Indias top 10 favourite cryptocurrencies in 2022
Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Retail speculation flooded both traditional equity and crypto markets this year, spurring a whole new category of “meme coins,” including top performers dogecoin and DOGE-derivative Shiba Inu (SHIB). Its native cryptocurrency, ether (ETH) gained a respectable 418% – six times the https://www.xcritical.in/ return for bitcoin. While the initial premise of cryptocurrency was to fix the problems with traditional currencies, there are now a whole host of utility cryptocurrencies that have sprung up, thanks to the creation of the blockchain. To create supply, Bitcoin rewards crypto miners with a set Bitcoin amount. (To be exact, 6.25 BTC is issued when a miner has successfully mined a single block.).
Some exchanges provide wallet services, making it easy for you to store directly through the platform. However, not all exchanges or brokers automatically provide wallet services for you. Once you have chosen your platform, the next step is to fund your account so you can begin trading. Most crypto exchanges allow users to purchase crypto using fiat (i.e., government-issued) currencies such as the US Dollar, the British Pound, or the Euro using their debit or credit cards – although this varies by platform. Ripple can be used to track different kinds of transactions, not just cryptocurrency.
Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
Complaining about Ethereum’s high transaction costs – known as gas fees – was another familiar part of 2021′s crypto zeitgeist. While some crypto function as currencies, others are used to develop infrastructure. For instance, in the case of Ethereum or Solana, developers are building other cryptos on top of these platform currencies, and that creates even more possibilities (and cryptos). As of the date this article was written, the author does not own any of the assets discussed here. The servers then send the transaction candidates to validators, who work to agree that the servers got the transactions right and record the ledger version. Cryptocurrencies are almost always designed to be free from government manipulation and control—although, as they have grown more popular, this foundational aspect of the industry has come under fire.
When the blockchain transitioned to proof-of-stake in September 2022, ether (ETH) inherited an additional duty as the blockchain’s staking mechanism. Ripple’s XRP is designed to be used by banks to facilitate transfers between different geographies. Central to the appeal and functionality of Bitcoin and other cryptocurrencies is blockchain technology. As its name indicates, What is a White Label Crypto Exchange a blockchain is essentially a set of connected blocks of information on an online ledger. Each block contains a set of transactions that have been independently verified by each validator on a network. Cryptocurrency exchanges allow customers to trade cryptocurrencies for other assets, such as conventional fiat money, or to trade between different digital currencies.
The year brought astronomical gains for the likes of Avalance, Fantom, Polygon and Terra, which ate up half the slots in the top 10. You can buy cryptocurrencies through crypto exchanges, such as Coinbase, Kraken or Gemini. In addition, some brokerages, such as WeBull and Robinhood, also allow consumers to buy cryptocurrencies.
Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases. Like Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions. Their purposes range from being a joke to a coin that pays for transactions on a distributed and global virtual machine.
Bitcoin and ethereum, which entered the year’s bull run following big gains in 2020, both reached new all-time highs. The market capitalization of the sector swelled from under $800 billion in January to $2.2 trillion in December, according to data from CoinMarketCap. XRP is the native token for the XRP Ledger, created as a payment system by Ripple in 2012. The XRP Ledger uses a consensus mechanism called the XRP Ledger Consensus Protocol, which doesn’t use proof-of-work or proof-of-stake for consensus and validation.
Examples of payment cryptocurrencies include Bitcoin, Litecoin, Monero, Dogecoin, and Bitcoin Cash. Therefore, it has been difficult to make a case for their legal status in different financial jurisdictions throughout the world. It doesn’t help matters that cryptocurrencies have primarily functioned outside most existing financial infrastructure.
This means users can use it as an intermediary between currency trades — wherever a direct ‘currency pair’ exchange isn’t available. As its name implies, this token is ‘tethered’ to the value of the US Dollar, thus becoming a ‘stablecoin’ with minimal volatility of value. That makes it a convenient intermediate currency for a trader, or even just to hold profits until you decide what you’d like to invest in next. This is probably because it is the longest living cryptocurrency, valued the highest, along with a finite supply like gold.
The Polygon ecosystem saw a stellar year as it bet on several Ethereum-scaling projects and its decentralized finance (DeFi), non-fungible tokens (NFTs) and decentralized applications (dapps) users picked up. The metaverse became the hottest segment of the cryptocurrency market, buoyed by Facebook’s rebranding as Meta. Although the segment has sold off since its all-time highs, metaverse- and gaming-related tokens took the top two slots in this year’s Top 10. Although there are exchange-traded funds (ETFs) that trade in Bitcoin futures, due to regulatory hurdles, there are currently no ETFs that trade Bitcoin or other cryptocurrencies directly. In June 2023, BlackRock proposed a Bitcoin spot trading ETF, but this has yet to receive regulatory approval. Bitcoin is still the most popular cryptocurrency, but its introduction in 2009 spawned a host of imitators, alternatives, and new technologies based on its blockchain and many of the theories behind it.
- Cardano has also been dubbed an «Ethereum killer» because its blockchain is said to be capable of more.
- Major cryptocurrencies have soared over the past week, led by a 9% rise in the price of Bitcoin (BTC -0.53%).
- You can purchase cryptocurrency from popular crypto exchanges such as Coinbase, apps such as Cash App, or through brokers.
- As the harbinger of the cryptocurrency era, Bitcoin is still the coin people generally reference when they talk about digital currency.
- The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity, or faith.
Launched in 2013, it was actually the first currency to have a Shiba Inu dog as its mascot. But, since then, it has spurred a whole legion of Shiba Inus-based cryptocurrencies like the Shiba Coin, Prince Floki, FatDoge and others. The second most valuable cryptocurrency in the world, the Ether token is based upon the Ethereum blockchain and has become a cornerstone of the cryptocurrency world. Some cryptocurrency projects issue Service Tokens that grant the holder access to or allow them to perform something on a network. One such type of this service token is Storj, an alternative to Google Drive, Dropbox, or Microsoft Onedrive.
Tron hosts the largest circulating supply of stablecoins in the world, according to CoinMarketCap.com. Launched in March 2020, Solana is a newer cryptocurrency and it touts its speed at completing transactions and the overall robustness of its “web-scale” platform. The issuance of the currency, called SOL, is capped at 480 million coins. Bitcoin gets all the headlines when people talk about cryptocurrencies, but there are literally thousands of other options when it comes to these digital currencies.