Four of the Fastest-Growing Cryptocurrencies to Watch in the Second Half of 2022

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Date Published

08/11/2022

In 2020 and 2021, cryptocurrency markets were largely marked by significant block reward halvings, an increase in adoption among mainstream investors, and a wave of newcomers to the space – this year has been quite different. It has been a rocky year for cryptocurrency and digital assets, with a prolonged bear market causing much of 2022 to be defined by uncertainty throughout the space.

Luckily, prices have begun to rebound in recent weeks. The global market cap of all cryptocurrencies recently reclaimed its $1 trillion dollar milestone, revitalizing interest among many in the topic of which forms of crypto have the greatest potential to rebound and produce exponential returns in the coming months and years.

Here are four of the fastest-growing cryptocurrencies for you to consider adding (or adding more of) to your portfolio in 2022 and beyond.

Please note that this post does not explicitly endorse or recommend any particular strategy or form of cryptocurrency. For specific investment advice, please contact your financial advisor.

Bitcoin (BTC)

Market cap rank: 1st

Bitcoin is and always has been the poster child and first mover of the crypto space, but after reaching its all-time high of around $68,000 in November 2021, it has since been in a steady state of decline – along with essentially the rest of the crypto space.

Still, there are plenty of longstanding and recent reasons to remain optimistic about the future of bitcoin.

First, its market cap has grown from $377 billion on July 13 to nearly $475 billion at the time of writing – a colossal jump in just a few weeks.

Bitcoin’s price has also increased by nearly 25% in the past month, with hopes of an interest rate hike less aggressive than initially feared potentially triggering the recent rally. The Fed was initially expected to raise interest rates by 100 basis points, but economists are now forecasting a less aggressive increase of 75 basis points.

Galaxy Digital CEO, Michael Novogratz, also stated he believes the current bear market is just a rough patch and that the global economics and crypto adoption rates will push bitcoin up to $500,000 within five years. He also cited its presence as an easily transferable anti-inflation store of value as a reason for long-term optimism.

Lastly, we are seeing encouraging signs from regulators and policymakers that bitcoin will continue to be set apart from other cryptocurrencies. In June, U.S. Securities and Exchange Commission Chair, Gary Genzler, reaffirmed his claim that bitcoin alone is a commodity, where other cryptocurrencies share key features of securities.

The bottom line is as long as crypto is being traded, bitcoin should remain among the most viable options for investors.

Ethereum (ETH)

Market cap rank: 2nd

Ethereum is also benefiting from many of the same factors as bitcoin, showing a strong resurgence in the past month from under $1,100 to over $1,900 at the time of writing – an increase of more than 78%.

It appears whales, an industry term for individuals or entities that hold exceptionally large quantities of cryptocurrency, are beginning to step in on ETH. The CEO of crypto analytics resource CryptoQuant shared on July 19th that someone bought $1.7 billion worth of ETH futures contracts in an hour.

The rebound comes shortly after Tim Beiko, of the Ethereum Foundation, revealed a timeline that showed the Ethereum 2.0 merge as set to occur on September 19th barring unforeseen circumstances. The highly anticipated merge will transition Ethereum from a Proof-of-Work (PoW) protocol to a Proof-of-Stake (PoS) protocol, limiting both energy consumption and arguably the security of the network.

Solana (SOL)

Market cap rank: 9th

Despite launching little over two years ago, Solana is already the 9th-largest crypto by market cap and has become ETH’s top rival in the smart contract space. The highly functional open-source project banks on blockchain technology’s permissionless nature to provide DeFi solutions.

The Solana protocol is designed to facilitate creation of decentralized applications (DApps) and aims to improve scalability by introducing a Proof-of-History (PoH) consensus combined with the underlying Proof-of-Stake (PoS) consensus of the blockchain.

Solana is up in the past month, increasing by more than 30% to $44.53. Independent market analyst Altcoin Sherpa sees SOL’s price rising to the $60-$80 range in 2022 if bitcoin continues to climb.

Polygon (MATIC)

Market cap rank: 13th

Polygon (previously known as Matic Network) is lower on this list in terms of market cap, but there are plenty of reasons to be just as excited about its future. Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. It effectively transforms Ethereum into a full-fledged multi-chain system similar to Polkadot, Cosmos, and Avalanche, but with the advantages of Ethereum’s security, ecosystem, and openness.

Polygon’s price rose from $0.37 on June 20th to just under $0.97 less than a month later – an increase of 162%. The recent price climb has been supported by the introduction of zkEVM – the first ever zero-knowledge Layer-2 solution fully compatible with the Ethereum Virtual Machine (EVM). The innovation combines the scaling capabilities of zero-knowledge rollups with the security and universality of the EVM.

Building off Polygon’s upward trend, British rock band Muse even announced plans to release its next album on the Polygon-based NFT platform Serenade. Of all the cryptos helping wriggle the market out of its prolonged bear hug, Polygon is certainly among the fastest-growing and most noteworthy for investors to watch.

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Date Published

08/11/2022

Author

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