The cryptocurrency market has witnessed exponential growth in just over a decade since Bitcoin was created. So, the question is no longer about the possibilities of cryptocurrencies but which cryptocurrency is growing the fastest. Crypto investors now have thousands of coins to choose from, and more are created by the day. But the growth of the crypto market has brought immense benefits, but there are also positive challenges that crypto traders/investors now have to grapple with on a higher level; making profits.
Today, the plethora of coins in the market makes it difficult for investors to find coins that can yield good profits. Therefore, it is essential to find the fastest growing cryptocurrency in 2022 as you plan your crypto investment. This article will look at the top 5 fastest growing cryptocurrencies that you can invest in for profits.
1. Bitcoin (BTC)
Bitcoin, dubbed the king of cryptos, is the first coin to be created. Since 2009 when Satoshi Nakamoto created it, bitcoin has grown to become the most valuable cryptocurrency today. Bitcoin, at $902,106,229,438, holds over 43% of the global cryptocurrency market capitalization and has done over x58,750,000, going from its opening price of US$0.0008 in June 2010 to the current $47,476.17.
BTC hit its all-time high price of $67,566 on November 8, 2021. Some experts consider bitcoin the fastest growing cryptocurrency right now, given its increasing use. If you ask what the fastest growing cryptocurrency is, bitcoin might be your answer. Even after dipping, Bitcoin has consistently performed and is trusted by many crypto investors as a store of value. Some big investment names like Michael Saylor of MicroStrategy own thousands of bitcoin.
As a crypto investor, you should consider investing in bitcoin by either purchasing or mining, as many experts have predicted that the coin will hit six figures in price. Bitcoin is also a long-term coin with many payment solutions built atop its parent blockchain, the bitcoin blockchain network. Therefore, if you want to invest in bitcoin, you can consider bitcoin mining as a way to get bitcoin at a lower price than the current market value.
2. Ethereum (ETH)
Ethereum was founded in 2013 by Vitalik Buterin with Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin. But it was not until 2015 that it went live. Ethereum is considered the fastest growing cryptocurrency after bitcoin. It was built to offer more than Bitcoin and became the first blockchain to introduce smart contracts, which furthered the concept of decentralization. Ethereum is also the first blockchain to introduce decentralized apps (DApps) and Decentralized finance (DeFi), which increased its value.
The ICO price of Ethereum was $0.31 per coin when it launched in 2014, but it has since reached an all-time high price of $4,891.70 and currently trades at $3,360.21. Ethereum, at $404,398,229,147, holds about 18.9% of the global cryptocurrency market capitalization.
Ethereum is easily one of the fastest growing cryptocurrencies because most of the DApps, smart contracts, and NFTs today are built and traded on the Ethereum blockchain. Furthermore, the recent network upgrade has also increased the speed and performance of the Ethereum blockchain, making ETH even more valuable as a native token. Therefore, you may consider Ethereum if you want to invest in a coin with bright prospects and a sizable market value.
3. Tether (USDT)
One other coin considered the fastest growing cryptocurrency today is USDT (Tether USD). USDT is a stablecoin issued by Tether, a Hong Kong-based cryptocurrency company. USDT is a stablecoin because its value is pegged to the U.S. Dollar and guaranteed by Tether to remain so. According to Tether, each USDT is backed by a fiat dollar deposited into a reserve.
USDT was launched in 2014, under the name Realcoin, by Brock Pierce, Reeve Collins, and Craig Sellars. Built atop Bitcoin, Realcoin was renamed USDT and made into a stablecoin backed by several financial instruments that equal the USD equivalent of USDT in circulation.
USDT seeks to provide a store of value against the characteristic volatility of cryptocurrencies and smoothen transactions by integrating blockchain technology and fiat dollars. With a market capitalization of $81,411,293,802 and a circulating supply of 81.37B, USDT is one of the biggest cryptocurrencies today and continues to enjoy support from investors.
If you want a coin that is not volatile, works across many blockchains, and is pegged to fiat currency, you might want to consider investing in USDT.
4. Binance Coin (BNB)
If you wonder what the fastest growing cryptocurrency is right now, BNB is another excellent coin to discuss. BNB is the native token of the Binance Chain, the first native blockchain of Binance, arguably the biggest centralized cryptocurrency exchange in the world. BNB was created in 2017 by the founders of Binance, Changpeng Zhao and He Yi.
BNB was created to help users of the Binance Chain perform on-chain transactions without hitches. But its value quickly exploded as the Binance exchange gained popularity. Today, BNB is worth $433.22 from its starting price of $0.15 in 2017. With a market capitalization of $71,651,737,448, BNB is the fourth-biggest cryptocurrency today.
BNB is probably an excellent investment if you are looking for a coin with the potential to make profits. The Binance exchange is growing and adding value; since BNB is tied to it, there is the possibility of an increase in the coin’s value. In addition, BNB is one of two coins 9the other being BSC) powering the Binance network and making it possible for investors to interact with the blockchain at lower fees than many other blockchains.
5. Terra (LUNA)
LUNA is one of the world’s fastest growing cryptocurrencies, with the potential to return huge profits on early investments. Since its launch in 2019, when it sold for $1.31, LUNA has gone up by over 7600% and currently trades at $99.16. With a market capitalization of $35,306,644,700, it is the ninth-biggest cryptocurrency today.
Terra (LUNA) was established by a South Korean cryptocurrency company, Terraform Labs, as part of a dual token (the other token being TerraUSD, a stablecoin). Both tokens are related in that LUNA is burnt to mine TerraUSD and the value of LUNA, in turn, maintains the value and stability of TerraUSD.
LUNA is also a governance token used to make decisions on the Terra chain. Since its launch, LUNA has grown exponentially to become one of the biggest cryptocurrencies in the world. You might consider investing in LUNA as its potential for profits remains enormous. LUNA is quite popular in the cryptocurrency market, and several analysts have predicted that it will become even more valuable due to its increasing use cases.
Diversify Your Risks
Now that you have seen five of the fastest growing cryptocurrencies in 2022, your investment plan should be based on previous price movement, use cases, and popularity. The volatility of cryptocurrencies makes them great for making massive profits in a short time. But it works both ways. There is always a risk in trading or investing in cryptocurrencies, and you should be aware of them.The best way to minimize your risk and maximize profits is to have an investment plan to diversify your crypto portfolio. You can do this by keeping most of your crypto funds in a wallet and then investing a portion of your funds in stablecoins and coins that are less volatile than others. You can also invest some funds in new, more volatile coins and are likely to make massive profits. Some coins are used as native tokens for Web3 and metaverse platforms/projects or in levels 1 and 2. Your risk tolerance or appetite is the key here. Remember, the first rule is only to invest what you can afford to lose since the crypto market responds to external influences such as news and government policies. Therefore, it is essential to create a trading/investment plan that protects your funds from the volatility of the crypto market.
Another excellent approach is to explore the modern strategy of investing; Mining cryptocurrencies like bitcoin. Minery can help scale and operate your mining operation. We have takencrypto mining hostingto the next level so you can maximize your investment.
