Best Crypto 2022

Top 10 Altcoins in July 2022 – Forbes UK Advisor

Top 10 Altcoins in July 2022 - Forbes UK Advisor

Since its introduction in 2008, bitcoin has inspired an explosion of other cryptocurrencies. There are now more than 5,000 of these ‘alternative’ cryptocurrency coins – altcoins.

If you want to invest in cryptocurrencies, one option is to diversify by keeping your choice of coins outside of bitcoin, taking into account the functionalities they offer.

Note that cryptocurrency trading is unregulated in the UK and there is no provision for compensation if something goes wrong. Your capital is 100% at risk, meaning you could lose some or all of your investment.

1. Ether (ETH)

Ether is the cryptocurrency native to Ethereum, a global software platform that powers applications including smart contracts, games and financial transactions via blockchain technology, as well as the minting and storage of NFTs (non-fungible tokens).

It was launched in 2015 and has amassed a market capitalization of over £155 billion, as of July 2022. Each Ether token is worth £1,269. The crypto recorded an all-time high of £3,815.79 in August 2021.

2. Litecoin (LTC)

Launched in 2011, Litecoin was one of the earliest competitors to bitcoin. It was developed by entrepreneur and computer scientist Charlie Lee.

Like bitcoin, Litecoin is a proof-of-work cryptocurrency, meaning that new coins are created to reward miners for verifying and processing transactions on its blockchain.

However, Litecoin transactions are processed faster than bitcoin transactions because it uses a newer algorithm known as Scrypt.

As of July 2022, one Litecoin was worth £47.23. The crypto reached its all-time high in May 2021, with each coin valued at £326.41.

3. Dogecoin (DOGE)

What started as a cheesy meme currency quickly became a crypto asset.

Dogecoin was created in late 2013, using blockchain technology derived from Litecoin, and accompanied by a Shiba Inu dog logo. The coin is known for its humorous origins and unlimited supply, which has made it an attractive entry point into crypto for new investors.

The value of Dogecoin recently jumped to an all-time high of 58 pence, partly in response to Elon Musk’s tweet about buying Tesla goods with Dogecoin.

As of July 2022, the value of Dogecoin has fallen to around 5 pence.

4. Bitcoin Cash (BCH)

Bitcoin Cash was created from the original bitcoin in 2017 when a group of users wanted to increase the size of blocks in the blockchain, allowing them to contain more transactions.

Aside from this change, Bitcoin Cash functions similarly to bitcoin itself, using the same proof-of-work mechanism to process transactions and limiting the number of coins that can be in circulation to 21 million.

As of July 2022, one Bitcoin Cash token is worth £99.89.

5. Tether (USDT)

Launched in 2017, Tether is one of about 200 stablecoins.

A stablecoin is tied to a fiat currency, in this case, the US dollar. For every Tether coin issued, its creators keep $1 in reserve, and for every dollar paid out, one Tether coin is destroyed.

In theory, Tether retains a value of around $1 (79 pence Sterling) at any given time. This stability makes Tether a good option for transferring value between exchanges, as Tether holdings are more likely to retain a stable value than other, more volatile coins.

However, stablecoins are not infallible. In early May 2022, another stablecoin, Terra USD, experienced a crash — dropping from $1 to a low of just $0.30 per coin. In response, investors cashed out millions of dollars to put into other stablecoins, including Tether.

In the following weeks, Tether’s market cap fell from $83m (£65.6m) to $73m (£57.7m).

6. Cardano (ADA)

Cardano was created by Ethereum co-founder Charles Hoskinson in 2017. It is the original cryptocurrency of the Cardano blockchain platform and uses proof of stake, not proof of work, to verify and process transactions.

Proof-of-stake blockchains require significantly less energy than their proof-of-work counterparts, as this process uses an algorithm to select only one device in a decentralized network to verify each block of transactions, rather than each device competing each time.

On July 19, 2022, one Cardano was worth 40 pence. Its all-time high was £2.45, reached in September 2021.

7. XRP (XRP)

XRP is a cryptocurrency best known for its use on the global money transfer network, Ripple.

The cryptocurrency was first launched in 2012 in its own book. Unlike bitcoin, XRP transactions are not verified through proof-of-work or proof-of-stake. Instead, transfers are processed by network participants known as validators.

Making a transaction through Ripple requires a small fee — a small part of one XRP token, which is destroyed.

As of May 2022, XRP had the sixth largest market capitalization of all cryptocurrencies. Each coin is worth around 29 pence as of July 2022.

The number of CRP tokens that can ever be in circulation is limited to 100 billion.

8. Monero (XMR)

Monero is the cryptocurrency best known for its privacy features.

Launched in 2014, the coin runs on what is known as an opaque blockchain. This type of blockchain keeps the transactions it records anonymous through measures such as masking user addresses and even the amount transferred.

The coin is so focused on privacy that it does not comply with anti-money laundering procedures.

Monero is worth around £118.82 as of July 2022. The coin reached an all-time high of £409.86 in May 2021.

9. Avalanche (AVAX)

Launched in 2020, Avalanche is the cryptocurrency native to the Avalanche blockchain.

Like Ethereum, Avalanche is best known as a blockchain platform that uses smart contracts, but it also supports a wide range of other applications.

The main advantage it has over Ethereum is its emphasis on the speed and efficiency of transaction processing. The network claims it can process 4,500 transactions every second.

Avalanche users can also stake their coins and get a small reward in return. Each coin was worth £19.86 in July 2022, and the crypto peaked at £115.78 in late 2021.

10. Solana (SALT)

Similar to Ethereum and Avalanche, the Solana blockchain platform is built with the goal of hosting decentralized applications. Both the platform and its cryptocurrency launched in 2020.

One of Solana’s key advantages is the platform’s low transaction fees, which are significantly cheaper than its competitors. The platform can process as many as 65,000 transactions per second, largely thanks to their verification through a new ‘proof of history’ process.

This processing method adds a ‘timestamp’ to each block, creating a permanent record of which transactions occurred in which order.

From 19 July 2022, Solana is worth £37.

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