Which cryptocurrency should you monitor closely in July 2022? [Crypto Price Analysis]

Whether you are a newbie in crypto or not, you have probably heard of Bitcoin at least once. This is the first cryptocurrency to be developed by Satoshi Nakamoto in 2009, which inspired the birth of other cryptocurrencies. The other cryptos after Bitcoin are known as altcoins and have been utilised by millions of crypto traders and investors nowadays. The list of cryptocurrencies kept growing, and it seems like more and more cryptos are added to the list every year. Due to this, it can be a struggle to choose which cryptocurrency you should entrust your career with. To give you an idea of which cryptos are trending, check out these cryptocurrencies that you should monitor closely this July 2022.

Cryptocurrency: Overview

Cryptocurrency is a peer-to-peer digital payment system that allows crypto enthusiasts to send and receive payments. In contrast to the physical money utilised in the real world, crypto payments exist digitally and are stored in a public ledger known as the blockchain. Storing transactions in the blockchain gives users peace of mind, safety, and security, knowing that their transactions are kept private and secured.

The number of people engaging in cryptocurrency is already about 33.7 million, and it seems like this value will increase in the next few years. As the popularity and efficiency brought by Bitcoin become clearer and concise, the real-world business sectors are also starting to adopt this decentralised system, along with its rules and regulations. 

Cryptocurrency: Altcoins

Altcoins refer to all cryptocurrencies that are not Bitcoin. These cryptos make up roughly 40% of the market, which is why they often present themselves as a better investment option than Bitcoin. There are over 5,000 altcoins in the market, and it’s hard to believe that all of these will be successful and prosper because of the smaller ones. However, some popular altcoins are almost as successful as Bitcoin, such as Ethereum and Litecoin. 

With the number of new cryptocurrencies surging, it’s natural to be cautious as to what platforms to engage in. This is because of the past cases where scammers used startup platforms to trick people into investing and running away with the money. Due to these happenings, more and more people engage in a secure and effective trading platform like Immediate Edge. Once you sign up, you will be provided unlimited access to the trading software to unleash your potential.

Cryptos To Look Out For This July 2022

Cryptocurrencies have had a shaky first half of the year. Many digital currencies, including Bitcoin, started the year with skyrocketing values, only to lose a lot of those gains in May and June. There are plenty of cryptocurrencies that you should be keeping an eye on this July. Experts have been studying crypto’s movement and behaviour in the market these past months and show great potential. To give you an idea, check out these top three lesser-known altcoins to look out for.

1. Solana (SOL)

This San Francisco-based cryptocurrency is at the 14th spot in terms of the biggest crypto by market cap right now. This crypto is one of the top choices that experts believe would compete with Ethereum because of its ability to handle and host applications and other digital currencies. Furthermore, it can process around 50,000 transactions per second, which makes it a lot faster and more scalable when compared to Ethereum. 

Ethereum has shown struggles with its network congestion and high transaction charges, which is why many programmers are looking for alternatives. While Solana is not the only crypto labelled as a potential Ethereum killer, it’s one of the top choices.

2. The Graph (GRT)

Due to its ability to quickly work searching for data between different Ethereum applications, this cryptocurrency is referred to as the Google of blockchain. The Graph can be compared to a blockchain data indexer, which helps smart contracts in decentralised applications access information across the whole Ethereum network. This cryptosystem has already worked with several famous decentralised applications and has caught the interest of several reputable backers.

3. Aave (AAVE)

Aave is decentralised finance that is designed based on the Ethereum network. This is one of the few altcoins billionaire investor Mark Cuban has bought into, which is inspired by the hassle-free banking possibilities it offers. Crypto enthusiasts who aim to borrow prefer this crypto due to the extremely competitive rates, while crypto investors can lend out their funds for higher returns than they would receive from a bank. 

Conclusion

Due to the behaviour of the market, it’s safe to say that all cryptocurrencies are volatile – this means that the values could dramatically increase or fall. Regardless of the cryptocurrency platforms you are eyeing, the secret to success relies on how you handle your assets and moves. Keep in mind that it’s important to invest only what you can afford to lose and make sure that you keep a balanced portfolio.

Photo by Kanchanara on Unsplash

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