Top 10 Altcoins To Invest In May 2022
People's interest in crypto has soared in the meantime: it's a hot topic not only among investors but also in popular culture, due to everyone from long-time investors to newbies like Elon Musk, who recently bought Twitter for $44 billion and that can mean a lot for the crypto space.
Not only for Bitcoin but also Altcoins, 2021 was an important year. Investors are interested in Altcoins such as Ether, Solana, and Cardano, among others, for a variety of reasons, including faster transactions, lower costs, and a lower environmental impact.
And even though the market is witnessing a marketwide correction now, it is only a matter of time until Bitcoin, and the other Altcoins make a comeback to hit new all-time highs. Altcoins that perform in line with foreseeable trends in the crypto sector, such as the metaverse, decentralized finance (DeFi), decentralized applications (dApps), and NFTs are expected to dominate in 2022.
In this article, we'll go over the top 10 Altcoins to buy in May 2022, all of which have high upside potential.
Top 10 Altcoins for May 2022
Bitcoin's shortcomings can be exploited by Altcoins. Ethereum, for example, enables a wide range of blockchain infrastructure tasks, such as automation and broader network interaction. Solana was intended to deliver more scalable and secure software than Bitcoin and Ethereum at a lesser cost. According to researchers, the introduction of new Altcoins that address the constraints of existing cryptocurrencies and blockchains will have an impact on Bitcoin demand.
If you want to invest in cryptocurrencies, do your research and be aware of the risks. More information on getting started with cryptocurrency trading and selecting the right token can be found here. Read on to know about the top 10 Altcoins to invest in in May 2022.
Note: Altcoins are not given in any particular order, and the price and market cap of all the tokens are as per the research done for the article.
1. Ethereum (ETH)
The coin is trading at $2793.3, with a global market cap of $336 billion. This second-generation blockchain significantly improves on the Bitcoin blockchain by incorporating smart contracts that allow execution depending on predetermined triggers, revolutionizing financial transactions. The Ethereum network is currently transitioning its consensus method from proof-of-work (PoW) to proof-of-stake (PoS) (PoS). Ethereum 2.0, which is scheduled to be finished in 2022, will make the network more scalable and sustainable. In 2021, its native token ether (ETH) increased by roughly 445%. So, a $1,000 investment in ETH at the start of 2021 would be worth $5,423 by the end of December.
The "merge," or Ethereum 2.0, is a network upgrade that will transfer the blockchain from the energy-intensive proof-of-work mining system to the proof-of-stake consensus mechanism, which is projected to deliver quicker processing speeds, and energy efficiency, and lower transaction costs. Therefore, keep the crypto closer to your eyesight this month.
2. Terra (LUNA)
The coin is at $82.06, with a market cap of $27 billion. Terra is an open-source stablecoin network that improves the security of cryptocurrency transactions. Terra relies on stablecoins, which are cryptocurrencies that are tied to a stable base asset like the US dollar. For peer-to-peer transactions, the network offers minimal costs, speedy settlements, and liquid cross-border transfers. Terra has been one of the best-performing Altcoins on the market. LUNA has increased by 600% in the last year.
Apart from this, recently as the deadline for filing Canadian tax returns approaches, cryptocurrency tax computation portal Koinly has added Terra wallet functionality to make tax calculation easy for LUNA holders.
Many Koinly customers have sought LUNA support, and with the connection, LUNA users will have a "means to precisely manage and record their transactions to meet their tax requirements," according to Tony Dhanjal, Koinly's head of tax. LUNA has one of the highest numbers in trading volumes. This cryptocurrency is frequently used as a means of payment and trade.
3. Sandbox (SAND)
The coin is trading at $2.14, with a global market cap of $2 billion. The Sandbox is the next digital currency on our list of the best cryptocurrencies to buy in 2022. In a word, this project focuses on the Metaverse, which allows people from all over the world to interact and network while exploring the Sandbox ecology. Users can design and personalize their character in the Sandbox Metaverse, which can then be used to compete in games to earn prizes. This implies that users can earn SAND, the platform's in-game currency, by completing certain tasks.
In terms of how SAND has performed in the market, it has yielded enormous profits since its inception. The Sandbox was initially priced at $0.05 in mid-2020, according to CoinMarketCap. This Altcoin last achieved a high point in November 2021, when it reached a price of over $8.40. As a result, gains of over 16,000% are possible. Not bad for a little more than a year of trading. SAND's value has since fallen, as has the case with most cryptocurrencies in this field. However, the price is expected to go up soon, so now might be the time to buy the dip.
4. PancakeSwap (CAKE)
The coin is trading at $7.63, with a global market cap of over $2 billion. PancakeSwap is a decentralized exchange that operates on the Binance Smart Chain. PancakeSwap operates on an automated market maker (AMM) approach. CAKE can be used in numerous ways. The platform's key activities are yield farming, staking, PancakeSwap Lottery participation, and making and voting on governance recommendations using the platform's community governance interface. PancakeSwap rewards those that stake CAKE.
Weekly, the CAKE token price is on a strong increase and is currently trading at $7.836. On a weekly time frame, the coin is producing a bullish falling wedge chart pattern. The CAKE token price is on the rise weekly, and it has also broken out of the long-term supply zone. Every week, the CAKE token price is trading above the Supply zone of $5.52. Weekly, the token produces a higher low and higher high shape. At the moment, the token is resting at a long-term demand zone on the weekly time frame, and it can bounce off the demand zone if the bulls provide support, resulting in the token going upward.
5. Polkadot (DOT)
The token is trading at $15.66, with a global market cap of $15 billion. Polkadot is often called a tough competitor to Ethereum. The ability of Polkadot to connect all diverse blockchain networks with ease has caught the interest of investors all over the world. Hundreds of projects are currently being built on the Polkadot ecosystem, which is fairly common. As a result of all of this, Polkadot has witnessed a huge increase in trade volume.
