The cryptocurrency market started fully way back in 2009 with the introduction of Bitcoin by Satoshi Nakamoto. Before Bitcoin came to be, the governments of different countries had held sway on how people send, receive, or transfer money.
They even dictate how we use or invest our hard-earned money, but with the arrival of Bitcoin, all that narratives has really changed.
Today, the cryptocurrency market is home to thousands of coins, with each having different use-cases. Aside from Bitcoin, which was the first cryptocurrency to hit the market, other coins on the market are termed “altcoins.”
Altcoins are simply alternatives to Bitcoin and traditional paper money that we all know. Since altcoins are now a part of the wider crypto market, it’s important for the average investor to know them and their various use-cases.
So, if you’re wondering what the list of the best 10 altcoins are on the market, this article was curated with you in mind. Ahead, we have outlined 10 best altcoins of 2022, their market capitalizations, as well as how they currently fare on the global crypto market. Let’s dive in!
#1. Ethereum (ETH)
Market cap: $192 billion. Making it to the number one spot on our list is Ethereum. Aside from Bitcoin, Ethereum is by far the second largest cryptocurrency on the market based on market capitalization. The token holds roughly 20% of the over $1 trillion that all the crypto assets represent.
Ethereum is a distributed computing network where developers, content creators, and project managers can create decentralized applications and also host smart contracts.
Unlike Bitcoin (BTC), which is a store of value, Ethereum (ETH) is a network where developers can design and develop different applications to solve the numerous challenges that human faces.
However, Ethereum charges a high transaction fee whenever you make a payment using its network. Considering the wide real-world use-cases that Ethereum present, the token is here to stay.
#2. Binance Coin (BNB)
Market cap: $44 billion. Binance Coin is the native currency of Binance, the world’s leading crypto exchange. Crypto exchange is a platform where you can invest, trade, swap, convert, and send different cryptocurrencies to make a profit. Binance Coin occupies the number two spot based on its $44 billion market capitalization.
If you are a Binance user, using BNB for your transactions means that you will enjoy a discount whenever you make a transaction. You can also stake BNB on Binance to earn passive income at a rate that is defined by Binance.
BNB comes with a wide range of real-world use-cases. Hotels, shopping centers, airlines, and other e-commerce giants now support the use of BNB to make payments on their marketplaces.
Critics of this token claim that BNB is not as decentralized as other altcoins, and that it recently got into the radar of the Securities and Exchange Commission (SEC), as the latter is investing Binance for monetary infractions during its ICO registration.
#3. XRP (XRP)
Market cap: $16 billion. XRP is the native token of Ripple Labs. The token has a wide range of applications, including for the payment of goods and services on the Ripple network. Currently, XRP is facing a legal tussle with the Securities and Exchange Commission (SEC), even though it enjoys a low transaction fee.
Ripple Labs and some of its executives were in the news in 2021 over the alleged registration of the digital asset as a security. However, Ripple claimed that XRP is not a security, but a currency.
#4. Cardano (ADA)
Market cap: $15 billion. Cardano (ADA) sits comfortably on the fourth position as one of the best altcoins that’s worth considering if you are looking to change your portfolio narratives. With a market capitalization of around $15 billion, Cardano seeks to revolutionize the way and manner people create wealth.
It was one for the first projects to adopt the proof of stake (POS) consensus mechanism. The POS mechanism helps to speed up transactions on the blockchain by removing all the challenges impeding fast transactions. Unlike other altcoins, Cardano promises low fee transactions and bank-level privacy and security.
#5. Solana (SOL)
Market cap: $10 billion. Solana was developed by the creators to help power smart contracts and DeFi (decentralized finance) apps. It operates on a unique POS mechanism to help users process and facilitate quick and instant transactions.
In terms of speed, Solana remains the fastest blockchain on the internet that any developer can leverage to create a dApp. Despite the gains and benefits that Solana has achieved in the short time it stormed the crypto market, critics claimed that the token is too centralized just like Ethereum.
#6. Dogecoin (DOGE)
Market cap: $8 billion. Meme coins took the world by surprise after billionaire entrepreneurs started engaging with them. At its core, meme coins are tokens that have some humorous characteristic or tokens that originated from internet meme.
Leading at the forefront of meme token is Dogecoin. Dogecoin came into limelight in 2013 as a joke. Since then, it has gathered massive momentum, achieving a whopping $8 billion in market capitalization.
Despite its popularity, experts believe that Dogecoin remains risker than Bitcoin (BTC). Depending on the outlook of the market, the price point of Dogecoin can fluctuate high and low within a few minutes. If you’re looking for a token to change your portfolio’s narratives, you can consider Dogecoin.
#7. Polkadot (DOT)
Market cap: $7.8 billion. Sitting on number seven is Polkadot (DOT). Polkadot (DOT) is an ecosystem where you can build different applications to solve everyday challenges.
Its native token, DOT, comes with different use-cases, including for the payment of goods and services. DOT holders also have the right to vote and be voted for in the scheme of things.
#8. Polygon (MATIC)
Market cap: $7.2 billion. Polygon is an Ethereum-powered blockchain where developers can build and scale multiple dApps to proffer solutions to human and business challenges. Polygon doesn’t charge transaction fees as high as other altcoins. So, it makes sense to include this token in your portfolio.
#9. Shiba Inu (SHIB)
Market cap: $ 6.6 billion. Shiba Inu is another meme token that’s worth including into your investment portfolio. It’s a better alternative to Dogecoin and even powers some Non-fungible tokens (NFTs).
You can make a lot of money just by speculating on this meme token, but be careful not to invest in a bear market.
#10. Tron (TRX)
Market cap: $5.8 billion. The list of the best 10 altcoins in 2022 can not be complete without Tron (TRX). Tron is a decentralized blockchain where content developers can freely create and share decentralized applications (dApps).
With a market capitalization of $5.8 billion, investing in Tron is a no-brainer if you want to earn a decent return on your investment.
The cryptocurrency market may be volatile, investing in tokens with great potential like the 10 altcoins we have outlined in this post can be a game-changer if you desire a decent ROI on your investment.