Welp MagazineWhich cryptocurrency do you think gained the last year? If your answer is either Bitcoin or Ethereum, the crypto space’s giants, well, it’s not. According to the statistics of CoinMarketCap, the cryptocurrency with the highest gain in 2021 was Ecomi (OMI), with +15,034.09%. By now, you would have made $150,340 if you had invested $1,000 in OMI at the beginning of 2021.
Many crypto enthusiasts have their eyes focused on well-known cryptocurrencies. These are the cryptocurrencies that have already proven themselves in the crypto-verse for several years. While there’s a top list of cryptocurrencies, there are still underrated or undervalued cryptocurrencies. But no matter how much certain crypto can be underrated, we can’t deny how it can grow its potential in the future.
Aside from having a high market cap, there are many factors that can define a coin’s value. In today’s article, we’ll look closer at the most underrated cryptocurrencies in the market this year.
What to consider when choosing a cryptocurrency to invest in?
Many newbies are joining the booming crypto-verse, but many may also be confused about what factors to consider when investing in a cryptocurrency.
For a quick review, there are three essential factors to focus on when researching:
Foundations (Do you know the team behind this coin?)
If you have a preferred cryptocurrency, it will help you to research the team behind its development, the team’s vision, the whitepaper, or its legality issues to deepen your understanding. Make sure to get information from a reliable crypto media.
Use Cases (Does this coin have the most use cases?)
A coin with many use cases can increase its value and be easily adopted by many people.
Price History (How was the price performance of this coin?)
You can check out when was this coin’s all-time high (ATH). Studying the price history of a coin provides you with a good idea if it will be a good investment in the future. You can get such information on the bitvestment website.
What are the five most underrated cryptocurrencies in 2022?
Disclaimer: This is intended to be informational only. Any content you’ll see should not be construed as financial advice. If necessary, seek the advice of a financial expert and further your research before making investment-related decisions.
In the sections below, we discuss why we consider these five crypto projects are a good addition to your crypto portfolio right now.
Polygon (MATIC)
From Matic Network, it was rebranded to “Polygon,” yet MATIC cryptocurrency is still retained. MATIC is an ERC-20 token that runs on the Ethereum network.
Polygon promises to give many methods to enhance the speed, lower the cost, and simplify transactions on blockchain networks.
Team
Ethereum developers led the development of Polygon in 2017, namely Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.
Use Cases
- Its network can be used in NFT markets because of its affordable transaction costs.
- Its network can also be used to build decentralised applications (or dApps).
- It provides businesses with the ease and security of a closed system.
All-Time High
The all-time high for Polygon is $2.92, which was attained on December 27, 2021. The MATIC price must climb 306.46% to set a new all-time high.
Avalanche (AVAX)
Avalanche is a blockchain platform that attempts to solve blockchain scalability, security, and decentralisation. It is swift, affordable, and environmentally friendly. Furthermore, the coin is listed as one of the “Ethereum Killers”.
Team
Emin Gün Sirer established AVA Labs to develop and launch the Avalanche blockchain based on its underlying study published by Team Rocket in 2018.
Use Cases
- It allows smart contracts to execute on its network to run decentralised apps (dApps).
- It offers cheap transaction fees.
- Its speed and reliability might be essential for developing web3 DeFi apps.
All-Time High
The all-time high for Avalanche is $144.96, which was attained on November 1, 2021. The AVAX price must climb 303.11% to set a new all-time high.
Polkadot (DOT)
Polkadot is one of several blockchains trying to establish a cryptocurrency ecosystem. The Polkadot network can perform several transactions on multiple chains simultaneously. It also supports three types of blockchains—Relay Chain, Parachains, and Bridges.
Team
Gavin Wood, an Ethereum co-founder, developed Polkadot in 2016 and his co-founders Peter Czaban and Robert Habermeier.
Use Cases
- It lays the groundwork for a decentralised web managed by its users and the establishment of new apps.
- It permits chain interoperability.
- Developers will love it with brand-new scalability, finality, and governance capabilities.
All-Time High
The all-time high for Polkadot is $54.98, which was attained on November 4, 2021. The DOT price must climb 387.84% to set a new all-time high.
Cardano (ADA)
Cardano’s mission is to encourage innovators and visionaries to promote good global change. The project has assured that any technology produced goes through a peer-reviewed research process, which many users may find interesting.
Team
Jeremy Wood and Charles Hoskinson, who was also a co-founder of the Ethereum network, established Cardano in 2017.
Use Cases
- Cardano uses two levels of its design to handle delayed transactions and excessive fees: Cardano Settlement Layer (CSL) and Cardano Computation Layer (CCL).
- It offers a more environmentally friendly ecosystem.
- It can mint NFTs (which can significantly increase value since NFTs are now booming).
All-Time High
The all-time high for Cardano is $3.09, which was attained on September 2, 2021. The ADA price must climb 430.98% to set a new all-time high.
Solana (SOL)
Solana aspires to create a cryptocurrency-powered ecosystem of products and services. The Solana protocol is designed to cater to both casual and business users. Like other underrated cryptos in the list, the protocol is intended to have minimal transaction costs while ensuring scalability and speed.
Team
Solana Labs was formed in 2017 by Anatoly Yakovenko and Greg Fitzgerald and recruited more colleagues in the process. In 2020, both the Solana protocol and SOL token were launched.
Use Cases
- Its protocol is intended to make creating dApps easier.
- Its token can be used for staking and receiving awards.
- Users can also use its token to pay for costs linked with operating smart contracts or other transactions.
All-Time High
The all-time high for Solana is $259.96, which was attained on November 7, 2021. The SOL price must climb 389.38% to set a new all-time high.
Conclusion
The five featured cryptocurrencies are among the other cryptocurrencies that have great potential. While they hold potentially increasing value, it is best to acknowledge that all cryptos are highly volatile.
Many people find it tough to tell the difference between undervalued cryptos and those that were not totally successful. That is why it is crucial to research thoroughly and consult a financial adviser.
