What Cryptocurrencies Are Likely To Dominate in 2022?
Cryptocurrencies have grown exponentially. What trends and coins should investors watch closely in 2022?
Nov. 8 2021, Published 10:31 a.m. ET
Cryptocurrency has been all the rage for quite some time, with tokens such as Bitcoin and Ethereum making huge waves in the industry. Many investors who missed out want to know cryptocurrency trends for 2022.
There's no surefire way to know which coins will be the next to dominate. But following the news can provide insights on which coins may explode and which may fade away.
The top ten cryptocurrencies of 2021
The top ten coins for 2021, as listed by Forbes, were:
Bitcoin (BTC) – market cap over $1.7 trillion.
Ethereum (ETH) – market cap over $520 billion.
Binance Coin (BNB) – market cap over $88 billion.
Tether (USDT) – market cap over $70 billion.
Cardano (ADA) – market cap over $66 billion.
Solana (SOL) – market cap over 60$ billion.
XRP (XRP) – market cap over $50 billion.
Polkadot (DOT) – market cap over $43 billion.
Shiba Inu (SHIB) – market cap over $41 billion.
Dogecoin (DOGE) – market cap over $38 billion.
Nasdaq writes that there are two main features that can put a new cryptocurrency in the spotlight:
- Keeping the attention of the public. An example would be Dogecoin being boosted by Elon Musk's tweets.
- Having a technological edge. An example would be Ethereum (ETH), which serves as a blockchain for NFTs.
Forecasts on crypto trends for 2022
Trading Education forecasts Solana, Cardano, Dogecoin, Binance Coin, and Shiba Inu growing the most in 2022. It thinks that “Shiba Inu has the potential to easily rally by over 500%.”
Shiba Inu's potential is backed by the coin's relatively low cost, which may attract the average investor looking to get into crypto. Meanwhile, coins such as Solana, Cardano, and Dogecoin may grow out of reach for beginning investors but remain huge contenders for crypto veterans.
According to Nasdaq, a coin to watch is Avalanche. The crypto may have a better future because it has a clear purpose, unlike meme coins such as Dogecoin. That’s not to say meme coins should be ignored completely, though. Samoyedcoin may have a strong future because it operates on the Solana blockchain, which makes its transactions faster than Dogecoin's or Shiba Inu's.
While this information shouldn't be taken as financial advance, it wouldn't hurt to keep an eye on these coins in 2022. Also, with some new coins (such as Squid Game crypto) turning out to be scams, it's always best to compile as much information as possible on a cryptocurrency before investing in it.