Best Cryptocurrency Market in 2022 | Crypto Fantasy Analysis
How do cryptocurrency markets function?
Cryptocurrency markets are decentralized, which means they are neither issued nor supported by a centralized body like a government. Instead, they are distributed throughout a computer network. Cryptocurrencies, on the other hand, can be purchased and sold on exchanges and held in ‘wallets.’
Cryptocurrencies, unlike traditional currencies, exist only as a shared digital record of ownership maintained on a blockchain. When one user wants to send cryptocurrency units to another, they do so through the latter’s digital wallet. The transaction is not deemed final until it has been validated and uploaded to the blockchain via the mining process. This is also how most new cryptocurrency tokens are created.
The recent slump in the cryptocurrency market showcased that the coins that can sustain this slump are the real winners and can be considered for the future, the market is recovering quite well now and BTC is looking really strong just like the old days waiting for the boom to happen.
The rapid rise in investments in the cryptocurrency market is showcasing how bright the future is, everyone has been hopping onto the cryptocurrency wave and even though there has been a considerable decline recently it does not mean that cryptocurrency is not here to stay forever.
Crypto has created a lot of millionaires and helped people stabilize their lives due to its massive growth and just like every market has its downfalls and uptrends, this downfall just makes it a normal occurrence in the trends as there are always fluctuations in markets that involve money and investment.
Digital assets are at their peak right now with countries creating laws around them and some countries like El Salvador making it their mode of payment and using it as legal tender as well. Projects in this industry have been attracting the most powerful minds and brains in the industry as well. There has been a major shift in the world of coding and programming, web3, blockchain, and cryptocurrency have created a lot of job opportunities for a lot of people.
Let’s look at the top cryptocurrencies for the future
One of the very first cryptocurrencies to ever emerge and was the first one that was created too, it was founded and created by an anonymous entity called Satoshi Nakamoto.
It was not until a few years after its launch when it really started booming and increasing in price rapidly, that people understood the importance and scarcity that BTC had and thus its demand shot up drastically.
It is extremely important for any investor that is in this market to have some exposure to BTC as it is considered the gold standard of cryptocurrencies due to its limited supply of 21 million tokens it will always be scarce and cannot be printed again and again just like traditional currency.
Right now is one of the best times for anyone to invest in BTC as it has come down a lot drastically since its all-time high and with the future looking bright this creates a perfect opportunity for any new buyers.
In the future when other S&P 500 companies like Tesla also adopt BTC into their company and start holding cryptocurrency, this will result in a massive boom and reverse the bear market that we have seen recently, although the bear market is already in for a reversal as BTC has been climbing up rapidly since the past few weeks.
There are two cryptocurrencies that have dominated the space since this space has been growing. One of them is bitcoin and the other is Ethereum. Although its native token is called Ether and Ethereum is the name of the blockchain network, usually, people refer to both of them as one.
The Ethereum blockchain is a network that introduced Defi to the world of cryptocurrency, Defi essentially means decentralized finance which means decentralizing the process of how finance works.
Ethereum even introduced smart contracts to the masses. It is one of the go-to chains for non-fungible tokens, altcoin issuance, and blockchain-based games. It allows any developer to code over its framework and makes their own utilities in the cryptocurrency world.
Ethereum has also dipped from its all-time lows and the upcoming announcement of ETH 2.0 it makes it a perfect investment for anyone who wants to get into the cryptocurrency market. Although the exact date of this merger is unknown it is expected to happen by the end of this year and create a lot of energy-efficient ways in which ETH can be mined and used.
3. Solana (SOL)
Solana burst into the cryptocurrency space in the year 2021, it broke through into the top 10 cryptocurrencies by market cap due to its massive rapid growth, even though recently there has been a slump due to the bears taking over the market it does not take away the fact that Solana has its own network and does not need to rely on any other network for its growth, Solana also provides Defi services and NFTs and allows people to create on top of its network just like ETH.
It is also known as the ETH killer due to the uncanny resemblance in the ways things work.
4. FAN Token (FAN)
FAN token is a token that is built on the BSC ( Binance Smart Chain ) and is one of the most innovative ways a cryptocurrency can be used, FAN is the native token for the leading crypto fantasy sports platform FANSPEL that allows its users to play fantasy sports game with the use of cryptocurrency and rewards the contest winners in cryptocurrency as well.
FAN even allows its investors and users to stake FAN token at an 18% APY which makes it multifunctional and with the rapid growth of fantasy sports and cryptocurrency, FAN is in for the long run and will be growing rapidly too.