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In hindsight, times of unprecedented fear have often turned out to be lucrative buying opportunities. Bear markets allow you to accumulate top crypto projects at very low prices. The following article will discuss the strongest cryptocurrencies to buy in the current cryptocurrency bear market in 2022. None of these cryptos guarantee a return at all, they are simply some of the strongest cryptos with the more potential in 2022.
Providing decentralized financial solutions (DeFi) is the story of the crypto community. Bitcoin is undoubtedly the gold standard. Bitcoin is a brand new financial system that cannot be influenced or controlled by human greed or politics; it is a fair and open form of payment for a divided planet.
Digital gold is the closest thing Bitcoin can be compared to from an investment perspective. With a value proposition based on being a rare, portable, immutable and divisible savings technology, Bitcoin can be considered a speculative super-commodity.
Compared to other cryptocurrencies, Bitcoin is both the largest market capitalization and the most decentralized cryptocurrency worldwide. This is partly why all other cryptocurrencies are collectively called altcoins. Moreover, Bitcoin is the only well-known cryptocurrency with an anonymous founder, pure organic growth, and multiple tests, making it the most meritocratic cryptocurrency in the market. You can buy Bitcoin on most exchanges, but not all exchanges are created equal.
The best-known altcoin in the cryptocurrency world is Ethereum (ETH), which is also the second largest cryptocurrency by market value. Ethereum stands out for its growing institutional acceptance, dominant position in the programmable blockchain market, deflationary economy, and promising roadmap updates.
Ethereum, alongside Bitcoin, is at the forefront of the cryptocurrency movement. However, many people believe that Ethereum could overtake Bitcoin as the dominant coin in the market in the near future, and for good reason. Unlike Bitcoin, which is a first-generation blockchain, Ethereum has much greater programmable capability as a second-generation blockchain. Smart contracts (code stored on the blockchain) on Ethereum allow developers to build and launch decentralized applications (dApps) that run on a decentralized network instead of a centralized server.
Overall, it has an unrivaled ecosystem of dApps, a respected and talented team, and a thriving online community. Additionally, Ethereum has a significant frontrunner advantage by being the first blockchain of its kind, giving Ethereum a significant head start over other competitors such as Solana or Avalanche. Nevertheless, the longevity of Ethereum will largely depend on the success of future upgrades indicated in the Ethereum roadmap.
Polygon is a layer 2 or sidechain (a parallel chain connected to another blockchain) that runs alongside the Ethereum blockchain. Polygon enables easy, fast, and secure off-chain transactions for generalized off-chain payment transactions and smart contracts. Polygon promises to be a simpler base for creating interconnected networks, much like an actual polygon, which can have many sides, shapes, and applications.
In technical terms, Autonomous Chains and Secure Chains are the two main categories of Ethereum-enabled networks supported by Polygon. A sidechain is an example of a secure chain, while a rollup is an example of a standalone chain. The Polygon platform plans to offer other scaling options in the future, such as optimistic rollups and zero-knowledge (zk) rollups.
Polygon has the potential to be an extremely lucrative layer 2 blockchain investment if Ethereum maintains its current growth and success. Sandeep Nailwal, co-founder of Polygon, predicts the project could grow 100 times by 2030.
Polkadot is a second-generation blockchain that connects several specialized blockchains into a single network. Polkadot is designed to connect the dots with other networks. As the leading interoperability cryptocurrency, Polkadot fosters unparalleled interoperability by linking numerous blockchains. At the time of writing, Polkadot is the 11th largest cryptocurrency by market capitalization.
Polkadot is designed to run two different types of blockchains. The core network is the chain of relays, and all transactions in it are irreversible. Conversely, there are user-created networks called parachains. These blockchains work side-by-side with Polkadot and can be adapted for various purposes.
Overall, Polkadot’s core value proposition lies in its ability to solve the problem of interoperability in the crypto industry. The protocol is currently used in a number of initiatives, including data collection and non-fungible tokens (NFTs).
Chainlink is a multi-chain ecosystem designed to connect blockchains to the real world. Blockchains lack an efficient way to access external data by design; even with smart contracts, it is difficult to relate off-chain data to on-chain data.
This problem is solved by Chainlink, which offers a decentralized oracle service that allows smart contracts on Ethereum to access external data. At the time of writing, Chainlink is the leading oracle cryptocurrency in the industry.
Chainlink serves as a link between external data sources and blockchain smart contracts. Chainlink is not a blockchain like Bitcoin and Ethereum but rather a framework and infrastructure for creating oracle networks that enhance the capabilities of various blockchains and their corresponding layer 2 protocols.
The demand for external data to tie to smart contracts on the blockchain will increase as the cryptocurrency industry continues to merge with the rest of the digital economy. If this trend continues to grow, Chainlink will be in a good position to meet this growing demand.
High Risk Cryptocurrencies
The following cryptocurrencies are relatively small projects by market capitalization with promising futures. These cryptocurrencies are considered high-risk investments because they are less established than the market leaders in the industry.
High risk is not inherently bad or good for an investor. Risk works both ways, which means that with every crypto investment comes the risk of significant failure and the reward of significant success. As an investor, you should assess your own risk tolerance before venturing into cryptocurrency investing. These may still be some of the strongest cryptos to buy in 2022, but they come with a bit more risk.
EPNS stands for Ethereum Push Notification Service, PUSH being its native token. It is a blockchain-based notification protocol that is chain-independent, platform-independent, and incentivized. EPNS was featured by the Ethereum Foundation, Forbes, and CoinDesk.
EPNS solves two main problems:
- dAapps and services have no way to communicate natively, so users have to repeatedly check their actions.
- Wallet addresses do not receive alerts or communication of Web3 activity.
In other words, EPNS is the missing piece of Web3 infrastructure. Without notifications, disconnection between users and dApps leads to poor UX, incomplete engagement, and lost opportunities. EPNS is intended as a communication protocol for the entire Web3. With a market cap of just under $9 million, EPNS’s upside potential is astronomical.
Oasis Network is the first smart contract-enabled privacy blockchain for open finance and a responsible data economy. It is designed to extend open finance beyond merchants and early adopters to the mass market in a scalable and secure way.
The main developer of the Oasis Network, Oasis Labs, was founded in 2018 by Dawn Song, a professor at the University of California, Berkeley. The development team raised $45 million from companies including a16z Crypto, Polychain Capital, and Binance Labs to support the initial development of the protocol.
Compared to competitors such as Ethereum, the Oasis network outperforms in terms of scalability, some high-value partnerships, and privacy.
- Scalability: Oasis Network’s remarkable scalability is achieved through an industry-leading feature set that delivers faster transaction speeds and higher throughput than other networks.
- Privacy : Oasis Network enjoys a competitive advantage over competitors such as Ethereum, Terra, Avalanche, and Solana in terms of data privacy, enabling private DeFi and tokenization of private data, among other use cases.
- High value partnerships: Oasis Network differentiates itself from other competitors by having one of the largest academic networks in the blockchain industry.
The cryptos mentioned above may not work, but they are some of the strongest cryptos to buy right now in terms of potential. If you’re a long-term investor, now might be the time to start building a position in cryptocurrency over the next few months. However, it is important to note that the decline is more than likely in the short term. For this reason, savvy investors will refrain from taking positions until they see signs of price consolidation and stabilization.