Top 10 Best Cryptocurrencies Of 2022

There are thousands of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started in the world of cryptocurrency. To help you get started, here are the top ten cryptocurrencies ranked by market capitalization, or the total value of all coins currently in circulation.

What Are Cryptocurrencies?

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A cryptocurrency is a digital asset that can circulate independently of a bank or government. There are currently over 20,000 cryptocurrency projects available, representing the entire $870 billion crypto market.

As of 2022, many people have ventured into the cryptocurrency industry as compared to earlier years when it remained a mystery to most people.

Although cryptocurrencies have not been well accepted in Kenya by both the government and relevant financial institutions, a portion of Kenyans have invaded the market and are actively trading, earning profits daily.

However, the said market is not as good for newcomers as it is known to be flooded with scammers and other ill-fated deals. As a newbie, it’s always good to do your research before venturing into the crypto market.

Bitcoin, Ethereum, and Dogecoin are some of the top 10 best cryptocurrencies in the market as of 2022. These coins have been in the market for quite some time now.

Top 10 Best cryptocurrencies as of 2022

1. Bitcoin (BTC)- Market cap: $370 billion

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Bitcoin (BTC) is the original cryptocurrency, created in 2009 by Satoshi Nakamoto. BTC, like most cryptocurrencies, is based on a blockchain, which is a ledger that records transactions across a network of thousands of computers. Bitcoin is kept secure and safe from fraudsters because additions to distributed ledgers must be verified by solving a cryptographic puzzle, a process known as proof of work.

As Bitcoin has grown in popularity, its value has skyrocketed. In May 2016, one Bitcoin could be purchased for around $500. A single Bitcoin was worth around $19,400 on July 1, 2022. That’s a more than 3,780 percent increase.

2. Ethereum- Market cap: $66 billion

Ethereum, which is both a cryptocurrency and a blockchain platform, is a favorite among programmers due to the potential applications it offers, such as smart contracts that execute automatically when certain conditions are met and non-fungible tokens (NFTs).

Ethereum has also seen explosive growth. From April 2016 to the beginning of July 2022, its price increased by nearly 9,509 percent, rising from around $11 to $1,057.

3. Tether (USDT)- Market cap: $66 billion

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Tether (USDT) is a stablecoin, which means it is backed by fiat currencies such as US dollars and the Euro and theoretically maintains a value equal to one of those denominations. In theory, this means Tether’s value should be more consistent than other cryptocurrencies, and it’s preferred by investors who are wary of other coins’ extreme volatility.

4. U.S. Dollar Coin (USDC)-Market cap: $55 billion