At least according to a song from the musical “Cabaret,” money makes the world go ’round. We could, however, make a compelling case for modifying that phrase to “digital data makes the world go round” There is a resource that combines money and digital information into a single, robust, and rapidly expanding entity.
We’re discussing cryptocurrency. In contrast to conventional currencies such as dollars, pounds, rupees, and yen, cryptocurrency introduces a more significant element of speculation into the financial equation. People invest in cryptocurrencies in addition to using them.
As 2022 approaches, we examine why the cryptocurrency is gaining traction and the eight cryptocurrencies best suited for long-term investment in the coming year.
Why Is Cryptocurrency So Well-Liked?
Bitcoin is one of the most often mentioned cryptocurrencies, and many people have at least a passing awareness of it. Nevertheless, other cryptocurrencies, such as Dogecoin and Ethereum, have made more significant inroads into the public consciousness. Acceptance of cryptocurrencies is gradually becoming a reality.
The leading eight cryptocurrencies
Numerous cryptocurrencies are available, but the following best cryptocurrency to invest in is given below:
Algo is a coin for the Algorand blockchain technology with a market valuation of approximately $14 billion. The platform supports smart contract functionality and employs a proof-of-stake-only consensus algorithm. Algo is one of the most rapidly developing cryptocurrencies, with analysts predicting that its value will double or triple by 2025. Professor at MIT Silvio Micali founded Algo. In the environmental, social, and governance (ESG) business community, Algo’s proof-of-stake infrastructure makes the cryptocurrency more sustainable than its competitors.
Bitcoin, the ancestor of all cryptocurrencies, must be included on this list. BTC represents almost 40% of the total market capitalization. El Salvador, the first country to adopt Bitcoin as its official currency, capitalized on the recent bear market to purchase 150 bitcoin at the beginning of December. Bitcoin is a dangerous bet for short-term investors but a solid long-term investment; thus, it makes a list.
Binance Coin (BNB)
BNB is presently the third-largest token by market capitalization, which seems impressive until you realize that only 4.1% of the entire cryptocurrency market is represented. Still, this indicates ample room for growth, and Binance is taking advantage of this by increasing its market share from 0.7% at the beginning of 2021 to 4.1%.
BNB is the native coin of the Binance Smart Chain. Binance Smart Chain is a blockchain that is growing in popularity, and Binance is the world’s largest bitcoin and altcoin exchange.
Cartesi aims to differentiate itself from other cryptocurrencies by marketing itself as a solution to the challenges of scalability and the excessive fees of different blockchains. As of this writing, the value of the cryptocurrency has increased by nearly 3000%, with YTD trading at $1.20. Additionally, Cartesi has utilized its trade-friendliness to become an increasingly popular currency.
We’ve already said that Bitcoin has the most significant dominance, and Binance Coin is placed third, which begs the question, “Who ranks second?” Introducing Ethereum, a digital currency with a 21 percent market share. Ethereum is the most popular blockchain in the world and the network of choice in the young but rapidly expanding field of decentralized finance.
The value of Loopring, an Ethereum-based cryptocurrency, has surged in the final weeks of 2021. The cryptocurrency now trades at around $2.98 and has a market capitalization of about $4 billion. The 700% growth over the past month is primarily attributable to reports about integrating Loopring in the “metaverse” idea and speculation that GameStop will use Loopring to construct an NFT marketplace.
Can Shiba Inu Earn a Dollar?
Three distinct developments could contribute to the price increase of SHIB. Vitalik Buterin’s continued token burning is one of these drivers. The idea of this strategy is that reduced supply and increased demand will increase the price of SHIB. This is nothing more than financial engineering to me. And with such a massive supply of 549 trillion, to be exact, a significant amount of tokens would need to be burned.
The growth of the network is an additional catalyst. Shibarium, a Layer-2 solution, is rumored to be developing to expand network capabilities while decreasing transaction prices. ShibaSwap 2.0, an enhanced decentralized exchange, and a Shiba Inu metaverse are both in development. The ultimate objective is to increase SHIB’s user base, increasing its demand and price. However, these improvements cannot compete with the dominance of Ethereum.
Lastly, like many meme-inspired cryptocurrencies, Shiba Inu’s price could be boosted by another massive social media hype cycle. This has catapulted several cryptocurrencies to prominence, most notably Dogecoin. However, it is not something to invest one’s hard-earned money on. Attempting to predict the price movements of a specific cryptocurrency based on the amount of online talk surrounding it seems futile.
Will Shiba INU coin reach $1? If Shiba Inu ever reached $1 per token, the overall market capitalization of the cryptocurrency network would be a staggering $549 trillion. According to consulting company McKinsey & Co. estimates, this sum exceeds the total world wealth. This price goal is relatively easy to achieve.