Although you cannot turn a blind eye to Bitcoin, there are many other altcoins that have outperformed it in the year gone by. You can always play safe by building a diversified portfolio of Web3 tokens, Metaverse, Layer 1, Layer 2, Bitcoin, and some of the fastest growing cryptos.
In light of the ongoing Russia-Ukraine war, cryptos have again shot into the limelight as a means to ensure the passage of secure and speedy financial help to the affected. Altcoins have tremendously helped in this cause. In this article, we will look at why some altcoins are challenging the king of cryptos, Bitcoin, and why it still should not be ignored. We will also dwell on the six fastest growing cryptos to watch out for in 2022, and the need to play safe by judiciously diversifying your portfolio.
Bitcoin’s performance: a perspective
Every investor seeks profits, therefore, it is important to keep a tab on the fastest growing cryptos of 2022. Since its launch in 2009, Bitcoin has given stupendous returns of 60,000,000 percent, but by market cap in 2021, it has not performed as well as the top 300 cryptos. Considered relatively safer than smaller coins, Bitcoin gained 60 percent y-o-y although it fell 5 percent after the attack on the Ukrainian nuclear plant. Although you cannot ignore Bitcoin, which continues to remain the undisputed king of cryptos since its launch in 2009, in the year gone by, many altcoins have outperformed it.
Altcoins with good potential
Ethereum (ETH):
The first to launch smart contracts, it pivoted decentralised finance (DeFi) and non-fungible tokens (NFTs). It is still limited by a high gas fee (the fee required by Ethereum to successfully conduct a transaction) and network congestion. If the Ethereum 2 upgrade completes in 2022, strong growth can be expected. Its current price as of March 10 2022 is $2,602.9 with a market cap of $312 billion and is one of the fastest-growing cryptos.
Polygon (Matic):
Without compromising on security, it allows developers to construct scalable, user-friendly dApps with low transaction fees. It stands for Web3 for all and is a layer 2 decentralised Ethereum scalable platform. By providing the right infrastructure for Web3, more than 7000 dApps have used Polygon to scale their performance. Its current price as of March 10 2022 is $1.43 with a market cap of $1.18 billion.
Cosmos (Atom):
As a layer 1 network, it has built smarter and cheaper new smart contract crypto ecosystems. It is designed to interoperate and scale blockchain ecosystems with one another. Proof of stake chain, seeks to create a network of blockchains that can communicate with each other, in other words, the internet of blockchains gives it the tag of one of the fastest-growing cryptos. Its current value as of March 10 2022 is $28.12 with a market cap of $8.15 billion.
Solana (Sol):
Solana is also considered fast-growing crypto and blockchain worldwide, with schemes like Web3, NFTs, DeFi, Metaplex, and Dex that touch nearly 400. A decentralised blockchain, Solana enables user-friendly, scalable apps in the ecosystem. With 400 millisecond block times, velocity is Solana’s distinguishing point. The improvisation in the speed reflects on both the hardware and the network. Its current price as of March 10 2022 is $82.69 with a market cap of $26.44 billion.
Audius (Audio):
Audius is a decentralised network with real-world use cases in the form of a music streaming platform. It allows musicians to upload their music directly on the platform and reap the rewards without an intermediary. In August 2021, it entered into a partnership with TikTok. Its current value as of March 10 2022 is $ 0.72 with a market cap of $447 million.
Centcex (Cenx):
In January 2022, it was the fastest growing crypto challenging the likes of Bitcoin and Ethereum. It is known for its blockchain innovations and for building advanced dApps with massive secure programming. Centcex staking permits stakeholders to be paid up to 100 percent annual percentage yield (APY) from the proceeds of Centcex harvest. Its current price as of March 10 2022 is $0.0062.
Diversify your portfolio
Despite US President Joe Biden seeking a roadmap to regulate cryptos, crypto trading is set to grow, more so in the case of smaller ones. Bitcoin has survived several market crashes and continues to hold ground despite the high volatility surrounding cryptos. Since the start of 2022, of the top 300 cryptos, 136 of the smaller coins could not retain their position. As countries around the world increasingly seek to regulate the crypto market, prices could drop in the future, which might affect crypto trading.
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