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The most popular cryptocurrencies in 2022

 


2021 was a busy year for the market, with the total value of cryptocurrencies soaring up to $ 3 trillion.

All in all, Bitcoin has had a pretty good year. The digital currency has risen nearly 70% since early 2021, bringing the entire crypto market to a total of $ 2 trillion.

Bitcoin rose to a record high of nearly $ 69,000 in November. Now it's below $ 50,000, almost 30% below its high. Wall Street defines bear markets as a 20% or more decline from recent highs, but it's worth noting that Bitcoin is notorious for its volatility. It could look even better next year than this year.

Bitcoin received a huge boost in 2021 when El Salvador became the first country to adopt Bitcoin as legal tender in September. The world's largest cryptocurrency by market capitalization has enjoyed a number of pioneering advantages over the past decade, but being recognized as legal tender by a country has been a real achievement.

In 2022, it is very likely that at least one, if not several, countries will experiment with Bitcoin as a legal currency. The reason for this is simple: inflation is rising rapidly in most countries around the world. As governments around the globe print money and adopt spending plans to keep their economies afloat during the pandemic, the prices of goods and services are rising. Bitcoin, with its limited number of 21 million coins, is seen as a possible hedge against hyperinflation.

Since the value of some NFT collections has skyrocketed in the secondary markets, they are very popular with investors looking to take advantage of future sales. A trend that is expected to continue through 2022.

There is also the possibility that NFTs could be used to tokenize real assets such as real estate or physical works of art for sale, purchase, or use as collateral for loans.

Although the price of Ethereum has quadrupled in the past 12 months, the network's high transaction (gas) fees, due to increased usage, have favored several competing Layer-1s in 2021. Due to their lower transaction costs and higher throughput, so-called Ethereum killers like Avalanche (AVAX) and Solana (SOL) have gained popularity and price over the last year.

But Ethereum's outlook for 2022 is encouraging. When you consider that ETH is up 430% in 2021, a 155% increase to $ 10,000 is easily possible next year. If ETH repeats this year's performance, the Ethereum price could even reach $ 20,000 in 2022.

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Disclaimer:
The content made available does not constitute investment advice or investment brokerage. The analyzes are also not to be understood as an invitation to trade, but only reflect the opinion of the author. All statements about cryptocurrencies and their possible price development are absolutely non-binding. In the event that users of the site trade based on the idea of ​​analyzes, this is entirely at their own risk.

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