Cryptocurrencies started as an investment frontier, but now they are firmly entrenched in the financial world. Cryptocurrency trading has been an interesting topic to talk about throughout the year. In this article, we are going to discuss the top 10 and most traded cryptos in the third quarter, or Q3 of 2022, but first, let’s understand cryptocurrency and how it works in a more detailed manner.
What is Cryptocurrency?
A cryptocurrency is a secured digital currency. Cryptocurrency transactions are organized by a network called a blockchain. The blockchain works as a secure ledger for cryptographic transactions. Cryptocurrencies are decentralized, which means that they are not issued by the government.
Instead of the traditional physical money being exchanged or transported in the human world, cryptocurrency payments simply exist as digital assets within online databases that describe specific transactions.
Cryptocurrencies use cryptography to validate transactions. It has an encryption service that provides protection and security. The best cryptocurrency advisor also advises investing in Bitcoin, as it’s the most popular cryptocurrency.
How Cryptocurrency Works?
Cryptocurrencies work on a blockchain. It is a distributed public ledger that has a record of all transactions kept by the currency owner. Cryptocurrency units are created by mining. Mining uses computing power to solve math problems and generate coins.
Users can also buy currency from brokers, store it, and use it in their crypto wallets. Bitcoin has been on the market since 2009, but the application of cryptocurrencies and blockchain technology is still on the rise in finance, and more applications are expected in the future. Transactions like bonds, stocks, and other assets may be traded using this technology.
When you start reading about cryptocurrencies and the related updates, you will automatically gain a good experience. Still, you must take some cryptocurrency certifications just to add to your skills and knowledge.
Cryptocurrency Records In The First Half Of 2022
If we talk about the year 2022, the crypto market was not that great this year. Despite a small surge in recent weeks, the entire cryptocurrency market has stalled. No one is sure about it, but some cryptocurrency developers say cryptocurrency prices could fall further before a sustained recovery occurs.
Bitcoin was at its peak in 2021, and after that, it has been gradually declining. Ethereum, which is the second-largest cryptocurrency after Bitcoin, also hit the high bars at the end of last year and fell below $900 in June, its lowest level since early 2021. As well, US government officials, including the Biden administration, have shown their growing interest in the latest cryptocurrency regulations.
Meanwhile, people’s interest in cryptocurrency trading remains high. Dave Abner, head of global development, says, in some ways, the year 2021 was a breakthrough.
Top 10 Most Traded Cryptocurrency in the Third Quarter of 2022
Top-performing cryptocurrencies in the third quarter of 2022 will allow crypto investors to see market returns for other assets such as stocks and raw materials. Let’s discuss them one by one:
Tether’s price is anchored at US$1 per coin. That’s because we call it stablecoin. Tether serves as a way for crypto users to switch from one cryptocurrency to another. Going back to dollars could not be very beneficial, hence you can use Tether. Many cryptocurrency developers prefer Tether over other cryptocurrencies due to its stability.
Without a doubt, Bitcoin will be at the top of all existing cryptocurrencies in 2022. It is more widely accepted, even more than any other digital coin. On October 27th, the Changelly blog provided a prediction that bitcoin could end at $22.22.47 in 2022. The coin’s price forecast is a bit more optimistic in the short term, with a predicted 11% rise to $22,958 by the end of the year.
Ethereum, which is also called “Ether,” Ethereum is gradually becoming popular in the crypto world. It has also outperformed in terms of recent price gains, according to CoinTelegraph reports. It is challenging to predict the value of Ethereum this year, let alone with 100% accuracy. However, based on the opinions of multiple experts, ETH’s value is unlikely to plummet at any point this year. Forecasts show that in December 2022, he could top $4,000,
4. Binance USD
BUSD is a US-regulated stablecoin, and it is fully backed in USD.
1 BUSD = 1.00 USD USD. BUSD is a faster way to offer fund transactions and it is accepted in the crypto world as a medium of exchange, value store, and payment method.
5. Bitcoin Cash
Bitcoin Cash is a good investment depending on how you expect the cryptocurrency to develop in the future. Although it is primarily used as a medium of exchange, Bitcoin Cash is a good bet for widespread adoption due to its scalability and fast processing speeds.
6. USD Coin
released on September 26, 2018, as a result of the Circle and Coinbase partnership. Simply put, USD Coin tokenizes the US dollar and makes it accessible via public blockchains and the internet. You can also take cryptocurrency certifications to learn how these cryptocurrencies differ from one another.
Terra (LUNA) is considered a very attractive cryptocurrency by various crypto experts because of its potential as a suitable medium of exchange and payment. It makes it the most desirable cryptocurrency in the crypto world, and that’s why Terra is listed in our Top 10 most traded cryptocurrencies.
Waves, being a versatile blockchain platform, supports a variety of use cases, for example, decentralized applications (DApps) and smart contracts. It was launched in June 2016 and has followed one of the first initial coin offerings (ICOs) in the cryptocurrency market, Waves, which was initially built on the early blockchain by improving speed, utility, and ease of use. It was intended to improve the platform.
Solana is the one of the most popular cryptocurrency. The Solana network focuses on high throughput and fast transactions. Solana is working on a rare and interesting mechanism that contributes to transaction speed. It gives good competition to Ethereum. Solana can process as many as 50,000 transactions per second.
Binance Coin is a popular exchange token in the world which was launched by Binance. Binance is the world’s largest platform for cryptocurrency exchange, as well as a very popular name in the crypto world. So you must be curious about how and why the BNB is one of the best cryptocurrencies for day trading. First, the asset’s relationship with Binance, the world’s largest cryptocurrency exchange, is always in the news.
Here we have discussed the most traded and desirable cryptocurrency in the third quarter of 2022. Looking at the trends, we can also say that it is nearly impossible to predict exactly what is going to happen in the cryptocurrency market after 2023.
There are still more questions than answers, but one thing that is going to be beneficial for you all is keeping some overarching cryptographic themes in mind. This will help you make better investment decisions as the market evolves. Also, to get the latest updates you can stay in touch with the best cryptocurrency advisor.