The world of cryptocurrencies is constantly evolving, and the next big digital token could be released tomorrow. Though Bitcoin is widely regarded as the first cryptocurrency, there are several alternative coins that could be considered the best altcoins for 2022.
In this article, we’ll examine 10 of the most important digital currencies other than Bitcoin. But first, a disclaimer: no list can possibly be exhaustive. One reason for this is that, as of March 2022, there are over 18,465 cryptocurrencies in existence. Though many of these cryptos have little to no following or trading volume, some enjoy immense popularity among dedicated communities of backers and investors.
Some of the Altcoins to look out for
1. Ethereum (ETH)
The first Bitcoin alternative on our list, Ethereum (ETH), is a decentralized software platform that enables smart contracts and decentralized applications (dApps) to be built and run without any downtime, fraud, control, or interference from a third party.
Ether, launched in 2015, is currently the second-largest digital currency by market capitalization after Bitcoin, although it lags behind the dominant cryptocurrency by a significant margin. It has a market capitalization of $249.6 billion.
2. Litecoin (LTC)
Litecoin (LTC), launched in 2011, was among the first cryptocurrencies to follow in the footsteps of Bitcoin and has often been referred to as the “silver to Bitcoin’s gold.” It was created by Charlie Lee, an MIT graduate and former Google engineer.
Other than developers, there are a growing number of merchants that accept Litecoin. Litecoin has a market capitalization of $5 billion, making it the 21st-largest cryptocurrency in the world.
3. Cardano (ADA)
Cardano (ADA) was co-founded by Charles Hoskinson, one of the five initial founding members of Ethereum. After having some disagreements with the direction that Ethereum was taking, he left and later helped to create Cardano.
Cardano has also been dubbed the “Ethereum killer” because its blockchain is said to be capable of more. Cardano aims to be the world’s financial operating system by establishing DeFi products similar to Ethereum’s as well as providing solutions for chain interoperability, voter fraud, and legal contract tracing, among other things. Cardano has a market capitalization of $18.6 billion.
4. Ripple (XRP)
Ripple XRP is a digital asset created by Ripple Labs that aims to strengthen the global payments network. XRP has helped reduce the role of third parties in financial transactions, helping lead the way for building decentralized finance, or DeFi, infrastructures. XRP’s price was about 72 cents, with a $19.3 billion market capitalization.
5. Bitcoin Cash (BCH)
Bitcoin Cash (BCH) holds an important place in the history of altcoins because it is one of the earliest and most successful hard forks of the original Bitcoin. BCH began its life in August 2017. BCH has a market capitalization of around $3.8 billion as of May 23rd, 2022.
6. Stellar (XLM)
Stellar (XLM) is an open blockchain network founded by Jed McCaleb and designed to provide enterprise solutions by connecting financial institutions for the purpose of large transactions. Huge transactions between banks and investment firms—typically taking several days and involving a number of intermediaries and costing a good deal of money—can now be made nearly instantaneously with no intermediaries and cost little to nothing for those making the transaction.
Stellar Lumens has a market capitalization of about $3.4 billion as of May 23rd, 2022.
7. Dogecoin (DOGE)
Dogecoin (DOGE), seen by some as the original “memecoin,” caused a stir in 2021 as the price of the coin skyrocketed. The coin, which uses an image of the Shiba Inu as its avatar, is accepted as a form of payment by some major companies, including the Dallas Mavericks, Kronos, and—perhaps most notably—SpaceX, an American aerospace manufacturer owned by Elon Musk.
Dogecoin was created by two software engineers, Billy Markus and Jackson Palmer, in 2013. Markus and Palmer reportedly created the coin as a joke, commenting on the wild speculation of the cryptocurrency market.
Dogecoin has a market capitalization of $11.6 billion as of May 23rd, 2022, making it the 10th most valuable cryptocurrency.
8. Binance Coin (BNB)
Binance Coin (BNB) is a utility cryptocurrency that operates as a payment method for the fees associated with trading on the Binance Exchange. It is the third-largest cryptocurrency by market capitalization. Those who use the token as a means of payment for the exchange can trade at a discount.
Binance Coin’s blockchain is also the platform on which Binance’s decentralized exchange operates. The Binance Exchange was founded by Changpeng Zhao and is one of the most widely used exchanges in the world based on trading volumes.
Binance Coin has a $18.5 billion market capitalization.
9. Tether (USDT)
Tether (USDT) was one of the first and most popular of a group of stablecoins. Tether describes itself as “a blockchain-enabled platform” to make it easier to use fiat currency digitally.
Tether is the third-largest cryptocurrency by market capitalization, with a market cap of $73.2 billion and a per-token value of (you guessed it!) $1.
10. Monero (XMR)
Monero (XMR) is a secure, private, and untraceable currency. This open-source cryptocurrency was launched in April 2014 and soon garnered great interest among the cryptography community and its enthusiasts. The development of this cryptocurrency is completely donation-based and community-driven.
Monero has a market capitalization of $3.5 billion.
So what’s next?
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