Bitcoin has had a so-so year thus far in 2022. While the world’s first cryptocurrency has appreciated 18% in the last 30 days and is presently trading at $42,700 according to CoinMarketCap, bitcoin, which is the largest coin by market value, is still 38 percent off its all-time high of nearly $69,000.
If bitcoin wants to match last year’s 60 percent investor returns or its 220% average yearly return over the previous ten years, it has a long way to go.
Here are three cryptocurrencies that have a strong start to the year in 2022, as Bitcoin consolidates within its current price range.
1. Aave (AAVE)
Aave is up about 28% over the previous four weeks and is currently priced at $165.88. Aave is a decentralized finance platform that allows users to borrow and lend cryptocurrencies without having to exchange them for other assets. Aave was one of the first projects in the DeFi area to provide uncollateralized loan alternatives known as “flash loans.”
Aave also provides greater control and savings for investors by allowing borrowers to switch between fixed and variable interest rates that are based on market fluctuations.
2. Elrond (EGLD)
Elrond is currently valued at $184.89, up 33% in the last four weeks, which is nearly double Bitcoin’s performance. Elrond is a blockchain platform for “decentralized applications, the new Internet economy and business use.”
The platform’s main differentiator is that it is extremely scalable and quick, with the capacity to execute some 15,000 transactions per second. The transaction costs are less than 1/100th of a penny, and settlements occur in six seconds. Developers who create decentralized apps on the Elrond layer are rewarded with up to 30% of the fees associated with smart contracts as a kind of royalty-sharing model to encourage adoption of the platform.
3. Kyber Network (KNC)
According to CoinMarketCap, the Kyber Network is up 53 percent in the last 30 days, almost three times as much as Bitcoin’s gains. The current price of Kyber is $3.29 per token. It was intended to function as a connection between several liquidity pools on different blockchains with high levels of security. Its stated goal was to serve as a link between numerous liquidity pools from various blockchains and provide increased security for cross-chain trading operations.
The Kyber architecture is also highly “user-friendly,” allowing for the rapid creation and deployment of new features, services and use cases throughout the network.
These are only personal opinions, not financial advice. Anyone who wishes to invest should do their own study before making a decision and invest only what they can afford to lose. While Bitcoin’s future is bright, there are other cryptocurrencies that could be worth taking a look at today.
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