As soon as tech billionaire Elon Musk officially acquired Twitter at the end of October 2022, the entrepreneur’s favorite cryptocurrency, Dogecoin, immediately doubled in price. The price hike is a stark reminder of how volatile the crypto market can be and how influential social media can be in shaping public opinion, driving market trends, drumming up speculation, and capitalizing on the Fear of Missing Out.
Whether Dogecoin remains among the most valuable cryptocurrencies in 2022 is yet to be seen. Yet, with just a couple of months in the calendar year, Musk’s online influence is definitely raising the company’s profile for the better.
10/10 Solana $11.78 Billion
According to Crypto, Solana has a market cap of $11.78 billion as of November 7, which is up slightly from its November 1st valuation of $11.6 billion (Forbes). Launched in 2020, Solana was created to bolster decentralized banking, applications, and smart contracts, with its flagship SOL coin powering the whole endeavor.
Utilizing a proof-of-stake and proof-of-history design mechanism to operate the blockchain much faster, and more efficiently, and to ensure a higher degree of certainty, Solana started at just $.77 per share in 2020 and is currently worth $33.2 per share, showing significant growth in a relatively short time.
9/10 Cardano – $14 Billion
Initially released in 2017, Cardano was an early adopter of the proof-of-stake protocol entitled Ouroboros, which rapidly increases transaction time and energy efficiency at once. According to Crypto, Cardano has a market cap of $14.01 billion as of November 7, 2022.
Cardano’s proof-of-stake mechanism is much different from the way Bitcoin and Ethereum’s design operates, which adhere to proof-of-work protocols. However, Ethereum switched over to proof-of-stake protocols in 2022, indicating that Cardano may be leading the crypto wave of the future. After all, Cardano’s crypto value started at $.02 per share in 2017 and is now up to $.41, marking a nearly 2,000% increase.
8/10 Dogecoin – $15.29 Billion
On November 1, 2022, Forbes reported that Dogecoin was worth a market cap of $18 billion. On November 7, 2022, Crypto reported the figure to be $15.29 billion, marking a near $3-million drop-off over a 7-day period, likely stemming from the tech billionaire Elon Musk’s handling of Twitter and the volatility that has resulted.
Regardless, Dogecoin has positioned itself as a once-thought-of joke to become a Top 10 cryptocurrency in 2022. Initially released in 2013, the alt-coin has proliferated in online popularity thanks to a host of popular memes, Musk endorsements, and the like, ultimately shooting up in price from a paltry $.0002 to $.12 per share from 2017 to 2022.
7/10 BinanceUSD – $22.5 Billion
Currently trading at roughly $1 per share, BinanceUSD is worth a total of $22.5 billion as of November 7, 2022 (Crypto). The figure marks a billion-dollar increase in the past week (Forbes), the stablecoin was created by Binance and Paxos as a means of establishing a cryptocurrency supported by the U.S. dollar. The tech company also has huge plans for the Metaverse, joining the likes of Microsoft, Alphabet, and others.
According to the Wall Street Journal, Binance invested $500 million in Elon Musk’s acquisition of Twitter at the end of October 2022, which may have had something to do with the stablecoin’s recent price hike.
6/10 XRP – $23.8 Billion
Also known as Ripple, XRP is a digital payment processing/transaction technology with a current market cap of $23.8 billion, (Crypto). Somewhat similar to Paypal or Venmo, the digital transaction and payment processing tech allows traders to exchange different types of cryptocurrencies in real-time.
Although XRP was initially launched by Ripple Labs in 2012, the crypto didn’t catch on until 2017 when it began trading at $.006 per share. In November 2022, XRP is worth $.48 per share, which marks more than a 7,500% increase in just five years.
5/10 U.S. Dollar Coin – $42.7 Billion
Much like BinanceUSD and Tether, U.S. Dollar Coin (USD Coin) is a stablecoin meant to eliminate the volatility of the marketplace thanks to its backing by the U.S. dollar. According to Crypto, USD Coin is worth $42.7 billion as of November 7, 2022, marking a $700,000 decrease over the past week (Forbes). USD Coins are currently trading at $1.
Mainly available as Ethereum ERC-20 tokens, USD Coins strive for a 1:1 USD/USDC ratio and can be used to complete global transactions on such blockchains as Hedera Hashgraph, Algorand, Avalanche, Solana, Stellar, and TRON (Centre).
4/10 Binance Coin – $53.7 Billion
Unlike the BUSD stablecoin, Binance Coin (BNB) is a cryptocurrency that was founded to allow customers to trade and settle fees on the Binance network, one of the most popular cryptocurrency exchanges on the planet. According to Crypto, BNB has a market cap of $53.7 billion as of November 7, 2022, including roughly $341 per share.
Since 2017, BNB has expanded to enable users to trade, process payments, and even pay for travel arrangements, separating itself as a major player in the multifaceted crypto realm. In just five years, BNB has seen a value increase of over 323,000% per share.
3/10 Tether – $69.5 Billion
The most valuable stablecoin on the market, Tether (USDT) has a market cap of $69.5 billion as of November 7, 2022 (Crypto), down just $100,000 from the previous week (Forbes). The surefire stability of Tether makes consumers feel confident about the lack of market volatility it aims for by using fiat money like the Euro and U.S. dollar to back it up.
With the goal of ensuring a 1:1 ratio of USDT to its fiat currency backers, Tether has made a reputation as one of the most reliable stablecoins on the market, which is why customers remain loyal to the tech brand and why investors continue to gravitate toward Tether and why it became the world’s most-used cryptocurrency from 2019 to the present (Bloomberg). Keeping its promise, Tether is currently trading at $1.02 per share.
2/10 Ethereum – $194.2 Billion
At once a cryptocurrency and decentralized blockchain, Ethereum has become a behemoth only bested by Bitcoin in 2022. According to Crypto, Ethereum is valued at $194.2 billion and is trading at roughly $1,615 per share as of November 7th. Thanks to its host of smart contracts, NFTs, and trustworthy ERC-20 Tokens, Ethereum has grown exponentially since 2016 when it was trading at just $11.
Part of Ethereum’s growth includes transitioning from its proof-of-work to proof-of-stake protocol in September 2022, which decreases computational costs. Due to Ethereum’s diversity including decentralized gaming, gambling, crowdfunding, and partnerships with the most valuable tech companies around, it’s no shock that it’s become the second most valuable crypto on the market in 2022.
1/10 Bitcoin – $398 Billion
According to Crypto, Bitcoin is by far the most valuable cryptocurrency in 2022 and is worth $398 billion as of November 7, 2022. Created by Satoshi Nakamoto in 2009, the original decentralized digital form of currency can be swapped from peer-to-peer on the bitcoin blockchain network, a public ledger that logs every bitcoin transaction.
Currently trading at nearly $21,000 per coin, Bitcoin operates using a tried-and-true proof-of-work mechanism that requires verification through ultra-secure cryptography, which is why Bitcoin has become the most trusted brand for wealthy investors who have the confidence their finances can’t be defrauded.
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