Several altcoins have rivaled the number one cryptocurrency, Bitcoin, in the crypto space. These alternative cryptocurrencies are on the rise with the introduction of new tokens every now and then.
As of today, there are17, 583 crypto assets listed by CoinMarketCap. With BTC maintaining the top spot, some other projects have followed its path of success.
Crypto traders/investors have been diversifying their portfolios to make a profit on their investments. Asides from BTC, Ethereum and Tether have had a large number of holders. Other adverse risk-takers have also turned to small-cap altcoins for their investment.
In this post, we’ll look at the top altcoins at the moment (February 2022) and also where to buy them.
What are Altcoins?
Altcoins are cryptocurrencies other than the most popular Bitcoin. They are derived from Bitcoin, so they have things in common even though they have their differences.
The word ”Altcoin” is formed by combining two words i.e. ”alternative” and ”coin” which, therefore, includes all alternatives to Bitcoin. Today, there are over 17,000 cryptocurrencies other than Bitcoin which are all referred to as Altcoin.
Types Of Altcoin
Altcoins can be divided into various categories based on their functionalities and consensus mechanism. They are listed below in no particular order;
- Mining-based: These are Altcoins mined into existence. Examples are Litecoin, Monero and Zcash.
- Stablecoins: This category of Altcoin is stable as the name implies. Its aim is to reduce the overall volatility that has marked cryptocurrency trading. Examples are USDT (most famous stable coin), USDC and Marker Dad.
- Security Tokens: They are similar to securities traded in stock markets except that they have a digital provenance. They are generally offered to investors through initial coin offerings (ICOs).
- Meme coins: They are inspired by a joke or a silly take on other well-known cryptocurrencies. Some of the leading meme coins are Dogecoins and Shiba.
- Utility Tokens: They are used to provide services within a network. An example is Filecoin, which is used to purchase storage space on a network.
Top 10 Altcoins To Buy In 2022 (February)
This list is compiled using the top-ranked coins aside Bitcoin by CoinMarketCap. The top altcoins include stablecoins, memecoins, shitcoins as well as small cap altcoins. They are listed below in a particular order
1. Ethereum (ETH)
Ethereum has been predicted by some crypto experts to overtake Bitcoin in the future. As of February, 2022, Ethereum is ranked 2nd in the world of crypto. The list of opportunities provided by ETH makes it a coin to hold for many investors. ETH works as a platform for numerous other cryptos, as well as for the execution of decentralized smart contracts. ETH sells today at the rate of $3, 155.07 USD with a 24-hour trading volume of $13, 248, 324, 923 USD. It has a live market cap of $377, 350, 561,081 USD.
2. Tether (USDT)
The number one stablecoin, USDT, is listed among the top cryptos today. Launched in 2014 as Realcoin, USDT has been used to combine the unrestricted nature of crypto with the stable value of the US dollar. The usual price is $1 USD. It has a 24-hour trading volume of $50, 784, 926, 712 USD. Tether is ranked 3rd by CoinMarketCap, with a live market cap of $78, 687, 564, 678 USD.
3. Binance Coin (BNB)
Launched in 2017, Binance is the biggest crypto exchange globally based on daily trading volume. Binance Coin (BNB) is a project of the Binance network which also include the Binance Chain, Binance Smart Chain etc. This coin which is used on the Binance platform for transactions & other functions. The live BNB price today is $431.92 USD with a 24-hour trading volume of $2, 296, 021, 976 USD. BNB is ranked 4th by CoinMarketCap with a live market cap of $71, 317, 127, 021 USD.
4. USD Coin
This is another stablecoin listed among the top altcoins to buy today. USD coin is also pegged to the US dollar on a 1 ratio 1 basis. USD coin is originally launched on a limited basis in September 2018. Today, USD Coin is ranked 5th among thousands of crypto assets. The live price of USD coin is $1 USD with a 24-hour trading volume of $3, 129, 818, 159 USD. The token has a market cap of $52, 556,498, 883 USD.
XRP is the currency that runs on a digital platform called RippleNet, which is on top of a distributed ledger database called XRP ledger. XRP is ranked 6th by CoinMarketCap today. Its current price is $.794197 with a trading volume of $1.83 billion. It has market capitalization of $37.77 billion while its circulating supply of 47, 615, 126, 275 XRP.
Cardano (ADA) has a very good 2021 and has continue to stay in the limelight in 2022. The token is currently ranked 7th among other crypto assets. The current price of ADA is $1.30 with a trading volume of $2.09 billion. Ranked 7th by CoinMarketCap, ADA has a live market cap of $43. 52 billion. It has a circulating supply of 33, 513, 246, 968 ADA.
Solana (SOL) is another top altcoin to buy today. Although the idea and initial work on the project began in 2017, it was officially launched in March 2020. The token currently sits on the 8th position on the crypto ladder. The price of Solana today is $103. 83 USD with a trading volume of $1, 895, 069, 789 USD. It has a live market cap of $33, 148, 772, 634 USD.
Avalanche is regarded as the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. AVAX price today is $95.03 with a 24-hour trading volume of $1.46 billion. The live market capitalization is $26.70 billion with a circulating supply of 244, 353, 849 AVAX coins.
Terra was designed to combine the price stability and wide adoption of fiat currencies with the censorship resistance of Bitcoin. Terra’s current price is $83.16 with a trading volume of $2, 667, 808, 357. It has a live market capitalization of $29.67 billion while its circulating supply is 356, 813, 428 LUNA coins.
DOGE is the number one meme coin in this list of the top altcoins to buy. The price of Dogecoin today is $0.149577 USD with a 24-hour trading volume is $563, 753, 843 USD. DOGE is currently ranked 11th with a alive market cap of $19, 844, 482, 915 USD.
Where To Buy Altcoins In Nigeria Today
If you’re looking for where to buy some of these top altcoins in Nigeria, here are 5 of the best apps to use. They are listed below based on their performances in the marketplace.
Prestmit has just launched the new version of its mobile app which makes it the talk of the town right now. The latest version is much faster and easier to give users a better experience. The app can be used for your Bitcoin trading. USDT, Dogecoin, and Litecoin are also available on this platform at better rates. Prestmit app is available both on Google Play Store and Apple iOS store.
2. Remitano App
Remitano is one of the most frequently used P2P exchange in Nigeria. It provides an escrowed P2P platform that connects buyer and sellers to deal with themselves on its mobile app. You can sell your Bitcoins as well as other assets like Litecoin, Ethereum, USDT, etc on the platform.
3. Binance App
Binance is one of the leading crypto exchanges in the world. The Binance App is not without Nigerian users. You can sell your Bitcoin on this platform. The best part of it is that you are being charged minimum fees for posting offers or transacting on the platform.
4. NairaEx App
NairaEx is the largest Bitcoin exchange in Nigeria today. Crypto traders can buy and sell Bitcoins on its app with perfect money, bank transfer or with cash via bank deposit. Although it’s ID verification offer less privacy than other P2P platforms in Nigeria, it is however the long-running Nigerian exchange.
5. Paxful App
Paxful supports only the buying and selling of Bitcoins. The app supports up to 300 methods of payments and serves 200 million users. It is just one of the top apps to use for your Bitcoins trading in Nigeria.
It is very necessary to have a good understanding of cryptocurrency before going into it. The crypto asset to hold/buy should be studied as well as the platform/sites to use for investment.
Cryptocurrency is the most risky form of investment as no return can be guaranteed on investment due to the volatile nature of the assets. If you must invest, then you need to put as much as you can afford to lose.