While major crypto assets touched all-time highs in the year 2021, the economic uncertainty prevailing worldwide has had its effect even on crypto prices. Data aggregator representatives agree that the 2021 surge in new crypto-assets was driven primarily by a host of factors such as a bullish crypto market sentiment, the emergence of meme coins like Dogecoin, Shiba Inu, and SafeMoon, as well as the presence of influencers and celebrities in the space. While the growing crypto market is primarily fuelled by the entry of millions of crypto newbies, however, around three-fifths correction in market capitalisation has affected crypto markets to a certain extent.
Read About: Future of Cryptoassets
Talking about crypto-assets that exploded in the first half of 2021, we have noticed two significant trends: The first being, around 3,064 new crypto-assets were added by data aggregator CoinGecko to its database, taking the total number of listed coins beyond the 10,000 mark, according to data shared with CoinDesk. The second trend being, there has been an explosion of NFTs in the crypto markets, with NFT sales jumping 200 times to touch US$ 17 billion (INR 1,317,107,068,080). All these factors put together indicate an uptrend in the crypto industry despite the correction in crypto prices. That is why millions of investors are curious to know the likely next big crypto to explode in 2022.
Next Cryptocurrency to Explode 2022: A Preview
In an environment of uncertainty, it’s not easy to zero in on the next crypto asset to explode in 2022. But let’s look at the top 5 bets in crypto assets and figure out which of them have the potential to turn into the next huge crypto coin in the year 2022.
It’s best to rely on a relatively safe BTC during uncertainty. Technical indicators suggest that BTC is in oversold territory. BTC fundamentals are strong, which means this crypto is massively undervalued now. Its usage has been on the rise in countries encountering high inflation, like Turkey, as well as in nations that are in conflict such as Russia and Ukraine. Such real-world usage of BTC distinguishes this crypto asset from other cryptos that seem to have internal applications only.
This is another substantially undervalued coin. Its technical indicators reflect a downtrend, though its price has corrected a lot. Scalability is a major strength of the layer-one blockchain platform. It’s designed as a central hub to incorporate separate interconnected and cross-communication blockchains called parachains. With the launch of the XCM messaging system, which is a key constituent of a multi-chain structure, it’s close to reaching the critical mass.
Its technical indicators show recovery signs in near future. It is the eighth biggest DeFi platform in the crypto ecosystem. Fantom Foundation has launched a US$ 480 million (INR 37,188,756,383) developer business, which is set to grow further in the future. Its native token, FTM, has been corrected by almost 90%. Considering the strength of the Fantom ecosystem, the coin is likely to regain its lost ground.
It’s also an undervalued stock, as it has corrected almost 80% from an all-time high. Its native platform Decentraland organised the first-ever metaverse fashion week, with 100,000+ visitors accessing the exhibits. J.P. Morgan has also opened a virtual lounge in Decentraland, besides presenting a paper on business opportunities in the metaverse.
ETH is perhaps the most undervalued coin in the crypto markets. Ethereum is in the process of migrating to a proof-of-stake consensus mechanism. The proposed transformation will consume less energy and enhance scalability. The successful completion of the transition is likely to boost investor confidence in ETH.
2022 Crypto Predictions
CryptoNewZ predicts a price range of USD 65,000 (INR 50,37,000) to USD 72,000 (INR 55,80,000). Whereas Crowd Wisdom has revised its price target to USD 51,588 (INR 39,98,000).
According to Crypto Coin Society and Etherion, the DOT coin price is expected to reach US$ 23.25 (INR 1,801) by the end of 2022.
Fantom’s forecast price and technical analysis, estimate the revised price to reach US$ 0.42 (INR 32) by the end of 2022.
Crypto analysts have predicted a revised price of US$ 2.28 (INR 176) for MANA coins by the end of 2022.
Ethereum’s forecast price and technical analysis expect an average coin price of US$ 2,898 (INR 2,24,527) by the end of 2022.
Crypto markets are going through an uncertain phase. Major crypto assets have corrected by more than three-fifths from their all-time highs in 2021. The oversold territory in major cryptos may provide comfort to aggressive investors. In the current environment, it could be a futile exercise to bet on a single crypto asset. Therefore, diversification of the crypto portfolio, out of the 2022 crypto predictions would be a better strategy. This would mitigate the risk to a certain extent. In other words, cryptos with characteristics such as reliability, trustworthiness, a satisfactory track record, better promoter background, and scalability could prove to be the next big crypto in 2022.
ZebPay, one of the oldest crypto exchanges in India, offers the facility of opening digital wallet accounts for buying or selling crypto assets. Post opening a digital wallet, curious ones can commence trading in crypto. So start trading today.