It’s no secret that cryptocurrencies have been on a tear lately. Bitcoin, the most well-known cryptocurrency, has seen its price go from $10,000 in October 2020 to over $60,000 in April 2021. But you don’t need to invest in Bitcoin to make money in the cryptocurrency market. In fact, there are many cheaper alternatives that have the potential to generate just as much (or even more) return on investment. Here are the top 5 cheap cryptocurrencies to invest in for 2022.
Ethereum is the second-largest cryptocurrency by market capitalization and one of the most popular altcoins. Ethereum is often referred to as "the world computer" because it powers decentralized applications (dApps) and smart contracts. Ethereum's native currency, Ether (ETH), is used to pay transaction fees and gas costs associated with dApps and smart contracts. ETH is also traded on exchanges and can be used to purchase other cryptocurrencies.
Cardano is a third-generation cryptocurrency that was created to address some of the shortcomings of earlier cryptocurrencies like Bitcoin and Ethereum. Cardano's key features include scalability, sustainability, and security. Cardano is powered by a proof-of-stake consensus algorithm called Ouroboros, which is more energy-efficient than proof-of-work algorithms like Bitcoin's. The native currency of Cardano is ADA, which can be used to pay for transaction fees on the network or traded on exchanges.
Polkadot is a blockchain protocol that enables interoperability between different blockchains. This means that Polkadot can connect public blockchains with private blockchains, permissionless blockchains with permissioned blockchains, etc. Polkadot also allows users to create their own custom blockchain networks called parachains. The native currency of Polkadot is DOT, which can be used to pay for transaction fees on the network or traded on exchanges.
Solana is a high-performance blockchain protocol that claims to be able to process up to 50,000 transactions per second. Solana's key features include scalability, security, and decentralization. The native currency of Solana is SOL, which can be used to pay for transaction fees on the network or traded on exchanges.
Binance Coin is the native currency of the Binance cryptocurrency exchange. Binance Coin can be used to pay for transaction fees on the Binance exchange or traded on other exchanges. Binance Coin also provides holders with a discount when used to pay for transaction fees on the Binance exchange. In addition, Binance periodically buys back and burns BNB tokens, which reduces the supply of BNB in circulation and increases its scarcity (and potentially its price).
These are just a few of the many cheap cryptocurrencies that have the potential to generate big returns in 2022. So if you’re looking to get involved in the crypto market but don’t want to break the bank doing it, these are some great options for you!
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Wade