DOT is generating a stir in the crypto community. Polkadot is a one-of-a-kind cryptocurrency with a parallel chain connecting multiple blockchains. Because of the connections between these blockchains, every transaction on the Polkadot network is substantially faster. The network's chances of getting overloaded are further reduced by these different channels.
Apart from this, Benjamin Cowen, a well-known crypto analyst, has made a large forecast for DOT, which he believes will come true if markets recover. In an interview with Altcoin Daily, popular crypto expert Benjamin Cowen stated that DOT could potentially triple its previous all-time high of $55 if the total cryptocurrency market cap approaches $10 trillion.
Therefore, give close attention to this token this month.
6. Binance Coin (BNB)
The coin is trading at $385.14, with a global market cap of $62 billion. As everyone knows, Binance, one of the world's largest crypto exchanges, developed the Binance coin. It has progressed from simply facilitating trades to a platform that allows users to engage in trading, money processing, and even travel booking. This Altcoin also has a significant trading volume. The trend is expected to continue in the following years.
BNB has established itself as one of the top five Altcoins by market capitalization. In terms of historical price performance, according to CoinMarketCap, BNB was valued at $0.11 in 2017. This Altcoin has reached 52-week highs of nearly $690 as of writing in early 2022. As a result, BNB's value has surged by over 620,000% since its introduction in 2017.
7. Avalanche (AVAX)
The coin is trading at $57.8, with a global market cap of $15 billion. Avalanche is a well-known smart-contracts platform that is quickly gaining traction. Governments, financial organizations, and other businesses are among Avalanche technology's users. NFT traders have also found a home at Avalanche. Avalanche is the fourth-most-used blockchain platform, according to CryptoSlam, an NFT data aggregator, with over $1 billion in sales in 24 hours. Avalanche is one of the most widely traded cryptocurrencies, despite its youth.
AVAX has a processing performance advantage over other cryptos. Bitcoin and Ethereum, for example, process transactions at 7 and 13 transactions per second, respectively. Avalanche, on the other hand, has a transaction rate of 4,500 per second. On its blockchain, AVAX also supports the Ethereum Virtual Machine. It is popular among decentralized application (dApp) developers as a result of this. AVAX could have an exciting 2022 as dApps gain traction.
8. Chainlink (LINK)
The coin is trading at $10.91, with a global market cap of $5 billion. Chainlink was one of the first networks that allowed smart contracts to leverage off-chain data. Chainlink is a major player in the data processing industry, with a huge number of trustworthy partners. Due to its integration of off-chain data, Chainlink has attracted the attention of several respected data providers, including Brave New Coin, Alpha Vantage, and Huobi. This open-source platform allows real-world data to be included in smart contracts. As a result, it portrays an infinitely possible future. Chainlink's native cryptocurrency, LINK, is being used by several of the most prominent decentralized finance (DeFi) apps at a premium.
Chainlink has successfully gained its position in the industry. With the upcoming projects, the coin should have your attention this month. The rate of adoption of Chainlink's product suite has been one of the company's main strengths over the last year. And, while this has a significant impact on the overall price action, it also attracts investors to the asset.
9 Kusama (KSM)
The coin is trading at $130, with a global market cap of $1 billion. Kusama is distinct among blockchain platforms in that it is primarily intended for developers who want to build large, ambitious projects that evolve quickly. It is based on a multichain, heterogeneously sharded design that uses a nominated proof-of-stake (NPoS) consensus method as an alternative to the energy-intensive proof-of-work (POW) scheme used by other blockchains.
This technique enables speedy on-chain upgrades without requiring a fork, as well as cross-chain message passing (XCMP) for communication with other Kusama parachains.
And in recent news, USDT will be considered with the asset ID 1984 and used to power transactions on Kusama's first parachain - Statemine upon launch, according to a press release shared with CryptoPotato. The parachain facilitates the deployment of assets on the Kusama network, such as tokenized artwork and stablecoins, cost-effectively, and addresses concerns about blockchain security, scalability, and interoperability. The coin expects a lot of attention and development from this in the upcoming times.
10. Polygon (MATIC)
The coin is trading at $1.07, with a market cap of $8 billion. Polygon bills itself as a Layer 2 scaling solution, meaning that it has no immediate plans to improve its current blockchain layer. The project's goal is to make scaling easier and enable real-time blockchain transactions. Polygon is based on Ethereum's main-chain proof-of-stake checkpoints and uses a customized version of the Plasma framework. Because of its cutting-edge technology, Polygon's sidechains can handle up to 65,536 transactions per block.
Polygon MATIC has been one of the most successful cryptocurrency initiatives on the market. The Matic coin is presently rated as the world's 18th largest cryptocurrency, indicating how well it is performing. However, Biggert is attracting a rising number of Matic community members (BRISE).
The trend is mostly fueled by the Bitgert ecosystem's rapid expansion. One of the reasons Bitgert's ecosystem is developing so quickly is because its roadmap was provided quickly. Matic currency is doing well due to the demand that Polygon Matic has created in the market, particularly for Ethereum-based applications. Polygon Matic, as one of the most popular Ethereum scaling protocols, is still in high demand today.
Conclusion
We've collected a list of the most common crypto investment blunders to ensure you don't hit any snags or hurdles along the way. Knowing about it will help you avoid making the same mistakes while investing your hard-earned cash in the crypto market.
Don't buy something simply because it's cheap: Think before you buy something just because it's cheap. Low prices don't necessarily equal a good deal; they might sometimes signal dodgy credentials. Study white papers, learn about the project's tokenomics, and get to know the primary people involved before investing. It's never a smart idea to invest just based on price.