energy.
Avalanche coin has experienced rapid growth since its launch in 2020, thanks in large part to its relatively low cost fees and speed in processing financial transactions.
On July 12, 2020, the price of the Avalanche coin was equal to about $4.63, currently its price has reached about $77, meaning that the coin has achieved an estimated rise of about 2,000%, the current market value of the Avalanche coin is about $ 26 billion.
Important note
The currency rates and market share found in the article are approximations of their true values for the month of April of 2022.
Conclusion
Thus, we have informed you of the most important information about the best digital commissions. If you have an opinion or comment regarding what is in this article, we welcome all of your opinions in the comment box. And to another meeting with the upcoming articles on other digital currencies.