With Cryptocurrencies Currently Slumping, What Does the Future Hold?
Unfortunately, there are hundreds, more so thousands of cryptocurrencies flooding the financial markets in 2022. Selecting which five to watch could be based on any number of valuations, but we’ve chosen market capitalization here, or in other words, the total value of all of their coins in circulation today.
It’s worth noting that eighty percent of financial advisors are currently asked about cryptocurrencies, while only fourteen percent are using or recommending them. We are simply speculating which cryptocurrencies to watch and our list in no way is a recommendation for investing in any of these. Please consult with a financial advisor prior to taking that leap of faith in this market.
Bitcoin (BTC) tops our list to watch with a market cap of $574,712,360,462
It’s also the original cryptocurrency, created thirteen years ago by Satoshi Nakamoto. Similar to other cryptocurrencies, it operates on a blockchain. In other words, ledger logging transactions which are scattered across a network of a vast number of servers.
Are your Bitcoins safe? This cryptocurrency uses a process known as “proof of work.” Essentially, additions to their distributed ledgers have to be verified by solving a cryptographic puzzle. We recommend watching this cryptocurrency because it has withstood the test of time. Consider this – in May of 2016, the going price for one Bitcoin was approximately five hundred dollars. As I write this, one coin goes for $30,145.00. Could you handle a 5000 percent growth?
Second on our list is Ethereum (ETH) with a market cap of $246,777,348,519
If Bitcoin is the father of cryptocurrency, then Ethereum follows as the mother. Ethereum is a technology that’s home to digital money, global payments, and applications. Consider this – presently thousands of people can’t open a bank account. Ethereum’s decentralized finance (DeFi) system overcomes this as it never sleeps or discriminates.
Ethereum, along with Bitcoin has also experienced tremendous growth. In six years, its price went from about $11 to over $2,000, increasing almost 18,000%.
Up next is Tether (USDT) with a fully diluted market cap of $79,648,729,028
A fully diluted market cap is the total value of crypto at today’s token price if the total supply of cryptocurrency were in circulation. To figure out the fully diluted market cap, multiply the token’s current value by the total supply of cryptocurrency. 1
Tether is a stable coin, issued by a Hong Kong-based company Tether. With today’s inflation, this cryptocurrency should be watched and not in a positive light, as the Federal Reserve is poised to raise interest rates.
Fourth on our list is U.S. Dollar Coin (USDC) with a market cap of $52,799,269,936
Similar to Tether, this is a stable coin. It’s backed by United States dollars so it aims for a 1 to 1 ratio. The word on the street is that investors are expecting a downward trend in price due to inflation. Ethereum powers USD Coin.
Last on our list is Binance Coin (BNB) with a market cap of $50,818,083,572
You can use Binance Coin to trade and pay fees on Binance, one of the largest crypto exchanges on the globe. Launched in 2017, Binance Coin can be used for trading, booking travel arrangements or even payment processing. It can also be exchanged or traded for other forms of cryptocurrency, notably Bitcoin or Ethereum.
BNB’s price in 2017 was just $0.10. If you invested in Binance Coin in 2017, its price was a measly ten cents. Its price has now risen to around $313, a gain of over two-hundred eighty thousand percent!
1 What Is Fully Diluted Market Cap in Crypto? https://www.one37pm.com/nft/what-is-fully-diluted-market-cap-in-crypto
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