Due to its success and investor interest, the cryptocurrency market has tripled in the past couple of years and is currently trending among investors interested in bypassing the traditional investing options like bonds, stocks, and real estate because of their relatively small gains over time.
While cryptocurrencies are still not pronounced legal in many countries, they are definitely not illegal and are starting to be accepted as legal tender in others. Furthermore, the cryptocurrency market and its products, the cryptocurrencies themselves, are secured by cryptography, making it the safest decentralized investing solution for people and organizations wanting to skip the burden of local authorities overviewing their transactions. For the above-mentioned reasons, the cryptocurrency market capitalization has risen from billions to trillions of dollars in recent years and shows no signs of stopping anytime soon.
In fact, 2020 and 2021 have seen a good return on investment from trading cryptocurrencies, which kind of stopped in 2022 because of the bearish market conditions. Nevertheless, depending on various factors, it might be wise to invest in some of the most popular cryptocurrencies now when they’re relatively cheap and expect hefty returns in the future.
So, what should you invest in this year, and which crypto coins will provide a decent return? Below, we’ll go through the five cryptocurrencies that we believe might explode this year.
Although Bitcoin remains the “king of crypto,” Ethereum transactions are now more rapid than Bitcoin transactions. And despite the fact that Bitcoin and Ethereum are relatively similar in structure, they serve very different purposes and have quite different uses. Ethereum serves several purposes beyond simple payment and is highly valuable in economic contexts.
Due to Ethereum’s latest use-case for obtaining pricy NFTs, its price has increased over the last several years. Ethereum had a $1,000 price in 2018; up until December 2021, it had hit $4,000. Nowadays, ETH’s price has dropped to slightly above what it was back in 2018, making it a fantastic investment opportunity considering its all-time high and unique decentralized finance application and blockchain functionality. Regardless of the coin’s current price, these two traits are going nowhere.
According to market capitalization, Avalanche or AVAX is the tenth largest cryptocurrency at the moment. This year, according to crypto experts, AVAX has perhaps the best potential of tripling in value. After all, it is AVAX’s blockchain-powered smart contracts that provide exceptional speed and compatibility to end-users, and what differentiates this coin from all the others you can currently get on your favorite crypto exchange.
Cardano (ADA) is another project that might spark the next cryptocurrency bull run. Charles Hoskinson, one of the Ethereum co-founders, launched this project intending to make Cardano more interoperable, scalable, and sustainable than the industry’s top networks.
Cardano uses a “Proof-of-Stake” (PoS) consensus mechanism, which significantly lowers energy consumption when building new blocks, in contrast to other cryptocurrencies, such as Bitcoin and Ethereum. Cardano’s smart contract capability works well with this, making the network a strong alternative for dApp developers. The native coin of the network, ADA, hasn’t exactly had the best of luck lately, but this initiative still has amazing potential for the months ahead.
Following some encouraging news regarding the network’s continuing litigation with the SEC, Ripple might be the next cryptocurrency to take off in 2022. As you may already be aware, Ripple is the startup that created RippleNet, a decentralized payments platform that enables quick and inexpensive exchanges of different currencies.
The usage of XRP, which serves as a “bridge” between the currencies, facilitates the process. Due to this strategy, RippleNet has been viewed as a logical replacement for the outmoded SWIFT network, which in some cases can take up to three business days to process payments. This makes it evident that now may be the best moment to purchase XRP before the coin surges once news of Ripple’s lawsuit surfaces again.
Due to its distinctive approach to interoperability, Cosmos could emerge as the next major cryptocurrency to cause a stir in the market. You will realize that blockchains typically run alone rather than in conjunction with other chains if you invest in any of the leading cryptocurrencies. This “competition” mentality has forced dApp developers to choose which chain they want to build their products on, greatly reducing the user base.
Nevertheless, the Cosmos protocol enables programmers to build their own “Zones,” which are independent blockchains connected to the Cosmos hub. While still having access to other Zones and being able to interact and share information with them, developers have complete sovereignty over their own blockchains. This guarantees that dApps can be integrated across several Zones, enhancing interoperability and elevating these networks.
There is no denying that cryptocurrencies are here to stay. The real question is, where is the best place to invest your money in? Nonetheless, remember that crypto isn’t a get-rich-quick scheme, and you should view it as a long-term investment instead.
Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.
PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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