The cryptocurrency market has passed through very exciting times in the last few years. In 2020, the sector witnessed a massive climb. This was after it saw a red beginning to the year. Since that period, the digital asset sector has continued to grow in leaps and bounds. With Bitcoin still leading the fray, the market is still solidifying its presence in the financial market. Although there have been noticeable drops in the value of top tokens, traders are still very much picking the assets over other classes of investment. While Bitcoin continues to be the toast of the sector, other projects have been seducing traders. This article will be looking at the hottest crypto projects showing promise in the crypto sector.
What is a Crypto Project?
Crypto project is the overall combination of what makes up a digital asset. This considers all the aspects of the asset like the platform, the token, and what they aim to achieve. To simplify this, we can take a look at the Ethereum project. In its case, the project makes up the Ethereum network or platform, the Ethereum token, and other noticeable parts that users can access. Presently, the crypto market has almost 10,000 crypto projects spread across centralized and decentralized markets. Although what each project offers varies from the other, traders are open to choosing the project they intend to back.
How to Identify a legitimate crypto project
As mentioned above, there are about 10,000 crypto projects spread across the market. Some of these projects are legitimate and show promise, while others are not. It is left for a trader to analyze a crypto project before investing in it carefully. Below are a few of the steps to identify the legitimacy of a crypto project;
1- The Team
This is an essential factor in accessing how legitimate a crypto project is. In this case, you will need to access everybody on the team. It is advisable to take a deep look into their portfolio. Their profiles on websites like Twitter and LinkedIn could point you in a good direction. With this, you will ascertain if they are well versed in blockchain and other aspects of the crypto sector.
2- Social Presence
This is also another prerequisite to look out for when identifying a legitimate project in the crypto sector. A good crypto project would command presence across various platforms such as Reddit, Telegram, Slack, and Twitter. They would also constantly update their channels and pass out vital information to followers when needed.
3- Use Case
This is the most important factor to determine how legitimate and good a crypto project is in the market. The developers should be able to spell out all the use cases of the token. They should also communicate the incentives that traders would gain from holding these tokens, among other essential things. If the project does not have a token, they should provide ways to reward users.
Although this step is always ignored, it is vital when looking at a legitimate project. This is because they are countries with rules against crypto while others embrace it. In a case where a company floats a crypto project in a country that has abolished trading it, it brings issues to the project. This means that the project and the company would suffer for neglecting the country’s law and floating the crypto project in the long run.
Top 5 Crypto Projects in the market 2022
Since the start of the year, many tokens have been launched in the crypto sector. Aside from that, others have shown promise since the beginning of the year. Although some tokens have cemented their positions already, traders are looking for the following big crypto projects. Below are the top 5 crypto projects with massive potential in 2022;
#1 Lucky Block (LBLOCK)
Lucky Block has cemented its place at the top of the crypto project to look forward to in 2022. This is because of the massive adoption that the token has enjoyed in the last few weeks. The crypto project is making waves with its integration into the lottery sector. Lucky Block is a lottery platform that is available on the blockchain. The lottery tickets on the platform are designed as smart contracts. With this, every drawing that is done is fair. The platform allows users from all over the world to use its services without restriction. The last few weeks from its presale have seen a massive climb of about 300%. Presently, the token is trading around $0.005824, seeing a 24-hour fall of 1.88%. In the last 24 hours, Lucky Block has had a trading volume of $4,402,669.
#2 Decentraland (MANA)
Decentraland is also another exciting project to consider in 2022. The platform allows players to take advantage of an in-game virtual world to make money. Users can use in-game tokens to purchase real estate known as LAND in the game. This feature has pushed the crypto project to the top of the most sought-after in the market. In addition, players can also trade their in-game items on the Decentraland marketplace. Presently, LAND is trading at $2.54, seeing a decline of 5.97% in the last 24 hours. The token has a trading volume of $767,183,438 and market cap of $4,683,118,598.
#3 Shiba Inu (SHIB)
Shiba Inu has also become another crypto project market participants are looking forward to in 2022. The token was born off the back of the success of a fellow meme coin, Dogecoin. After the release of the token, it saw a massive rise of around 1055% in October 2021. Since then, traders have been anticipating the next big rise of the token. The recent launch of ShibaSwap has given the community and the market another reason to put their hope in the token. The token is presently trading at $0.000023, losing 5.91% in the last 24 hours. The token has a trading volume of $1,166,446,154 and a market cap of $12,831,156,914.
#4 Binance Coin (BNB)
Going by the token’s name, Binance Coin is the native token of the Binance crypto exchange. It is also the native token used on the Binance Smart Chain. Users trading in BNB on the crypto exchange pay lower fees in terms of transaction fees. Asides from that, users of the token can generate rewards from staking the token. Also, traders can use the token as collateral to take out loans across the DeFi sector. Overall, the massive push in the digital asset price is one integral factor that has pushed its adoption. It is also why it is a crypto project to look out for in 2022. Binance coin is presently trading around $362, seeing a decline of 3.85% in the last 24 hours. It has a trading volume of $1,581,264195 in the last 24 hours and a market cap of $59,812502,412.
#5 Bitcoin (BTC)
Bitcoin is the first and leading digital asset in the crypto market. Although some traders believe that the token has gone high enough, others feel it still can go far in 2022. For instance, back in March 2020, Bitcoin traded as low as $3,500. Today, the digital asset is trading more than 10x the value it was trading then. Although it is nothing close to its all-time high, there is still enough space for the token to return to those highs. This is because it is widely recognized, and so many traders are buying a massive amount of the token. Bitcoin is presently trading at $37,369, with a decline of about 5.10% in the last 24 hours. The token has a 24 hour trading volume of $21,947,895,849 and market cap of $708,899,551,333. Bitcoin has a total supply of 21,000,000 tokens, and it presently has a circulating supply of 18,969,825 tokens.
These crypto projects listed above are among the top picks in the list of projects to look forward to in 2022. Honorable mentions include Ethereum, Avalanche, Curve, XRP, and Cosmos. However, traders should note that it is advisable to research before going in on a particular token. It is also advisable to diversify one’s portfolio in a general market decline. With this, traders would not lose out entirely on some profits while the market is down.
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