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Top 9 cryptocurrencies to trade in South Africa

After the crypto market had been in a downward spiral since April, most cryptocurrencies have now been able to gain upward momentum again. However, Bitcoin, Ether, and the other top 9 cryptocurrencies in 2022 are still a long way from the prices at the beginning of the year. So, against rising inflation and higher interest rates, how will Bitcoin, Ether & Co. continue in the coming months? THE INDEPENDENT explains where the top 10 cryptocurrencies are in October 2022 and which coins have long-term potential.

Top 9 cryptocurrencies to trade in South Africa

The crypto market is constantly on the move, but even after the current down move, positions in the cryptocurrency top ten have changed little. This is the current top cryptocurrency list for 2022:

1.     Bitcoin has the Lion's Share

At the top of the Best Crypto South Africa by market capitalization is Bitcoin, with a current market capitalization of 386.3 billion US dollars and a price of +20,000 US dollars.

2.     Ether

Ether has been established directly behind Bitcoin for years. However, with the imminent update of the blockchain to Ethereum 2.0, the coin will switch to the efficient proof-of-stake mechanism. The associated renunciation of time-consuming and computationally intensive mining is intended to give Ether an additional advantage over bitcoin, and many altcoins are based on the Ethereum blockchain. With a market capitalization of around 165.5 billion US dollars and a price of around 1,360 US dollars, Ethereum is well behind Bitcoin.

3.     Tether

Tether is a so-called stablecoin, which should be quoted at an approximately 1:1 ratio with the US dollar. However, Tether does not have any traditional physical cover with US dollars. Still, it relies on a combination of securities that, in case of doubt, could lead to Tether no longer serving investor inquiries and, like LUNA, falling into the abyss. However, the oldest stablecoin is still the largest, with a market capitalization of almost 68 billion US dollars.

4.     USD coin

The USD coin is another stablecoin in our top cryptocurrencies list of 2022. The market capitalization is currently around 46.44 billion US dollars. Unlike Tether, the stablecoin is backed by American government bonds. Some experts, therefore, see the USDC overtaking Tether in 2022.

5.     Cardano

Cardano is currently the sixth largest cryptocurrency in the world, with a market capitalization of almost 14.8 billion US dollars and a price of around 0.43 US dollars. This puts Cardano (ADA) far from its peak times when its price scratched the $4 mark.

6.     Ripple (XRP)

Known as the coin of the financial industry, Ripple (XRP) is the seventh largest cryptocurrency, with a market capitalization of $24.5 billion. However, the price is currently 0.49 US dollars, well below the highs of early 2018. In addition, there was a lawsuit by the US Securities and Exchange Commission again Ripple, which is still ongoing today. A decision is still pending in October 2022 and won’t be over before 2023. However, it is unclear whether a positive outcome will really help Ripple in the current market situation.

7.     Solana

Faster, cheaper, and more climate-friendly: Solana convinced many investors with this promise and is currently trading at just 33 US dollars. The market capitalization is around 7 to 8 billion US dollars. So this cryptocurrency, like the rest of our list, deserves our attention.

8.     Dogecoin and Polkadot

The 8th and 9th places are currently contested by Polkadot and Dogecoin. Both are circulating around a market cap of around $10 billion. A Dogecoin currently costs $0.06, and the Polkadot is $6.3.

What cryptocurrency will exist after the crash?

Crypto skeptics have pointed out a possible bubble formed around cryptocurrencies for years. But only a few financial experts are now assuming that cryptocurrencies will disappear completely, as blockchain technology is too revolutionary. Instead, state regulations will lead to consolidation – with an open outcome.

Others see only Bitcoin surviving at the end of the crypto boom - partly because it comes closest to the idea of a decentralized cryptocurrency. The Bitcoin founder is still de facto anonymous to this day. However, one thing is certain: Against the background of the shifts in the global economy, the question of the cryptocurrency of the future will arise even more frequently.

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