Cryptocurrencies are exploding in popularity. Part of that is because of the skyrocketing prices of some of those crypto assets.
The crypto sector recorded an all-time high market capitalization in November 2021, when it surpassed $3 trillion. In the same vein, a report by Chainalysis further revealed that the total crypto transaction volume grew to $15.8 trillion in 2021, up 567% from the previous year.
Despite a heady performance across the whole of 2021, most major cryptos stalled toward year’s end. As mentioned in Yahoo Finance: “Between fears of rising interest rates, high inflation and the Russian invasion of Ukraine, risk assets in general — and the crypto market in particular — have suffered heavy losses. However, for those cryptocurrencies that aren’t complete speculations — meaning those that have demonstrated utility — these sharp drops could offer good entry points for future appreciation. Here are four cryptos that could be good buys this month”.
Another crypto that could explode this year is Solana. It is a cryptocurrency that is able to solve the ‘blockchain trilemma’, meaning it is capable of supplying both decentralization, security, and scalability, which many cryptos have struggled to do so far.
Regarding Solana Forbes said “Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms that help it process transactions quickly and securely. SOL, Solana’s native token, powers the platform. When it launched in 2020, SOL’s price started at $0.77. By April 1, 2022, its price was around $136, a gain of more than 17,500%”. People who use the blockchain pay transaction fees in SOL, contributing to the coin’s growth.
Ethereum’s native token, Ether (ETH), has grown immensely in value since its creation. Ether has increased in price from $0.311 at its 2015 launch to around $4,800 at its highest late last year — with plenty of volatility along the way.
Terra has grown to become one of the most programmable cryptocurrencies. Terra is now a big part of the DeFi industry. The infrastructure is designed to make the creation of decentralized applications and stablecoin development easier. Terra (LUNA) is one of the most innovative cryptocurrency projects out there. Two years ago, Terra (Luna) was priced at less than $1 per coin. At the end of last year, the coin reached an all-time high of $103.