Cryptocurrencies: Not the Wild West, but a bewildering one. At the Aspen Security Forum in August 2021, US Securities and Exchange Commission Chairman Gary Gensler got it right when he mentioned the free run of cryptos. A slew of tokens and memes have proven to be nothing more than speculative attractions beyond the likes of Bitcoin and Ethereum.
The rest of the cryptocurrencies are nothing more than speculative currencies, riddled with extreme volatility and, in some cases, pure fraud. Squid meme coin demonstrated the consequences of a lack of regulation. As a result, the coin’s creators walked away with an estimated $3 million or more from investors.
Crebaco, independent crypto research and analytics firm estimates that Indians have invested close to $1 billion in the crypto market, despite no official announcement from the government. Most cryptocurrencies have fallen below their price support levels after a month-long sell-off, but the outlook for the new asset class remains strong as ever.
Except for two meme coins, the following cryptocurrencies have some real-world applications being built around them, although predicting price targets is like throwing a dart in the dark.
In terms of YTD returns, Bitcoin currently stands at $46578, with a CMP of $46578.
A year ago, the price of bitcoin was predicted to reach $100,000 by the end of 2021. But it has fallen short of that target. Before it resumes its upward trend, the store of value crypto is expected to trend lower from its current level of $46,751 to $44,000. The most significant factor could be that 90% of the Bitcoin supply has already been mined. According to Bloomberg, there are two levels of support for Bitcoin: $40,000 and $70,000.
Ethereum: YTD return of 422.40 percent, CMP $3857.
According to Ethereum’s roadmap, proof-of-stake will be introduced in CY22, moving the network from the current PoW to the PoS stage (PoS). In PoW, transactions are confirmed, and new blocks are added to the blockchain. Whereas in PoS, transactions are validated at random. In the first half of CY22, Coin Price Forecast predicts that Ethereum’s all-time high price of $4,891 will rise to $9,000.
Litecoin: CMP $155, YTD return of 23.40%.
In 2011, Litecoin was launched by Charlie Lee, a former Google employee, as an alternative to Bitcoin. Litecoin’s supply is limited to 84 million units, just like Bitcoin’s. Litecoin is expected to reach $200 by the end of 2022 and $250 by the end of 2023, according to Coin Price Forecast’s long-term forecast.
CMP $176; YTD return of 11653 percent for Solana
Because of its 2,500 transactions per second compared to Ethereum’s 15 per second, Solana is considered a superior blockchain platform. Aside from that, the cost of computing is reduced while the system’s decentralization is not sacrificed. Solana’s application-building capabilities have a higher risk-reward dynamic in the near term.
Cardano: CMP $1.23, YTD return 578%
Since December 7, Cardano has seen three lower highs and roughly two equal lows around $1.20, making it widely regarded as an Ethereum killer. Before the year is out, the currency is expected to be in a consolidation zone. Rather than chasing hype, CEO Charles Hoskinson is confident in the currency’s future success because of his team’s dedication to improving Cardano’s application process.
Avalanche: CMP $104, YTD return of 3190.40 percent
This crypto is expected to be significantly faster and more widely accepted. Avalanche claims to process more than 4,500 transactions per second, compared to Bitcoin’s seven per second. They believe that Avalanche is an excellent replacement for the Ethereum platform, the most popular smart contract platform. It has teamed up with a web3 accelerator called DeFi Alliance to launch a gaming accelerator.
CMP $24.4, 159 percent YTD return for Polkadot:
After a high of $55 in November, this cryptocurrency has lost more than half its value since the recent cryptocurrency meltdown. To distinguish it from other cryptos, the Polkadot network has the unique ability to seamlessly connect all kinds of different blockchains. The Polkadot ecosystem is expected to be in the news for a long time because of the estimated 300 projects being built on it.
CMP $0.000030, YTD return of 38.13MN percent for Shibu Inu
The lack of a reliable application services network makes Shiba Inu more speculative investment currency than its competitors. Since it has been driven by speculative inflows like Dogecoin, the currency has remained at the top of the charts even when the market is volatile.
Dogecoin: CMP $0.168, YTD 3478%
One more rollercoaster ride of a meme coin is here. Tesla CEO Elon Musk’s comments have the greatest impact on Dogecoin prices. When Tesla CEO Elon Musk announced that coins would be accepted for purchases, the coin surged 24% in a week to $0.21. When it comes to Dogecoin prices, the only thing that you need to keep an eye on is Tesla’s founder!