2021 has been a great year for most cryptocurrencies. Many altcoins have recorded impressive performances in terms of valuation and adoption of blockchain networks. Some of the top performers this year look set to extend their spectacular price hikes into 2022. As Somanews, we include the views of analyst Olivia Brooke, which highlighted Solana, Doge, XRP, Shiba Inu and Cardano as bright coins in 2022?
5 altcoins to watch out for, including DOGE
A few altcoins look promising as they enter 2022 for their price performance and adoption in 2021 and their promises for the future. Dogecoin (DOGE) is one such altcoin. The cryptocurrency created as a parody of Bitcoin has been impressive this year. The price is up about 2,956.4 percent year-to-date (YTD). It rose to an all-time high (ATH) price of $0.75 in May, indicating its potential price. While its current price is around $0.19, a 74.6% drop from its all-time high, the meme coin looks promising in the new year, according to the analyst. This is because of the continued support it has received from key market players, including Tesla CEO Elon Musk and Dallas Mavericks billionaire owner Mark Cuban. The Tesla boss even recently announced that the electric vehicle company is planning to adopt DOGE for its products. This is likely to happen in 2022 and will be a major driver of Dogecoin adoption as well as price growth.
Cardano (ADA) also had an impressive year in terms of price and adoption. Year-to-date, ADA is up 698.4%. The local currency of the Cardano network hit an all-time high of around $3 in September as the network reached a significant milestone in enabling smart contract capabilities. Currently, ADA is trading around $1.43, down 53.1% from its all-time high. However, as the numerous DeFi platforms in development bear fruit in the new year, prices are expected to rise as new smart contract capabilities of the blockchain become available.
So what is the situation with XRP?
Another altcoin expected to rise in the new year is Ripple’s XRP. Cryptocurrency grew 317.2% year-on-year. According to Ripple CEO Brad Garlinghouse, 2021 has been one of the best years for the blockchain network as its adoption has gained new ground internationally. Ripple has seen the adoption of its XRP-based On-Demand liquidity (ODL) service by key international players, including the UAE and Japan. Ripple has also had the privilege of partnering with several key players to bring new use cases to the XRP network, including NFTs and CBDC issuance. According to the analyst, since all this is despite the feud with the SEC, market participants anticipate that when the lawsuit, which is predicted to go in Ripple’s favor, ends in 2022, the price of XRP will see an explosive rise that will take it to new heights. .
Similarly, relatively young altcoins Shiba Inu (SHIB) and Solana (SOL), which are up 2.997% and 12.726% respectively, look very promising as we enter the new year. Both gained a lot of acceptance in 2021, especially from institutional investors. Described as an “Ethereum killer”, the Solana network has put up strong competition for Ethereum. According to the analyst, SOL and SHIB prices are expected to increase as their adoption increases in the new year.