Top Altcoins in 2022

Altcoins have become extremely popular as of late. A cryptocurrency gateway like Altalix makes it super easy and convenient to purchase cryptocurrency like Litecoin, Ethereum and Bitcoin. There are thousands of Altcoins in the market, but we will have a look at the top and most popular Altcoins in 2022.

What are Altcoins?

Altcoins are the alternative digital currency to Bitcoin. The word Altcoin is basically a combination of the word’s alternative and coin. It refers to a group of different Cryptocurrencies, in other words, anything but Bitcoin.

The Top Altcoins of 2022

  • Ether (ETH): Ether is the cryptocurrency native to Ethereum, the global software platform that runs applications including smart contracts, games, and financial transactions through Blockchain technology, as well as minting and storing NFTs (non-fungible tokens). The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of their nationality, ethnicity, or faith. This aspect makes it easier and more appealing to those without state infrastructure and state identifications. They can get access to bank accounts, loans, insurance, or a variety of other financial products that might not have been possible otherwise. 
  • Litecoin (LTC): LTC was launched in 2011, Litecoin was one of the earliest competitors to Bitcoin. It was developed by entrepreneur and computer scientist, Charlie Lee. Litecoin transactions are processed faster than transactions made through bitcoin because it uses a newer algorithm known as Scrypt. 
  • Dogecoin (DOGE): This Altcoin started as a joke and the meme currency quickly became a crypto asset. Dogecoin was created in late 2013, using Blockchain technology derived from Litecoin, and accompanied by a Shiba Inu dog logo. The coin is known for its humorous origins and unlimited supply, which has made it very appealing to beginner traders.
  • Bitcoin Cash (BCH): Bitcoin Cash forked from the original bitcoin in 2017 when a group of users wanted to increase the size of blocks in the Blockchain, allowing them to contain more transactions. Bitcoin Cash BCH will always hold an important place in the history of altcoins because it is one of the earliest and most successful hard forks of the original Bitcoin that everyone is familiar with. 
  • XRP is a cryptocurrency best known for its use on the global money transfer network, Ripple. The cryptocurrency was first launched in 2012 on its own ledger. Unlike bitcoin, XRP transactions are not verified through proof-of-work or proof-of-stake. Instead, transfers are processed by network participants known as validators.
  • Monero (XMR) Monero is a cryptocurrency well known for its privacy features. It was launched in 2014, the coin operates on what’s known as an opaque Blockchain. This type of Blockchain keeps the transactions it records anonymous through measures like disguising users’ addresses and even the amount transferred.
  • Polkadot:  Polkadot is similar to Ethereum but rather than creating just Apps on Polkadot, developers can create their own Blockchain while also using the security that Polkadot’s chain already has. With Ethereum, developers can create new Blockchains but need to create their own security measures, which can leave new and smaller projects open to attack because the larger a Blockchain, the more security it has. This concept in Polkadot is known as shared security.
  • Polygon (MATIC)Polygon has emerged as one of the top layer two scaling solutions that improve the scalability of the Ethereum Blockchain network. The platform uses the Ethereum Blockchain to connect Ethereum-based projects. The platform currently supports more than 7,000 Blockchain-based projects. Its native cryptocurrency is MATIC which is used for fees, staking, and more. 
  • Cardano (ADA) This cryptocurrency was created with a research-based approach by engineers, mathematicians, and cryptography experts. The project was co-founded by Charles Hoskinson, one of the five initial founding members of Ethereum. The team behind Cardano created its Blockchain through extensive experimentation and peer-reviewed research. Research plays a very important part for Cardano as they are always doing research and this unique quality can be seen as the backbone of their business.
  • Chain-link (LINK) is a cryptocurrency and technology platform that enables non-Blockchain enterprises to securely connect with other Blockchain platforms. Chainlink is middleware that connects Blockchain-based smart contracts with external data, such as baseball scores or even stock prices.

Bitcoin and Altcoin

Altcoins were built on the success of Bitcoin by just slightly changing the rules to appeal to specific users. A good example is Ethereum, the second-largest cryptocurrency by market capitalization, which introduced the idea of “smart contracts”. These smart contracts are basically codes that run only when predetermined conditions are met. They execute agreements between two parties using Blockchain technology, opening possibilities for the development of new applications for cryptocurrency. 

Altcoins have improved functionality, transaction, and scaling to meet the rapidly expanding demand. As the market for altcoins continues to expand, many wonder if the original cryptocurrency’s lead will end with any of the coins that came after it.

Final Words

The Cryptocurrency world is a fascinating and fast-paced world that has the power and ability to change our lives in a remarkable way. But it is important to note that research is always important and that we should always educate ourselves on the new trends and improvements that happen daily in the Cryptocurrency world. Stay focused on your goals and do not get side-tracked by new fads that will always pop up.

Knowing about these  Altcoins and educating yourself on the different options available you will become more well equipped to  implement better trading strategies and to read trading patterns. It does not matter whether you are a beginner or have been trading for years.