Cryptocurrencies continue to rise at an unprecedented rate with an increasing number of investors jumping onto the bandwagon. Many Investors have started to expand their portfolios into the crypto market apart from other investment tools such as stocks, shares, and bonds. The year 2022 within the first fifteen days saw the uprise of the new niche in the blockchain industry called NFTs. Non-fungible tokens have indeed taken the world by storm and if you are still wondering whether it is here to stay or not, then you are surely missing out on a lot!
2021 was the year of crypto and decentralized finance (DeFi). Ethereum started at a little higher than $1000 and was successful to close at a price of more than $3000 in 2021, creating new records over the year. Although the current crypto market is in a consolidating phase, experts believe that it is the right time to get into the market in 2022. It is no exaggeration to say that every day is a new day full of surprises in the crypto space. Although new investors know that this is the best time to get into the market, with more than 9000 cryptocurrencies floating around it becomes extremely difficult to choose the best cryptocurrency to invest in. Do not worry! We have got you covered.
In this article, we have performed thorough research to identify the top 10 altcoins below INR 1 lakh that investors should watch out for before creating their portfolios for 2022. These 10 popular altcoins are the talk of every crypto household.
But before we explore the top 10 altcoins to watch in 2022 according to Fintech experts, let us first understand what is an altcoin?
What is Altcoin?
Altcoins have been derived from the combination of two words: “alt” which stands for alternative and coins signify cryptocurrency. Together, they define a category that is an alternative to the first crypto ever, Bitcoin. Various cryptocurrencies emerged after the success of Bitcoin and try to target some of the perceived drawbacks that Bitcoin had with their better and newer technology.
Most of the altcoins are built on the structure provided by Bitcoin. Ethereum is the top altcoin which is also the second-largest cryptocurrency by market capitalization. The closing ethereum price today is $3084.02 (January 19, 2022).
There are many altcoins that have better use cases than Bitcoin and are also a thousand times cheaper than BTC. Here is a list of top 10 altcoins below 1 lakh that one must watch out for before creating their portfolio this year.
Top 10 Altcoins to Watch in 2022 | Cryptocurrencies under 1,00,000
|Coin Name||Binance Coin (BNB)||Cardano (ADA)||Solana (SOL)||Ripple (XRP)||Terra (LUNA)||Polkadot (DOT)||Axie Infinity (AXS)||Avalanche (AVAX)||Polygon (MATIC)||Decentraland (MANA)|
|Sub Sector||Binance Smart Chain Ecosystem Tokens||Binance Smart Chain Ecosystem Tokens||Layer 1 Cryptos||Other Altcoins||Defi Tokens||Layer 2 Cryptos||Metaverse/Gaming Cryptos||ERC-20 Tokens||Layer 2 Cryptos||Metaverse/Gaming Cryptos|
|About||Binance coin is the native token of the biggest cryptocurrency exchange globally called Binance.||Cardano is one of the biggest blockchain to successfully use PoS consensus mechanism.||Solana provides one of the best DeFi (Decentralized finance solutions).||XRP is the native token of one of the top distributed ledger called, XRP ledger.||LUNA combines price stability of fiat currencies with censorship resistance of BTC to offer affordable as well as fast settlements.||Polkadot is a network allowing cross-chain functioning. It is the foundation to Web 3, a decentralized internet.||Axie Infinity is a blockchain based battling game and trading platform.||Avalanche is the fastest smart contract platform within the blockchain industry.||Polygon’s network effectively transforms Ethereum into an internet of blockchain.||Decentraland is Virtual reality platform (Metaverse) that is powered by Ethereum blockchain.|
|All time high 2021||$690.93||$3.10||$260.06||$3.84||$103.33||$55.00||$165.37||$146.22||$2.92||$5.90|
|Consensus||Proof-of-Staked Authority (PoSA) consensus (“Parlia”),||Ouroboros (Proof-of-stake)||Byzantine Fault Tolerance (BFT) Tower Consensus (Proof-of-history and proof-of-stake combined)||XRP Ledger Consensus Protocol||Tendermint Delegated-Proof-of-Stake (DPoS)||NPoS (Nominated Proof-of-Stake)||Proof of Authority||Avalanche consensus protocol||Proof-of-stake||Proof-of-stake|
|Supply||166,801,148 BNB||33,526,583,961 ADA||314,152,292 SOL||47,663,117,635 XRP||358,017,194 LUNA||987,579,315 DOT||60,907,500.00 AXS||244,353,428 AVAX||7,312,892,503 MATIC||1.82B MANA|
|Top use cases||The main goal of the Binance blockchain network is to become the leading infrastructure provider for the entire blockchain ecosystem.||Aims to allow development of decentralized apps as well as smart contracts with modularity.||Aims to improve scalability by introducing proof-of-history consensus combined with proof-of-stake .||It is a less-costly, speedy, and more scalable alternative to existing assets.||It combines borderless benefits of crypto to price stable fiat currencies.||Aims to enhance interoperability.||Each axie within the ecosystem is a non-fungible token (NFT) with different strengths and attributes.||It is an Ethereum competitor providing faster transactions and low gas fees.||It’s flexible and modular framework supports building of multiple types of applications.||Decentraland has been built for businesses, content creators, and individuals looking for a new business opportunity in the Metaverse.|
|Market cap (date/time stamp)||$77,979,117,131||$50,624,712,017||$43,355,509,932||$35,731,032,170||$27,190,660,347||$24,669,279,000||$4,494,830,189||$21,064,447,434||$15,893,988,762||$5,200,199,602|
Summing it Up!
There are thousands of altcoins floating in the market, therefore it is extremely important for any investor to understand the technology behind all these coins and what their use cases are before putting in their hard-earned money in it. Although, no one can ever claim the best altcoins to invest in 2022, however, we have summarised the budget-friendly as well as top 10 altcoins to watch in 2022.
These data have been fetched from various credible resources. However, Do your own research (DYOR) before investing in any crypto asset.
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