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The year 2021 was a record year for cryptocurrencies as people saw the global crypto market value rise briefly to US$3 trillion. Bitcoin, being the largest cryptocurrency by market value, witnessed repeated bullish price rallies, whereas other major altcoins and even the meme coins gained traction. Other digital currencies like NFTs are sold at millions of dollars alongside fine art in major virtual auction houses. The top cryptocurrencies continue to gain traction in several facets of government, business, and personal financial activities. Our society is increasingly becoming digitally driven, with financial service providers looking for the best-performing cryptocurrencies to create a digital currency model and ascertain that the companies can provide financial services in an economic and efficient manner. Here, we list down the most profitable cryptocurrencies in February 2022.
Bitcoin crossed US$65,000 back in 2021, but the success was quite short-lived after the BTC dived down and fell back into a deep slumber. It fell as below as US$40,000. But presently, BTC is fighting back from its bearish mode and is currently revolving around US$43,000. Experts believe that BTC's price value will plummet will continue to rise in the future.
Ethereum is both a cryptocurrency and a blockchain platform and is also one of the favorite programs for developers since its potential applications like smart contracts can automatically execute the required conditions and NFTs. Since its inception, Ethereum has witnessed major price volatilities but has continued to steadily increase in value.
As we know, unlike some of the major cryptocurrencies, Tether is a stablecoin, meaning it is backed by fiat currencies like the US dollar and Euro and hypothetically keeps a value equal to one of those denominations. This demonstrates that Tether's value will remain consistent than other cryptocurrencies, attracting loads of investors who are looking for stable options.
Binance Coin is a form of cryptocurrency that investors can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch, BNB has been facilitating trades on its exchange platform. It can now be used for trading and exchanging other cryptocurrencies like Bitcoin and Ethereum.
Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. The game is inspired by some of the world's most popular online games that allow players to collect, breed, raise, and battle token-based creatures known as Axies. Axie Infinity has become one of the most popular crypto games, resulting in a hike in its market value.
Decentraland identifies itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications. In its virtual world, MANA users or investors can purchase plots of land that they can later navigate, build upon, and monetize.
Experts believe that when Bitcoin goes down, almost all other cryptocurrencies slide down with it. That being said, a number of digital assets have a habit of outperforming bearish markets, one of which is Terra and its underlying token LUNA. In the last week of January, LUNA increased by over 52%.
Avalanche, the rising star of the crypto market, has quite impressive and exponentially rising market capitalization. But while the price is down, activities on the Avalanche ecosystem are rising. The crypto recently tapped into one of the largest tech companies, Deloitte, to run a project helping local governments receive disaster relief funds from FEMA.
Fantom has been down by 13% since the crypto made its way at the beginning of the year. But the crypto rose almost 3000% with an 18,000% increase in transaction growth in 2021. Currently, most developers are flocking towards Fantom to build decentralized platforms and applications. Also, some experts believe it is one of the most undervalued cryptocurrencies in the market.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.
