Planning to diversify your investment portfolio, then these are the top cryptocurrencies to buy in May.
Are you looking for the next cryptocurrencies to invest in for 2022? There are over thousands of options out there in the crypto market. This can be confusing, especially for altcoins with high growth potential, utilities, and significant market positions. And to make things worse, the crypto industry is constantly changing and is highly volatile.
Let’s explore these top cryptocurrencies for May 2022 individually to gain a deeper understanding of why they are considered prized assets.
1. Cardano (ADA)
Cardano is one of the actively developing blockchain projects, making ADA a good buy now.
The growth cryptocurrency that comes first on the list of top cryptocurrencies for May is Cardano. It is a fast-growing blockchain technology that stands for secure and sustainable blockchain with ground-breaking use cases. Cardano’s purported goal is to redistribute power from unaccountable structures to the margins.
Cardano defines itself as a third-generation blockchain intended to enable smart contracts with future applications of quality control and governance of the supply chain. The crypto has a dedicated team that envisions the transformation of Cardano into a truly decentralized and self-sustaining system.
Regarding the company’s future plans, the team is currently developing a blockchain solution to meet the needs of the millions of unbanked individuals in African countries.
2. Ethereum (ETH)
Ethereum’s first-mover advantage and the token's growth have positioned ETH as one of the top cryptocurrencies to buy in May 2022.
Ether has proved to be a good investment and has the potential to outpace any other investment in the long run. Ethereum has also experienced a massive hike in its price. Currently, several projects in the crypto sphere rely on Ethereum as a public blockchain, which grants access to a larger audience of users, currency, nodes, and markets.
Ethereum has been consistently upgrading the protocol to ensure improved usability, security, functionality, and decentralization. Today, companies can build Ethereum-based products using its plug-and-play feature. It allows them to enjoy global expansion, continual developments, upgrades, and a vast network of users and dApps for the products.
In 2022, with the upcoming launch of Ethereum 2.0, the network would become more energy-efficient and scalable. ETH 2.0 makes the network more appealing and sustainable for widespread use. The move to Proof-of-Stake intends to help Ethereum scale, reduce gas gees, and increase transaction time.
Although there are other new blockchains with smart contract capability and ETH’s utilities, there’s a general sense of optimism that the original smart contract blockchain will make it through this era of trials despite the competition.
3. ApeCoin (APE)
Investing in APE could help you secure a place in the hottest NFT market.
ApeCoin is another addition to our list of top cryptocurrencies for May 2022. It is an ERC-20 token with governance and utility features. The gaming coin was launched in 2022 by the team behind Bored Ape Yacht Club, a platform that consists of 10,000 unique Bored Ape non-fungible tokens (NFTs).
The team behind ApeCoin is actively trying to build an ecosystem around the token. The ApeCoin project was developed as a Metaverse crypto project. Within a short time of its launch, the coin is used by several services, like The MonkeyFirm NFT platform, a decentralized exchange, and play-to-earn gaming projects. The token can also be used for making online purchases via Shopping.io.
Moreover, ApeCoin is designed to promote the growth of the Web 3.0 economy and would be used for metaverse purchases, sales, and self-employment. It will be further embedded in all the upcoming metaverse societies.
4. Ripple (XRP)
Support from established financial institutions and banks worldwide makes Ripple one of the best cryptos to buy for the long term.
Ripple is a payment protocol that uses blockchain technology to process international money transfers. Thanks to its low transaction fees and rapid processing times, Ripple has partnered with hundreds of financial institutions.
Ripple offers a global payments network called RippleNet to facilitate cross-border transactions. The crypto has positioned itself as a viable competitor to SWIFT. Additionally, Ripple also offers the high liquidity that banks require to operate. Many banks like Santander and Bank Dhofar are joining RippleNet to reap these benefits.
Lately, Ripple has been embroiled in a lawsuit with the SEC. But the lawsuit appears to be nearing finality, and the growing optimism around Ripple’s win has again placed XRP as the top cryptocurrency for May 2022.
5. Dogecoin (DOGE)
Dogecoin has positioned itself as the best-undervalued crypto to invest in 2022 for upside potential.
Dogecoin, the meme cryptocurrency, has created several millionaires and billionaires over the past few years, thanks to the support from esteemed celebrities like Elon Musk, who have voiced their support for the crypto consistently. Moreover, Musk is partially responsible for the massive growth of DOGE after calling it his favorite cryptocurrency and adding it to the list of top cryptocurrencies in the market.
Apart from hype and community support, Dogecoin has relatively fewer transaction fees, making DOGE ideal for low-cost transactions. A key reason for buying Dogecoin now is its increased adoption rate. Companies like AMC, Tesla, GameStop, and Nordstrom have already accepted DOGE as a viable payment method.
Apart from increasing adoption, the Dogecoin Foundation has released its roadmap for 2022, intending to change the crypto’s position as a meme cryptocurrency. The team has plans to revamp its websites and also switch the network to the energy-efficient Proof-of-Stake mechanism.
The key is to choose suitable cryptocurrencies with solid fundamentals, support, and growth. If you are planning to invest in crypto now, follow the list of top cryptocurrencies for May 2022 given above to generate profitable returns in the long run.