In 2021, bitcoin and Ethereum rose by 67% and 430%, respectively. The growth has attracted many investors in the cryptocurrency industry. Bitcoin has dominated the market since its launch in 2009. However, in 2007, a sharp decline discouraged millions of individuals from trusting it.
The development of new tokens has made many people shift to other cryptos. Despite the volatility of crypto, bitcoin and Ethereum still dominate the cryptocurrency industry. They have already shown signs of improvement in the first month, and we hope they will have great achievements by the end of 2022. So let’s look at the top crypto that will continue to dominate in 2022:
It’s the largest and oldest cryptocurrency on the market. In 2008, many governments indulged in printing money, leading to inflation. A team of developers decided to use their tech skills to solve this problem. Bitcoin was launched as a decentralized currency, and it has struggled with updates until now. Some people use it as an asset. According to the Indian trademark, bitcoin brings a return of 60%, which is higher than that of the stock market at 50%.
The EVP-Growth Strategy at CoinDCX, Minal Thurkral, had a lot to share about the bitcoin future. “Bitcoin has been the trendsetter for crypto price movements in the last decade or so and will continue to take the lead on the same. It continues to push as a store-of-value asset, and the institutional demand also continues to increase with time,”
Ethereum has held the 2nd position for the longest time. It is slightly different from bitcoin because it offers smart contracts among peer-to-peer networks. In addition, many projects of NFTs are being supported on the Ether network. Thurkral also supported Ether. “Ethereum has been the other most important cryptocurrency asset in the evolution of the space. It is a protocol that allows developers to build on top of their blockchain infrastructure. With the ever-growing developer community and the new ETH2 rollout, 2022 is going to be an important year for Ethereum,”
The ecosystem of protocol tokens showed a good improvement in the last two quarters of 2021. Experts have said the main key to emerging cryptos is the Layer-1 which supports smart contracts, and DeFi. The co-founder and CEO of Giottus Cryptocurrency Exchange, Vikram Subburaj, said that other coins like Cardano, Polkatadot, Solana, Polygon, and Avalanche are the best in Layer 1 space. The metaverse concept is also evolving quickly. He proceeded, “Overall, investors who invest in a basket of coins rather than being picky with one or two coins often benefit the most,”
The non-fungible tokens got their best cake in 2021. The number of databases to store the NFT has grown. Platforms like OpenSea are mostly flooded with different art forms concerning cryptocurrency. Thakural continued, “Top NFT tokens like MANA, AXS, SAND, etc. shall continue to gain traction in the coming year,”
The advantage of NFT is that it can serve many purposes hence being employed by different industries. The creative arts and gaming industry are the most embraced by the existence of NFTs. Designers and developers worldwide are building more NFTs to drive the crypto market to another level.
We are in the first quarter of 2022 when there has been a slight drop in the prices of many cryptos. But as time goes by, the market shall gain momentum.