As the world of finance has changed and evolved, so have the ways in which we store and spend our money.
Cryptocurrency has been becoming increasingly popular in recent years, with many people choosing to invest their money into this new form of currency, rather than traditional forms such as cash or paper money.
However, with over 12,000 different types of cryptocurrency available on the market today, it can be difficult to know which ones are worth investing in, and which ones you should stay away from. And If you are considering an investment on crypto, it’s more important to know which one is the fastest growing cryptocurrency.
Wouldn’t that be a smart move?
What is Cryptocurrency?
Today, in order to make any kind of transaction, we need money.
Whether it is paying for groceries, going to a movie or buying something online. If we go back a few decades ago, then people didn’t need money at all. They bartered items they had extra with what they needed and everything went smooth.
Today, however, there is something called cryptocurrency which allows us to do such transactions without having to pay via money. It can be anything from electronic money, digital currency, or even an investment vehicle that allows you to invest in Cryptocurrencies and make good returns on your investments in the long run.
Thus, if you have made up your mind about investing in cryptocurrencies, then let us know how much are you willing to spend. There are certain cryptocurrencies which are faster growing than others, but these currencies don’t necessarily mean they will help our financial position grow quickly.
Keep reading further to know more about top 10 fastest growing cryptocurrencies in 2022 as well as how much each one will cost, so that you can figure out how much are you willing to spend when investing in them and not make a hasty decision while investing because even though they might seem like scams initially but once they gain popularity overnight, their prices start skyrocketing.
And before we know it; our hard earned cash has vanished within minutes!
Types Of Cryptocurrency
Are you looking to invest in cryptocurrency?
There are literally thousands of cryptocurrencies out there, but which ones are legit and which ones will disappear over time? To help you decide what kind of cryptocurrency to invest in, we’ve put together a brief overview of three different types: fiat currencies, tokens and utility coins.
Understanding these categories is essential to ensure that your investment is actually going to be worth something. And once you get more familiar with them (which doesn’t take too long) it makes sense as well—the logic behind them becomes clear. Whether you already have some Bitcoin or Ether stashed away, or you’re just interested in getting started, these types should help your research process.
We have covered a beginner-friendly simply explained article on types of cryptocurrency. Dig in.
How Does Cryptocurrency Gain Value?
The value of cryptocurrency is based on supply and demand. Like any other form of currency, when more people want it, its value increases. More and more people are interested in cryptocurrencies because they have a wide range of uses, including online transactions and investments.
To increase in value, you simply need to buy or sell cryptocurrency on an exchange platform.
As cryptocurrencies gain popularity and exposure, they become easier to trade through traditional exchanges such as stocks and commodities markets.
Because cryptocurrencies are easy to invest in—and also can be held as assets—their values continue to rise. By investing in the top fastest growing cryptocurrency now while they’re still relatively unknown (which gives them a low price), you can make massive gains down the road when their values skyrocket into relevance.
Why Are There So Many Cryptocurrencies?
With each passing day, another cryptocurrency seems to pop up on crowdfunding sites like Kickstarter and Indiegogo.
Some of these are blatant money grabs; others are simply inept ideas (imagine something like The Couch Coin for bitcoin owners to spend while watching TV). The majority of cryptocurrencies today are derived in some form or another from Bitcoin, many even use its open-source blockchain technology. While some cryptocurrencies have offered improvements to these technologies (Bitcoin’s blockchain can be too slow to support some applications), most have been derivative at best. So what makes investors so excited about so many digital coins?
It’s simple, because they all promise that they’re going to get rich by making other people rich. But do they keep their promises? Obviously No.
In 2021, A pump and dump scam has happened in the name of popular Korean Netflix series “Squid Game”.
Among crypto enthusiasts, this type of scam is commonly referred to as “Bait and Switch”.
An example of this is when promoters of digital tokens attract buyers, make off with their money, and then stop allowing investors to trade activities on their platform. Gizmodo reports that Squids’s developers have made off with approximately $3.38m (£2.48m).
Then what top 10 fastest growing trustworthy cryptocurrency should you invest in? We’ll review a few different currencies (the list is getting long!) using their market cap as a proxy for their value. This is probably overly simplistic – each crypto coin has different properties – but we can at least determine which ones might have strong potential based on market interest alone.
Ethereum
With over $327 billion of market cap Ethereum considered to be one of the most promising coins in cryptocurrency.
Ethereum has made a name for itself with its second-generation blockchain technology that facilitates smart contracts and applications. What sets it apart from Bitcoin is that it supports more than just currency transactions and has its own scripting language.
According to CoinMarketCap data, ETH is currently trading at around $200 dollars, with 24 hour volume close to $6 billion. It’s price went from about $11 (April 2016) to over $2,700 (February 2022), increasing nearly 25,000% in 7 years!
Many experts believe that Ethereum will become even more popular after it switches to Proof of Stake. This switch will change its consensus algorithm from Proof of Work (mining) which consumes significant energy for each transaction into Proof of Stake (voting), which consumes less energy but also significantly reduces inflation rate by eliminating mining reward.
Bitcoin Cash
The Bitcoin Cash network can handle many more transactions per second than the Bitcoin network.
