Cryptocurrencies to keep an eye on
To give you a scale of just how far the cryptocurrency sector has come, by the end of 2013, there were around 50 different types of cryptocurrencies. By the end of 2014, this figure swelled to over 500. Even more staggeringly, however, as of July 2022, this figure has reached over 20,000.
At the same time, public interest in cryptocurrencies has never been higher. According to recent research by the Pew Research Center, an estimated 16% of Americans have invested in, traded or used cryptocurrencies for a transaction. This is up from 1% in 2015.
With these facts in mind, it is clear that there has never been a better time to invest in cryptocurrencies. However, for those of you who tend to more narrowly focus on the coming and goings of the Luna crypto price, you might have missed out on the many new and exciting projects that are coming online in the crypto world.
Unfortunately, however, not all these interesting projects will bear fruit. Of the 20,000 or so crypto projects at various stages of development, industry analysts have estimated that thousands will collapse in a manner not too dissimilar from the dotcom boom days!
In this article, we will identify some of the cryptocurrencies to keep an eye on as we go forward into the dying months of 2022 and look forward to 2023 and beyond. In identifying these projects, we have stuck to those we think will have the best chances of survival in an increasingly competitive market.
Ethereum (ETH)
Although Ethereum is by no means an underappreciated cryptocurrency — in fact, according to the latest market data it is the second largest and most popular cryptocurrency by total market capitalization and transaction volume — it is still relatively undervalued.
This is despite the fact that Ethereum represents one of the most promising cryptocurrencies in terms of its potential real-world applications. With planned upgrades due to come into effect in just a few months, Ethereum’s long-term prospects have never been better.
Even more promisingly, Ethereum has spawned an entire development community around it and supports a diverse range of exciting tech-focused projects. For this reason, Ethereum definitely deserves a place in your portfolio.
Luna (LUNA)
Developed by Terra, Luna is a stablecoin, which is a crypto that rely on stabilization tools to main a stable value relative to an official currency or other asset. Luna aims to balance price stability with adoption. It does this by creating a flexible and adaptive monetary policy that is actively managed by a policy management team.
The benefit of this is that it creates relative price stability over time, which is a particularly important goal given the volatility that cryptos often experience!
The protocol developed by Terra and deployed through Luna offers incentives to individuals using the network. In particular, it gives certain holders of Luna the right to vote on community proposals relating to the monetary policy.
This unique combination of features has piqued the interest of many individuals in the crypto world and has helped the Luna price to soar. For these reasons, we think it is one of the key cryptocurrencies to watch in the months and years to come!
Binance Coin (BNB)
Binance Coin is unique compared to the other currencies listed above in that it was developed by an actual cryptocurrency exchange, rather than a group of developers hoping to have their crypto listed on third-party exchanges.
Binance Coin was created by the team behind the Binance cryptocurrency exchange, which is one of the most popular cryptocurrency exchanges. It was initially created as a way of paying trading fees on the platform. Since it was launched in 2017, it has grown to be something much more than a way to pay these fees.
Now, Binance Coin can be used to pay for trading fees, for payment processing and even booking travel arrangements online. These are just a sample of some of the uses for Binance Coin that have been proposed by its developers.
These uses, combined with its links to the Binance trading platform, have helped Binance Coin to soar in value in recent years. Although lacking the same level of market capitalization as coins such as Bitcoin and Ethereum, it is still one of the biggest cryptocurrencies out there — not bad for a side project by the Binance developers!
We think Binance Coin is another one of the most exciting crypto projects to watch in the coming months.
