Cryptocurrencies are a highly volatile asset class, remain unregulated in Australia, and are frequently a target for cybercriminals. Australians are nevertheless crypto-curious. According to the consumer group choice, nearly one in five Australians are engaged in cryptocurrency trading or are interested in doing so. Those who avoid crypto typically do so due to the possibility of crypto fraud.
A cryptocurrency is a digital asset that circulates independently of a central bank or government. There are over 20,000 cryptocurrency projects, comprising the whole $952 billion cryptocurrency market. There are thousands of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, which might be overwhelming when you’re just starting.
Here is a list of 7 top crypto to buy in 2022. This is not a recommendation of what you should or should not purchase; instead, it is a list of the most valued cryptocurrencies so you may get a sense of the landscape before deciding whether to roll the dice and invest in cryptocurrencies.
Bitcoin (BTC), created in 2009 by Satoshi Nakamoto, is the first cryptocurrency. As with most cryptocurrencies, Bitcoin operates on a blockchain or a distributed ledger that logs transactions across thousands of computers. Bitcoin is maintained private and safe from fraudsters because updates to the distributed ledgers must be confirmed by solving a cryptographic problem, a process known as proof of work.
The price of Bitcoin has soared since it has become a household brand. In May 2016, one Bitcoin cost approximately $500. As of September 30, 2022, the price of a single Bitcoin was approximately $19,531. This is a growth of over 3,800%.
Ethereum is both a cryptocurrency and a blockchain platform. Programmers love it due to its potential applications, such as smart contracts that automatically execute when certain conditions are satisfied and non-fungible tokens (NFTs).
Additionally, Ethereum has undergone remarkable growth. From April 2016 to September 2022, its price increased by approximately 12,518%, from approximately $11 to $1,388.
Tether (USDT) is a stablecoin backed by fiat currencies like the U.S. dollar and the Euro and theoretically maintains a value equal to one of those denominations. Theoretically, this implies that Tether’s value should be more stable than other cryptocurrencies, and investors who fear the excessive volatility of other coins favor it.
USD Coin (USDC), like Tether, is a stablecoin, which is backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. The USD Coin cryptocurrency is powered by Ethereum and can be used for global transactions.
Binance Coin (BNB) is a cryptocurrency used for trading and paying fees on Binance, one of the largest cryptocurrency exchanges. Binance Coin has gone beyond conducting trades on the Binance exchange platform since its introduction in 2017. Now, it can be utilized for trade, payment processing, and even travel booking. Additionally, it can be traded for other cryptocurrencies, such as Ethereum or Bitcoin.
In 2017, the price of BNB was only $0.10. By late September 2022, its price had increased by nearly 282,900%, reaching $283.
XRP, created by some of the same founders as Ripple, a digital technology and payment processing company, can be used on that network to facilitate swaps of other currencies, including fiat currencies and other prominent cryptocurrencies.
At the start of 2017, the cost of XRP was $0.006. On October 13, 2022, its price reached $0.48, a 7900% increase.
Binance USD (BUSD) is a stablecoin created by Paxos and Binance to produce a U.S. dollar-backed cryptocurrency. Paxos retains an amount of U.S. dollars equal to the total supply of BUSD to sustain this value. As with other stablecoins, BUSD enables traders and crypto users to transact with other crypto assets while minimizing the risk of volatility.
Shiba Inu (SHIB) won’t be able to get to $1 anytime soon if it keeps growing at its current rate. Our Shiba inu price prediction is more grounded in reality. Even without that one dollar, Shiba Inu can be a great financial move.
However, making a price prediction in the cryptocurrency market is never a good idea. Who knows if Shiba tokens will see significant gains once Elon Musk posts another Tweet promoting his favorite parody coin? Alternatively, Shiba Inus might easily take over Dogecoin. The lower availability of Shiba Inu is an advantage.
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