The cryptocurrency market is thronged with new cryptocurrencies every day. Every Crypto intends to make a mark as Bitcoin did. There are close to a thousand cryptocurrencies that are being traded every day. These cryptocurrencies have become a household name. There was a search in Crypto trading in 2020 when the world came to a standstill. It has been two years since the dynamics of each cryptocurrency have changed drastically.
Let us take a look at the cryptocurrencies that have proven their worth through these 2 years.
Bitcoin – It would be unwise to overlook this cryptocurrency that has been the leader since its Inception. If you wish to buy Bitcoin in India there are many exchange platforms that can help you do so. 2022 is proving to be a hard year to crack for most cryptocurrencies including Bitcoin. This coin has lost 2 lakhs value in the last 3 months. However, investors of positive Bitcoin will make a comeback because of the acceptance rate as well as the volume in trading. no one can change the data in the network to affect the supply of Bitcoin. Even after Bill Gates made it very clear that he thinks that currencies value is only limited to what you can sell it for Bitcoin has remained unaffected.
Ethereum – Like its peers, Ethereum had a slow start to the year. There was a considerable depth in Ethereum value at the beginning of 2022. The surge in price was mainly due to the anticipated launch of Ethereum 2.0. Although the global crypto economy plunged down, Ethereum has made a better comeback than most of its counterparts. Ethereum is all set to change from proof of work to a proof of stake system this year. The much-awaited upgrade will make this cryptocurrency eco-friendlier and make it more desirable as well.
Tether – Tether is one of the most stable cryptocurrencies in the crypto market. Unlike its competitors, Tether has managed to keep its value constant. Tether is a stable coin that is linked to a real-world tangible currency. In the last 6 months, there have barely seen any fluctuations in its value and that is why it is aptly known as a stable coin.
Ripple – Ripple has seen its fair share of ups and downs last year, just like all the other currencies. However, Ripple is considered to be a good investment due to the support of Ripple Labs and the fact that a lot of financial institutions have already adopted this payment method. The fluctuation in ripples price has been going on since May 2021 and it is yet to attain the same peak. XRP to INR value at the beginning of the financial year in 2022 is 64 rupees.
Binance coin – Binance is an exchange platform that uses its own currency to conduct transactions. Binance cannot be purchased with Fiat currency. As expected Binance’s value has also gone down after political unrest in some parts of the world. However, binance coins still continue to be a smart investment as Binance is a widely used platform and irrespective of whether people want to buy or sell cryptocurrency exchange platforms will be used. The price of Binance peaked in November 2021 and then continued to decline steadily till the beginning of April 2022.
These cryptocurrencies are preferred by investors due to their study performances in the past years. These cryptocurrencies are also the ones that show maximum potential and have already made a place for themselves. All cryptocurrencies have plummeted due to the Russia-Ukraine conflict. However, the applications of these cryptocurrencies are the one that distinguishes them from their peers. Making an investment is a big deal and any investment-related decisions should be considered carefully before investing your hard-earned money. The scope of return on investment is different in different cryptocurrencies and they should be recognized when making an investment. Consider all factors before you dive into the crypto market.