From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it even bigger than you started in the crypto world. There are many options. It can be very difficult. Especially when many crypto assets have tried to do the same things or have plans that are too many to take decades to fully conceptualize. And to top it off, the crypto industry is constantly evolving. The interests of entrepreneurs are changing, the infrastructure is changing; one coin can become very popular one day and disappear the next. This article will look into the top 10 cryptocurrencies trending in July.
The following cryptocurrencies are the top 10 cryptocurrencies to buy in July due to their mainstream appeal and potential for price growth. Let’s review and analyze each of these cryptocurrencies individually to gain a deeper understanding of why they are considered valuable assets. To help you get started, here are the best cryptocurrencies of July 2022 based on their market capitalization as the total value of all coins currently in circulation.
What is Cryptocurrency?
A cryptocurrency is a digital asset that can circulate without the centralized authority of a bank or government. There are currently over 20,000 cryptocurrency projects, representing the entire $870 billion crypto market.
Cryptocurrency is a digital, encrypted, and decentralized medium of exchange. Unlike the US dollar or the euro, there is no central authority to manage and maintain the value of cryptocurrency. However, these tasks are widely distributed to cryptocurrency users through the Internet. You can use cryptocurrencies to buy regular goods and services, although most people invest in cryptocurrencies in the same way as other assets such as stocks or precious metals. While cryptocurrency is a new and exciting asset class, buying it can be risky because you need to do a significant amount of research to understand how each system works perfectly.
Let’s get started with the best Cryptocurrencies of July 2022:
1. Bitcoin (BTC)
Market cap: $370 billion
Created by Satoshi Nakamoto in 2009, Bitcoin (BTC) is the original cryptocurrency. Like most cryptocurrencies, BTC runs on a blockchain, a ledger recording transactions spread across a network of thousands of computers. Because the additions to the distributed ledger must be verified by solving a cryptographic puzzle, a process called proof-of-work, Bitcoin is protected from fraudsters. The price of Bitcoin has risen since it became an idea. In May 2016, you could buy a Bitcoin for around $500. As of July 1, 2022, the price of Bitcoin was almost $19,400. That’s an increase of over 3,780%.
In terms of price and valuation, Bitcoin was stuck in a comfortable period in the early months of 2022 – sitting between price levels around $18,000-$22,000. Thus, according to Bitcoin price predictions, BTC is expected to reach above $75,000 by the end of 2022. So if you want to buy and hold cryptocurrencies for the long term, you might want to consider investing in Bitcoin.
Another important benefit of buying Bitcoin is that the primary digital currency can be fractionated. This means that you can only buy a small fraction of a Bitcoin unit. For example, if Bitcoin is valued at $50,000 and you decide to invest $50 – you buy 0.1% of the currency. This is perfect for those who want to get into Bitcoin for the first time without having to invest a large amount of money.
2. Ethereum (ETH)
Market cap: $128 billion
Both a cryptocurrency and a blockchain platform, Ethereum is popular among app developers for its potential applications, such as smart contracts that trigger automatically when conditions are met, and non-fungible tokens (NFTs). Ethereum has also seen significant growth. From April 2016 to early July 2022, the price ranged from around $11 to $1,057, an increase of nearly 9,509%.
Most of the cryptocurrency projects mentioned in this article are built on the Ethereum blockchain. This is the case with almost most of the meme coins and meta version projects we’ve seen today – so it can’t be said that Ethereum should also be considered if you want to invest in the cryptocurrency market.
If you are ready to invest in Ethereum for the end goal, Ether has proven to be a great investment despite the potential risk. In the long run, it has the potential to outbid any other investment. Ethereum has also seen a significant increase in its price. From 2016 to early 2022, the price went from around $10 to over $3,550, an increase of over 32,000%. Analysts estimate that the value of Ethereum (ETH) has enough room for further growth, and investing in Ethereum is a good decision in the long run. Therefore, it may be a good time to buy and hold Ethereum as the digital asset is currently undervalued.
Another cryptocurrency to buy is Uniswap. Uniswap is essentially the home of a popular decentralized exchange that allows users to buy and sell digital currencies without the need for a centralized third party. This popularity has since led to Uniswap surpassing a market capitalization of $5.70 billion in early 2022.
As such, Uniswap has since expanded its business model by creating an online marketplace for NFTs and the metaverse. Not only does it deepen the cryptocurrency trading experience, but by offering its marketplace through the Uniswap network, buyers and sellers can transact in a decentralized manner.
According to Uniswap price forecasts, the coin is expected to reach $18 per token in 2022. As such, the token currently represents a discount of more than 60% from the purchase price.
5. BINANCE COIN (BNB)
Market cap: $35 billion
On number 5 in the list of top 10 cryptocurrencies of July is Binance Coin. Binance Coin (BNB) is a form of cryptocurrency that you can use to trade fees and pay through Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has grown in the past to accelerate trading on the Binance exchange. Now it can be used for selling, processing payments, or even booking travel services. It can also be traded or exchanged for other forms of cryptocurrencies such as Ethereum or Bitcoin. The price of BNB in 2017 was only $0.10. In early July 2022, the price rose to nearly $215, a gain estimated at 214,900%.
