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As one of the emerging asset classes, cryptocurrencies have been gaining global traction lately. With adoption rates reaching record-breaking levels, more and more people are showing interest in cryptocurrency investments and trading. While there are thousands of cryptocurrencies floating in the market, the one question that always comes to our mind before we begin investing is ‘which crypto to buy today for long term?’
To solve your indecision and confusion, here is the list of the 6 best cryptocurrencies to invest in 2022 for short term and long term:
(Market cap and price as on 20th April, 2022, on CoinMarketCap)
#1 Bitcoin (BTC)
Market Cap: $787 billion
Price: $41,346
Bitcoin remains the number one cryptocurrency by market cap. Despite the wide slumps and jumps in its prices since its inception in 2009, Bitcoin remains a favorite among institutions, businesses, and individuals. El Salvador’s adoption of Bitcoin as a legal tender and SEC’s approval of the Proshares Bitcoin ETF back in October 2021 proved to be a game changer for the crypto king. Bitcoin reached its ATH of $69,000 and continues to show resilience around the $40,000 mark.
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The peer-to-peer payment network currently suffers from scalability issues and high gas fees. But the upcoming Lightning network will help in making bitcoin transactions instantaneous. With a growth of over 9000% from 2016 to April 1, 2022, Bitcoin continues to remain the best cryptocurrency to invest in 2022.
#2 Ethereum (ETH)
Market Cap: $371 billion
Price: $3077
The second-largest blockchain network Ethereum could be your answer to the question ‘ which cryptocurrency to buy today for the long term. Ethereum hosts over 80% of the dApps and Defi platforms, has millions of NFTs built over it and houses a majority of the DAOs. Ethereum’s developer community is working hard to solve its scalability issues. Experts call Ethereum the highway to the web3 internet.
Ethereum is awaiting its Merge when it will shift from the PoW to the PoS consensus mechanism. In all probabilities, Ethereum is being considered undervalued and might explode in the coming months. It has experienced multi-bagger growth of over 31,000% from 2016 to 2022 and is the best cryptocurrency to invest in 2022.
#3 Solana (SOL)
Market cap: $35.5 billion
Price: $106
Solana is a layer-1 scaling solution to the Ethereum network. It is the most popular smart contracts protocol after Ethereum, attracting more and more developers and investors alike. It uses the dual consensus mechanism of Proof of Stake and Proof of History to validate transactions.
It hosts over 1300 dApps and Defi platforms and can handle up to 50,000 transactions per second. Solana has registered a growth of 17,500% since its launch in 2020 and continues to remain the best cryptocurrency to invest in 2022.
#4 Terra (LUNA)
Market Cap: 33.7 billion
Price: $95
Terra is a blockchain protocol that powers price-stable global payment systems via fiat-pegged stablecoins such as TerraUSD. Terra protocol combines the price stability and wide adoption of fiat and the decentralized censorship-resistant features of cryptocurrencies. It offers fast and economical settlement systems.
Luna, the native coin of the Terra platform, powers the platform and is used for minting stablecoins. Terra has recently been on a buying spree and has considerable amounts of Bitcoin and AVAX tokens in its treasury reserves. It can be a great choice for the best cryptocurrency to invest in short term in 2022 as stablecoins are gaining traction, and Terra itself as a platform has been actively seeking to widen its adoption and use cases. Luna witnessed a growth rate of 16,400% from January 3, 2021, to April 1, 2022.
#5 Cardano (ADA)
Market Cap: $31.6 billion
Price: $0.93
The Cardano protocol is another popular Layer-1 scaling solution to the Ethereum network. Cardano is being considered the best cryptocurrency to invest in 2022 for Ethereum’s upcoming Merge will likely lead to a spurt in the prices of the tokens of L1 and L2 scaling protocols. It offers high scalability and transaction speed and houses hundreds of dApps and Defi platforms on its network.
It uses the Ouroboros Proof of Stake consensus mechanism to validate its transactions. It is one of the few platforms that publish its own peer-reviewed research and reviews and has a five-stage roadmap. It can handle 250 transitions per second. Since its inception in 2017, the ADA token has witnessed a growth rate of 5,750%, giving a staggering ROI of 16,000% to early investors.
#6 XRP (XRP)
Market Cap: $35.86 billion
Price: $0.75
XRP is a peer-to-peer network built to make global payments affordable for retail customers and banks. It charges very low transaction costs and offers less than 5 seconds of transaction finality. Ripple, the parent company of the XRP protocol, had been in troubled waters due to a lawsuit filed by the US SEC for non-compliance. Despite the tug-of-war proceedings, Ripple has greater chances of securing a win.
XRP facilitates the exchange of fiat and other major cryptocurrencies and holds umpteen potential as one of the best cryptocurrencies to invest in 2022. As of April 1, 2022, XRP secured more than 13,700% growth rate.
Does this list of the 6 best cryptocurrencies to invest in 2022 help you decide which crypto to buy today for long term? The crypto market has been performing well despite some adverse developments around the globe. But as an informed investor, you should make it a point to DYOR and avoid FUD and FOMO to get the best out of your crypto investments.
Head over to WazirX for a seamless, smooth, secure trading experience. Happy Trading!
Frequently Asked Questions
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed. There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Is Pi Cryptocurrency Safe?
Pi Network captured the crypto community’s interest even before it officially debuted. Its innovative mobile mining approach and user-friendly design simplify crypto adoption for a broader audience. Some users see this as a chance to get engaged in the crypto from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
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