Is 2022 a Game Changer in the Cryptocurrency Market?
The cryptocurrency world has been on the incline for the past years. Bitcoin, Ethereum have become household names, and even Litecoin, Ripple, and Solana managed to get their place under the sun. With the cryptocurrency market reaching a total cap of $3 trillion for the first time, it is undoubtedly an excellent time to consider cashing in blockchain technology.
But will blockchain hit another milestone and is it the right time to invest in cryptocurrency?
The massive worldwide adoption of blockchain technology, including Bitcoin and Ethereum, has led to an increased interest in the cryptocurrency space. In a market filled with “me-too” altcoins and ICOs, investors are looking at the fundamentals of the top projects and trying to determine which ones could take off. For example, Bitcoin is the most widely-known cryptocurrency in the market and also the most secure.
The truth is all currencies rise and shine with Bitcoin, but not all of them are up there. However, if you buy Litecoin and Solana, you’re much more likely to make any money than investing in unknown names.
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As the supply of Bitcoins increases, the value of each Bitcoin will inflate. Because less than 10% of the total number of Bitcoins are left to be mined before the supply runs out, we can expect to see a price increase in the future. Although 46 million people hold a share of Bitcoin, if the China ban on crypto mining hadn’t been instituted, we could see Bitcoin reach $100,000 by now.
Still, it’s on the map for 2022 and the adoption of Bitcoin payments by many companies Stackburcks, AT&T, Amazon, Overstock, etc. is just another good sign.
But there’s a long list of other cryptocurrencies to consider for investment in 2022.
Ethereum is probably the biggest cryptocurrency of all altcoins. And for a reason. Not only did Ethereum’s native NFT market recently surpass $40 billion, but it also made Ethereum one of the best performing cryptocurrencies when compared to Bitcoin and other major cryptocurrencies. With its focus on the NFT market, this trend should continue for years to come, despite the risks that come with the current bearish market climate.
The biggest problem are the gas fees which sometimes are unbearable. However, with the introduction of Ethereum 2.0, we will witness faster and cheaper transactions which might boost its price and reach $6,000 by the end of 2022.
BNB is the other name of Binance Coin and is the native token of the Binance ecosystem. BNB offers benefits to members of the trading platform, including lower transaction fees and rewards that come with using BNB tokens. When used for transactions, users will receive 10-25% discounts. Launched in 2017, the coin has quickly made its way into a top 10 cryptocurrency valued in the billions of dollars.
The price prediction for BNB is from $597 to nearly $800 and while we cannot predict it sharply, we see that it will most probably go up.
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It’s one of the legacy players in the cryptocurrency market. Sparked by the MimbleWimble upgrade, it’s undoubtedly a topic worth noticing. The MimbleWible tech is known for its emphasis on security and privacy. Most notably, the protocol has been used by a number of various networks since its inception. It uses ECC encryption to keep users’ data private. The technology currently being used in the MimbleWimble blockchain has led to a unique ability to make transactions untraceable by others. If your people are not empowered, they can’t do anything.
With this new upgrade, Litecoin has a price prediction of around $180. About 66% increase from the opening price on the 30th of January.
Solana competes with Ethereum when it comes to building dApps. Solana’s transactions are much faster, and its transaction fees are significantly lower. During the cryptocurrency Solana’s all-time high, the price of Solana soared past $258.93, but it is currently trading for much less than that. Wallet Investor predicts that the price of Solana will reach $298 this time around.
We can go a bit more modest than that and predict around $250-260 as a realistic target.
The Cardano price slid 67% in the past couple of months. As a result, its market capitalization declined from $90 billion to $34 billion. It has now slunk to position six among the largest cryptocurrencies.
However, increased exposure and other factors such as strong third-party partnerships could lead to a significant increase in prices for cryptocurrencies like Cardano, Ethereum, and Bitcoin Cash.
We cannot expect it to reach $10 easily but $7 is definitely on the map for 2022.
We can expect to see exciting developments in the cryptocurrency and blockchain sectors over the next few years. While companies will continue to launch initial coin offerings, bigger players involving themselves in blockchain technology, such as IBM and Microsoft, will be focusing on improving and updating their products to accommodate new uses. The changing face of the industry is likely to have a positive impact on investors, and huge cryptocurrency faces like Bitcoin and Ethereum will most probably get an even bigger lead ahead of the following pack.