Generally, speculations drive top cryptocurrency prices more than anything else. But in the recent past, we have seen innovations in the crypto world driving buyers’ behavior. For instance, many believe in the power of DeFi, NFTs, and Metaverse to make cryptos a legitimate part of our day-to-day lives. Moreover, there is a chance that cryptos might become a legal tender, at least in some countries. However, until that happens, people will continue to be divided. So, it is crucial to analyze cryptocurrencies objectively and pick the top cryptocurrencies of February 2022 based on their inherent value.
Elon Musk and Celebrities Driving the Prices Up and Down
Since Elon Musk announced that his company would use cryptocurrencies for buying/selling its products, there is a positive vibe in the market. Although similar announcements have already been made by brands such as PayPal and AT&T, Elon Musk’s words hold additional weight. Moreover, many celebrities like Michael Jordan and Paris Hilton have already put their weight behind cryptos, NFT, and Metaverse, making them a lucrative proposition in 2022.
And, it can only be a piece of great news for the month of February. So, let us check out the list of 10 cryptos that are likely to gain traction in February 2022.
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Terra: A Currency that can Show Stability when Market is Going Down
Terra was launched in 2018 by Terraform labs. It uses LUNA tokens, which are made for mining and governance.
Terra has shown remarkable resilience to bear markets. Even when Bitcoin was down, Terra maintained its upward trajectory.
Terra was able to overturn adversity because it uses a protocol that can stabilize the tokens.
Terra’s stablecoin is pegged to International Monetary Fund’s Special Drawing Rights. So, for example, it is pegged to national currencies like the US dollar and yen.
Pegging crypto to a single currency can centralize it, losing the value of Blockchain. To counter that, Terra is pegged against multiple fiat currencies.
Avalanche: The Obvious Choice for Investors Betting on Smart Contracts
Avalanche came into existence in 2020. Its main USP: Smart Contracts.
Avalanche has one of the biggest market caps amongst cryptos in the market. However, given its short tenure as a cryptocurrency, its rapid progress says a lot about its potential.
Avalanche comes with Ethereum Virtual Machine already operational on its Blockchain. And, we all know how much Dapp (Decentralized Application) developers love it.
With decentralization becoming a theme in various industries, Avalanche offers the greatest possibilities to grow in Feb 2022.
Luckyblock: The Next Shiba Inu in the Making?
Can Luckyblock be the next Shiba Inu? It is the question on many people’s minds. But in fact, it can do better.
Luckyblock allows users to play lottery on gaming apps, which use RNG (Random Number Generators). However, it is different from other play-to-win game platforms online as it uses Smart Contracts.
A decentralized lottery process means no partiality or cheating by insiders or outsiders – a win-win situation for players and crypto investors.
Qtum: Merges the Best Aspects of Ethereum and Bitcoin
Qtum was released on Sept.13, 2017. Its founders are Neil Mahl, Patrick Dai, and Jordan Earls.
Firstly, issued as an ETH-20 token, it has matured and now comes with its very own Blockchain.
Qtum uses the best functions of both Bitcoin and Ethereum, making it a strong cryptocurrency.
Qtum utilizes Bitcoin’s secure Unspent Transaction Output (UTP) model along with Ethereum’s Virtual Machine.
As a result, it becomes a robust and secure cryptocurrency for dApp development and the implementation of DeFi.
Qtum features an Account Abstraction Layer (AAL) that allows for the frequent upgradation of smart contract aspects of Blockchain. Hence, it becomes the perfect DeFi.
As DeFi is likely to become important in the near future, Qtum might be the perfect ‘horse’ to back in the current race between cryptocurrencies.
PancakeSwap: Popular Crypto Amongst Investors Available at a Favorable Price
PancakeSwap came into existence in the second half of 2020. But it is only now that it is emerging as a strong contender in the world of cryptos.
Launched at a price of just $1.10 in September 2020, it reached its top price of $44 in the middle of 2021. But after the crypto crash in Dec 2021, its price fell like other currencies.
PancakeSwap can be used for buying/selling digital tokens without any need for a third party.
PancakeSwap’s utilizes Binance Smart Chance, and its token is called CAKE.
Currently, PancakeSwap is hovering between $11 and $12. However, in February, it can make a quick recovery with some optimistic speculations and provide you the most bang for your buck.
Solana: Not as Volatile as Other Cryptocurrencies
Solana’s proven Proof of Stake (POS) model makes it an ideal choice for crypto investors.
Solana is unique because it is way more centralized than Ethereum and Bitcoin.
Solana is technically brilliant. Apart from PoS, it also uses an additional protocol called Proof of History (PoH).
PoH makes Solana more secure as it prevents the output from being predicted from the input.
When cryptocurrencies start emerging from their slump, Solana is likely to leave other cryptos in the dust.
Ethereum: The Bitcoin-Killer Could be Back as an Ideal Long-Term Investment
Ethereum has always remained a distant second to Bitcoin. But it all might change in 2022.
With Ethereum 2.0 launch imminent, it is the ideal time to invest in ETHER.
Celebrity investments in NFTs make Ethereum a fantastic long-term investment for crypto buyers. But be ready for some price drops on the journey to potential success.
A move to Proof of Stake (PoS) will put it on the same level as Solana in the tech department.
Better Blockchain performance and Sharding means 100,000 transactions per second.
Our need for better security, decentralization and automation have made cryptocurrencies and Blockchains vitally important. However, we are still in the earlier stages of crypto and Blockchain revolutions to drive the world forward. So, it is essential to pick a winner based on your short-term or long-term investment goals. Each of the top 2022 cryptocurrencies listed here holds great value, but you should purchase them after putting considerable thought