If you’re engaged in the crypto and digital currency markets, you’re undoubtedly familiar with a number of cryptocurrencies, like Bitcoin. And there’s no denying that cryptocurrencies and other digital assets have exploded in popularity. According to Allied Market Research, from 2021 through 2030, the global cryptocurrency market is expected to increase at a compound annual growth rate of 12.8%.

However, with so many cryptocurrencies now accessible, determining which ones are good, and worth a potential investment, can be difficult. Before considering investing, it’s critical for investors, especially those who are new to cryptocurrencies, to get a feel of how the industry works. With hundreds of different currencies and tokens to choose from, you should keep in mind that not all are recognized as worthy, long-term investments.

Besides Bitcoin, which is by far the leader in both popularity and perhaps long-term investing potential, here are some of the cryptocurrencies that are gaining popularity.

Ethereum (ETH)

Although Ethereum is an older cryptocurrency, many people consider it among the best cryptocurrencies to invest in 2022. The Ethereum blockchain is the foundation for the majority of decentralized finance ventures. It’s the world’s second-largest cryptocurrency, after Bitcoin, with a market capitalization around $234 billion. Ethereum pioneered the concept of decentralized finance, or DeFi, a revolutionary new financial system that eliminates conventional middlemen such as:

• Banks
• Brokers
• Centralized exchanges

Ethereum is regarded as one of the better technologies not only due to its widespread network acceptance but also due to a future event called “The Merge,” which will unite the present Mainnet Chain and the Beacon Chain together. This will be the final step in Ethereum’s move to proof-of-stake and the implementation of shard chains.

Binance Coin (BNB)

Binance Coin, which has a market cap around $54 billion, is a cryptocurrency that can be used to exchange and make payments on Binance App, one of the largest cryptocurrency exchange platforms. An advantage of Binance coins is that they can be used for investing, processing payments, and making travel reservations. It can also be traded for other cryptocurrencies like Ethereum or Bitcoin. Binance Coin is also the digital currency that underpins the Binance Smart Chain, which houses a variety of discounted crypto assets.

Solana (SOL)

Solana, with a market cap around $24 billion, is a promising performer that has carved out a significant market position in the DeFi sector. Solana has become one of the most popular crypto tokens in recent years. It features its own blockchain, which is powered by the native SOL coin. SOL may be young in comparison to ETH and Binance, but its potential should be noted.

Tether (USDT)

Tether is a stablecoin cryptocurrency founded on Ethereum, Bitcoin and other blockchains. Tether, which has a market capitalization around $76 billion, allows investors to transfer assets across the crypto market and the standard finance system while minimizing fluctuation due to its one-to-one peg to the US dollar.

Tether is a stablecoin, which means it is supported by fiat currencies such as the US dollar and the Euro and maintains a value that is theoretically equivalent to one of those currencies. The usage of stablecoins as a means of exchange, similar to traditional money, is encouraged by its relatively stable value. Stablecoins are also used as collateral via decentralized finance (DeFi) lending and stake protocols, which has contributed to their sudden increase in popularity.

Dogecoin (DOGE)

Dogecoin, with a market cap around $11.5 billion is known as a meme coin. It began trading as a joke in 2013, but because of a passionate community, it has quickly grown into a well-known cryptocurrency.

Cardano (ADA)

Cardano, which has a market cap of near $20 billion, is remarkable for being one of the first alternative cryptocurrencies to incorporate proof-of-stake validation. By eliminating the verification process featured in platforms like Bitcoin, this solution reduces:

• Transaction time
• Energy consumption
• Environmental effect.

Its native cryptocurrency, ADA, has recently gotten a lot of attention as one of the several proof-of-stake blockchains that are being built in the crypto world.  Like Ethereum, it uses its native token to allow smart contracts and decentralized applications.

RIPPLE (XRP)

Ripple, or XRP, is considered one of the largest cryptocurrencies and an independent digital asset, with a market cap of $41 billion. XRP can be used to enable the exchange of various currencies, including fiat currencies and other major cryptocurrencies. On top of that, Ripple has a relatively low transaction fee, making it a good choice for high-volume cryptocurrency traders.

The bottom line…

There are a number of cryptocurrencies investors can choose from. Each one has its own risks and potential rewards. However, Bitcoin or BTC with its $611 billion market cap remains the most popular crypto for it’s long-term investment potential.

While there may be great utility in many cryptocurrencies, Bitcoin is king.