It can also be used to pay (at places like Crypto.com, Monetha, and HTC); to book accommodation while traveling (on sites such as TravelbyBit, Trip.io, and Travala.com); for entertainment purposes (virtual gifts, ticket packages, lotteries); pay for online services (BitTorrent, Canva, Storm); including for financial purposes (borrowing from ETHLend or investing in Moeda).
6. XRP (XRP)
Market cap: $15 billion
Number 7 in the list of top 10 Cryptocurrencies of July is XRP. Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on this network to facilitate the exchange of various types of currency, including fiat currency and others. At the beginning of 2017, the price of XRP was $0.006. On July 1, 2022, its price reached $0.31, which corresponds to an increase of more than 5.066%.
Nowadays it is often very expensive to send money around the world, banks charge astronomical fees. To make matters worse, legacy banking systems can also mean that payments take days to reach recipient bank accounts. XRP coins are designed to solve this by allowing large amounts of money to be sent safely and quickly at a very low cost. It offers more than just the potential to help everyday consumers – financial institutions themselves want to get involved.
7. CARDANO (ADA)
Market cap: $15 billion
Later in the crypto scene, Cardano (ADA) is placed number 8 on the list of top 10 cryptocurrencies. Cardano was famous for its early adoption of proof-of-stake verification. This approach speeds up transaction time and reduces energy consumption and environmental impact by eliminating competition and solving the problematic aspect of verifying transactions on platforms like Bitcoin.
Cardano also works like Ethereum to create smart contracts and decentralized applications where it has the power of ADA, its native currency. Cardano’s ADA token has relatively modest growth compared to other major cryptocurrencies. In 2017, the ADA price was $0.02. As of July 1, 2022, the price is $0.44. That’s an increase of 2,100%.
8. SOLANA (SOL)
Market cap: $11 billion
Developed to help decentralized finance (DeFi), decentralized applications (DApps), and smart contracts, Solana operates on a unique hybrid of proof-of-stake and proof-of-history mechanisms for fast and secure transaction processing. SOL, Solana’s national trademark, powers the platform. When it launched in 2020, the price of SOL started at $0.77. At the beginning of July 2022, its price was almost $40.58, a gain of more than 5,100%.
Solana is one of the hottest crypto tokens that have grown rapidly over the past year. The price of the currency continues to make new highs that have caught the attention of investors around the world. If you had invested $1,000 in Solano at its launch in 2020, trading at $0.78, you would have made a return of over 410,000%. According to Solana price predictions, the SOL currency is expected to grow by 450% by 2022 and reach over $450 per token.
9. Avalanche (AVAX)
The next digital currency from our list of the top 10 cryptocurrencies to invest in July 2022 is Avalanche. Avalanche is an open, programmable smart contract platform for decentralized applications. We can also describe the platform as a first-layer blockchain for decentralized applications (dApps) and custom blockchain networks.
In terms of features, it is similar to Ethereum. However, it has unique features and characteristics that make it a unique and valuable cryptocurrency platform. Like other Ethereum rivals, Avalanche aims to become the number one blockchain for smart contracts. It offers many benefits, including a higher transaction yield of up to 6500 tps without compromising scalability. It offers greatly improved scalability, especially compared to older blockchains such as Bitcoin and Ethereum.
But do all these good qualities translate into a good investment? In other words, should you invest in Avalanche AVAX? Investing in Avalanche can be very profitable. Many have made huge profits by investing in AVAX. For example, from July 2020 to April 2022, the price of AVAX increased by more than 2,200%, from $4.13 to $98.58.
10. DOGECOIN (DOGE)
Market cap: $8 billion
Last in the list of top 10 cryptocurrencies is Dogecoin. Dogecoin’s fame began as a joke in 2013 but quickly grew into a prominent cryptocurrency through a dedicated community and creative memes. Unlike many other cryptocurrencies, there is no limit to the number of Dogecoins that can be produced, so the currency is prone to devaluing as the supply increases. Dogecoin’s price in 2017 was $0.0002. As of July 1, 2022, the price is at $0.065, an increase of nearly 32,400%.
Dogecoin was one of the most popular cryptocurrencies bought last year. After all, Elon Musk always tweeted positively about it, which helped the meme coin make many comebacks. In other words, at the beginning of 2021, Dogecoin was selling for just $0.002. Fast forward to May 2021 of that year and Dogecoin reached a new high of nearly $0.76 per coin. It has gained more than 19,000% in five months. However, the price of dogecoin has fallen significantly since then, hitting a 52-week low of just $0.13.
Despite being a long-term investment, Dogecoin price predictions estimate that the meme currency will reach more than $1 by the end of December 2022. So if you believe in this project, invest in Dogecoin now with a huge discount. You will get an enormous return given its upside potential.
This article gives you an insight into the top 10 cryptocurrencies of July 2022, but investing in cryptocurrency is a speculative investment, and while some of these surprising gains may be tempting to chase, it’s important not to invest more than you want to lose.
Cryptocurrencies are still in their infancy, having only been around for over a decade. As with all new asset classes (like Internet stocks in the late 1990s), there will be a lot of price swings and growth in the coming months and years.