For a long time, Bitcoin (BTC) was the only cryptocurrency people knew.
BTC paved the way for other cryptocurrencies. However, with the emergence of several cryptocurrencies in the market, Bitcoin experienced stiff competition. Though a default crypto for trading, do not fear trying out other cryptos, that provide proof of stake (with great yields), lower transactions fees and considerably faster transfers.
If you wonder which cryptocurrencies to try out in 2022, here is a list of alt coins to consider.
Polygon is a blockchain that supplies MATIC coins. The founders created it to tackle Ethereum’s challenges, like being slow and expensive. On average, the transaction fee for Ethereum is $25. However, the transaction fee rises when the network slows down due to congestion. Polygon strengthens Ethereum’s network by boosting it.
Experts estimated the number of MATIC coins in circulation to be 7.16 billion in 2021. With the enormous number of coins, people dashed to acquire them. Traders acquired it through play-to-earn games and NFTs. Towards the end of 2021, its market capitalization grew from $81 million to $ 20 billion.
Other cryptocurrencies like Chainlink and Polkadot have embraced Polygon’s technology. If the two coins improve their technology, people may adopt them, and Polygon may fall off the market. Assuming the risk doesn’t bother you, you can get it from Ethereum and Uniswap.
From the Terra blockchain, you can acquire Terra – or LUNA as the short code is called. As the main coin in the Terra universe, it has a decent user base that seems to grow significant every month. LUNA is well known for it’s speed. Usually, you can make a transaction with Terra (LUNA) within 5-6 seconds, which is considerably faster than most other cryptocurrencies. At the same time, the cost is a fraction of what many other coins require you to spend. An average transaction with Terra is usually 0.05-0.08 USD, compared to 70-100 USD for Ethereum. However, there are always risks with algorithmic coins, and LUNA is tied to UST in several ways, which could turn out risky.
Consequently, the UST tie has led to more demand for Terra. You can learn more about this coin here.
Enjin Coin (ENJ)
The coin was created by an online gaming community called Enjin (ENJ). The founders of Enjin wanted to make it easy for traders to trade with non-fungible tokens (NFTs). NFTs are coins that exist on a blockchain. NFTs are different from other cryptos since you cannot exchange them in the market. Instead, you use them to purchase gaming skins, tweets or artwork. However, you can sell it for cash outside the trading market.
Nowadays, gamers have made their hobby a job. Therefore, the demand for NFTs will steadily see the rise of the coin. Currently, it lacks physical backing. Until the management backs the currency with a commodity or asset, it will remain volatile. You can find it in Binance and in Coinbase.
Kucoin Token (KCS)
The token is issued by Kucoin cryptocurrency exchange. Those who hold the coin in their wallet receive a certain percentage of trading revenue. To acquire the coin, you need to do it using Ethereum. You can do this on Coinbase.
In 2021, 10 million users registered for the coin. As a result, the number of users increased by 1100%. If the users remain active, they will benefit from the trading revenue awarded to them. Inactive users are thus a significant risk to this crypto.
PAX Gold (PAXG)
PAXG is a type of stablecoin backed by gold. With this coin, you get exposure to gold markets without Ethereum. To buy this crypto, you need to log on to Coinbase and purchase it with Ethereum. More investors like this coin since it allows you to own gold virtually.
With nearly 184,000 tons of gold worldwide, the cryptocurrency is unlikely to fall off the market. However, since gold must be secured, the trader may pay security costs. The additional charges may make potential traders shy away.
Crypto Coin (CRO)
CRO is a token developed by Crypto.com management. The management developed it so that traders could have control over their money. CRO primarily powers the Crypto.com Pay mobile payment app.
The coin’s percentage growth was at 1400% in 2021. One can be hopeful for its potential to remain dominant in the market with its high spike. A minor drawback is its difficulty locating trading fees on Crypto.com. As a result, traders may abandon it, and the coin could fall in the market. You can find more information, places to buy it or how to use it at CryptoLists.com’s review about CRO coin or about Crypto.com App.
Sandbox is a play-to-earn game where gamers acquire crypto. You can also get it from Coinbase. It allows gamers to create NFTs, which they can sell in marketplaces. SAND has partnered with many gaming and crypto companies, which could see its rise in the market. The crypto became so popular that Snoop Dogg endorsed it.
With SAND, it needs a perfect distribution system at all times. If not, your pre-mined tokens can easily be affected by centralization.
ATOM is a crypto that links many blockchains together. With many blockchains, ATOM promotes decentralization allowing traders to trade anywhere. Additionally, through the network of the blockchains, your transaction time will be shorter. For example, Cosmos can be bought from Binance.
ATOM, at one time, became the 21st in the market in terms of market cap in 2021. Experts attribute its rise to an experienced team with a clear vision. Although you can stake it, you can do it for a minimum of 3 weeks. If you need it urgently, you may face inconveniences.
One of the most popular coins from last year, Solana, has taken a big hit this year – going down from 258 to 111 USD since the beginning of November. Perhaps the fall is not over yet, but once it starts to turn around it could be a quick journey towards 150 USD or more. You can purchase and sell Solana from Binance, one of the top crypto exchanges our there. Learn more about Solana in our review about this fast cost, that can handle 50 000 transactions per second and usually have a seriously low transaction fee of below 1 USD.
One of the newer but rather fast growing coins is called Telos. They try to be the fastest Ethereum virtual machine and stands out in terms of costs since there are no gas fees on transactions. Transactions on the TLOS chain also eliminate front running, while being eco-friendly at the same time. While it’s still rather early days for Telos, it’s a cryptocurrency to look into and consider for 2022 since there seems to be a lot going on while transactions speeds are fast and fees are very low. Learn more about Telos here.