For now, though, the Bitcoin Cash price (and its status as a store of value) is driven by speculation. Although the number of merchants that accept BCH is growing every day, you can’t really use it to buy anything yet. Even still, I wouldn’t be surprised if it one day surpasses the bitcoin market cap. It’s very early days right now in cryptocurrency world.
I’m keeping my eyes on Bitcoin Cash because I think they’re going to be a big deal in the long run.
Solana
Founded by ex-Qualcomm engineers, Solana is a public blockchain platform that works to scale transactions on their native cryptocurrency called SOL.
It can process over 40,000 transactions per second which makes it an ideal currency for commerce and business solutions. Solana is currently valued at around $0.25 per coin with a market cap of $42B (January 2022) USD making it a relatively small cryptocurrency with huge potential for growth.
Zcash
Zcash is a new cryptocurrency that launched in Fall 2016.
In 2013, Matthew Green, Ian Miers and Christina Garman from Johns Hopkins University were challenged to develop a privacy extension for the cryptocoin known as Bitcoin. The team had their reservations about using the blockchain to conduct anonymous transactions but they found another option that was appealing for the technology: Zcash.
Zcash is based on another cryptocurrency called Bitcoin, but it is geared towards using cryptography to provide enhanced privacy for its users compared to other cryptocurrencies such as Bitcoin.
Litecoin
Coming in at number five is Litecoin, with a market cap of US$8.7 billion (January 2022). As one of bitcoin’s oldest alternative cryptocurrencies, it’s seen as a solid alternative to bitcoin and its more volatile counterparts. Like bitcoin, litecoin also has a fixed supply, which also helps make it appealing to investors looking for a currency that can hold its value over time. However, being a smaller cryptocurrency than bitcoin doesn’t always work in its favor, there are fewer people using litecoin as well as fewer vendors who accept it for payment.
Ripple
Perhaps one of the most unique things about Ripple is that it isn’t strictly a cryptocurrency. It can also be used as a payment system, in which case it’s called Ripple Transaction Protocol. So, how does Ripple compare to other cryptocurrencies like Bitcoin and Ethereum? Well, it currently has a market cap of $8.06 billion—second only to Bitcoin. But unlike many of its crypto-peers, Ripple has already launched and is being used by some banks and financial institutions in conjunction with settlement systems like Swift. It’s also been adopted by companies like UBS and Santander, which have created their own digital wallets for customers to use with XRP tokens.
Stellar Lumens
Stellar is a decentralized platform that aims to help individuals and businesses send and receive payments across borders quickly, reliably, and at low cost. Lumens (XLM) are tokens backed by Stellar that you can use as currency to make payments on a distributed ledger between banks, institutions, and individuals. The Stellar team was founded in 2014 by Jed McCaleb, an internet pioneer best known for creating Mt. Gox (now named BTC-e), one of Bitcoin’s largest exchanges prior to its 2013 collapse. McCaleb left Mt. Gox in 2011 following creative differences with then-CEO Mark Karpeles; he went on to found Ripple Labs with plans to create a faster—and more transparent—way for people and institutions to move money around.
Cardano
With its proof-of-stake algorithm and use of a formal verification tool to build code, Cardano’s developers say they’re building a programmable currency; like Ethereum, it will have smart contracts and decentralized applications. One difference is that their blockchain technology allows for sidechains, meaning you can store your ADA in an address on one chain while keeping other assets on another chain (say Bitcoin). And unlike Ethereum, which uses gas to power dapps and smart contracts, Cardano uses Ouroboros. This makes it more energy efficient because it doesn’t require heavy computing power to run. With a circulating supply of 25 billion coins (plus 45 billion in its treasury), ADA could be well on its way to reaching $1 by 2022.
BNB
BNB (Binance Coin) has been the world’s fastest growing cryptocurrency in the past three months, according to data from OnChainFX. The market cap of BNB has grown from $1.07 billion to $1.71 billion in a span of two months, bringing the coin to the top 20 cryptocurrencies according to market cap. Binance Coin (BNB) is the token of Binance, the largest cryptocurrency exchange by trade volume. Binance is currently the only major exchange to offer BNB as a trading pair, which has given it a major advantage over other exchanges. BNB will likely lead to more cryptocurrency adoption, as it can be used on Binance to pay trading fees which are at 0.05% of the trade.
Polygons (MATIC)
- Market Cap: $13.7B
- Circulating supply : 7.5B MATIC
Polygon MATIC is a scalability platform that acts as an exchange like the New York Stock Exchange. It enables Ethereum-supported blockchains to communicate with one another. It is also used to create new Ethereum blockchains for businesses and institutions needing decentralized payment solutions.
Conclusion
It’s not a new phenomenon that Bitcoin is the most popular and valuable cryptocurrency in the world. Many people have heard about it and most have probably invested some of their hard-earned money into it at one point or another. However, it is not the only cryptocurrency on the market, and as a matter of fact, it is not even the fastest growing cryptocurrency in the world. In fact, the fastest growing cryptocurrency in the world isn’t even a cryptocurrency. It is a platform called Ethereum.