General

Which Cryptocurrency Will Dethrone Bitcoin In 2022? A General Overview

The most popular cryptocurrency on the market is Bitcoin; its price and market cap are higher than those of any other cryptocurrency investment option.

Bitcoin has a market capitalization of over $751 billion and a daily trading volume of over $30 billion at the time of writing this article.

Many buyers have already jumped on the bandwagon, hoping to get a leg up on what could be another BTC-style success story. Experts believe that Bitcoin’s dominance as the largest cryptocurrency is under threat from a slew of competing cryptocurrencies. Some of the most popular altcoins are not only growing rapidly, but they are also bringing in positive returns.

Even though Bitcoin is the most well-known cryptocurrency, other cryptocurrencies could overtake it by 2022. Investing in one of these other cryptocurrencies could be a smart move. In 2022, these seven (7) cryptocurrencies have the potential to dethrone Bitcoin.

Disclaimer: This is an opinion and not investment advice.

Cryptocurrency That Will Dethrone Bitcoin In 2022

  • Ethereum (ETH)
  • Tether (USDT)
  • Binance Coin (BNB)
  • Terra (LUNA)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Litecoin (LTC)

1. Ethereum (ETH)

Market Cap: $351 Billion
In terms of price increases, Ethereum (also known as ether) has recently surpassed Bitcoin as the second-largest cryptocurrency in the world.

Smart contracts are executed on a decentralized peer-to-peer blockchain network. Ethereum is the second most important crypto asset in the history of space. Developing on top of the blockchain infrastructure provided by this protocol is possible.

As the developer community continues to grow, 2022 will be a pivotal year for Ethereum.

When it comes to blockchain technology, Ethereum is a favorite among programmers because of its many applications, including smart contracts that automatically execute when certain conditions are met and non-fungible tokens (NFTs) that cannot be exchanged.

Earlier this year, Ethereum underwent a major upgrade that reduced the ether supply, which currently stands at 120.33 billion coins. In addition to handling more transactions per second, the upgrade also enhances the platform’s scalability and lowers transaction fees.

2. Tether (USDT)

Market Cap: $83 Billion
To counteract the volatility of Bitcoin, a stablecoin like Tether is being developed as a less risky alternative. tether uses the US dollar as its underlying asset.

As a result, investors who are concerned about the extreme volatility of other cryptocurrencies may prefer Tether’s value over those of those other cryptocurrencies.

Because Tether (USDT) is pegged to the dollar, it is less volatile than other cryptos, such as Bitcoin and Ether. In terms of market capitalization, it is the largest stablecoin and the third-largest cryptocurrency overall.

As a result of the Tether, you can conduct transactions in traditional currencies rather than complicated digital ones. You don’t have to worry about your profits being wiped out by market volatility if you lend them to cryptocurrency platforms in exchange for double-digit (annualized) interest rates.

3. Binance Coin (BNB)

Market Cap: $63 Billion
Binance, one of the world’s largest cryptocurrency exchanges, accepts the Binance Coin as a form of payment for trades and fees.

Since its inception, Binance Coin has evolved into much more than a means to facilitate trades on the Binance exchange platform. Now, you can use it to trade, process payments, and even book travel arrangements. Other cryptocurrencies, such as Ethereum and Bitcoin, can be traded or exchanged for ZEC.

As of April 26, the price was $390 up from a low of less than 10p in 2017 and a gain of approximately 377,000 percent since February 1 of this year.

This cryptocurrency exchange has the most volume traded on it by far. With a total supply of 165,116,760 Binance coins, the coin is similar to Bitcoin’s hard cap on the number of tokens in circulation. As a result, in 2021, the token’s price rose at an exponential rate.

4. Terra (LUNA)

Market Cap: $32 Billion
Global payment systems with stablecoins, which are coins tied to fiat currencies like the US dollar, the South Korean won, and the Special Drawing Rights currencies of the International Monetary Fund are powered by the Terra blockchain.

The Terra network’s native coin, LUNA, serves as a governance token and helps keep stablecoin prices stable. Its holders have a say in Terra network decisions.

LUNA’s price has increased steadily since June 2021, and it has more than doubled in the past three months. Terra’s investment in assets like Bitcoin and Avalanche to hold in reserve as collateral for UST, a Terra stablecoin, is most likely to blame.

Demand for UST has grown, while LUNA’s price has fluctuated less than other cryptocurrencies over the past few months as well. With a 9 percent gain in less than 24 hours, Terra (LUNA) outperformed the rest of the cryptocurrency market in April 2022. It is currently trading at $92 on the major spot exchanges.

5. Cardano (ADA)

Market Cap: $28 Billion
When it comes to cryptocurrency, Cardano is notable for its adoption of the proof-of-stake mechanism. This method reduces transaction time, energy consumption, and environmental impact by removing the competitiveness and transaction-related problems in platforms like Bitcoin.

ADA is the native currency of Cardano, which enables smart contracts and decentralized applications (dApps).

Comparatively speaking, the ADA token for Cardano has grown slowly. At that time, ADA was trading for $0.02.

6. Dogecoin (DOGE)

Market Cap: $20 Million
Dogecoin is yet another cryptocurrency meme coin. It is currently a small cryptocurrency in terms of market capitalization, but its growing investor community is indicating that DOGE has the potential to grow into a much larger cryptocurrency. Elon Musk is a major supporter of the digital currency DOGE, which has boosted its growth tremendously.

7. Litecoin (LTC)

Market Cap: $7 Billion
Litecoin is often referred to as a close relative of Bitcoin (BTC). LTC has a few advantages over ETH that make it a more compelling alternative. In comparison to Bitcoin, the Litecoin system is designed to run at least four times as fast as Bitcoin.

There is a significant difference between Bitcoin and Litecoin when it comes to verifying transactions. As of this writing, there are only 21 million BTC in existence. Litecoin, despite its poor recent performance, has a bright future ahead of it.

Conclusion

Following the aforementioned cryptocurrencies that have a propensity for dethroning Bitcoin in 2022 and beyond, this is not an insinuation that Bitcoin will be toppled in terms of market capitalization, but this is a prediction as to the function of price gains.