Crypto Investing
9 Feb 2022

Five Best-Performing Cryptocurrencies on CoinSwitch in 2022

Akumbenla Jamir

The year 2021 was remarkable for the crypto industry and even more for CoinSwitch Kuber. Your favourite crypto platform achieved several milestones, including becoming India’s second unicorn company and reaching 15 million users. This article is about our best-performing cryptocurrencies in 2022, which helped us get to where we are and that you as an investor should definitely keep an eye on.

Key takeaways

  • CoinSwitch’s five best-performing coins are – Bitcoin, Dogecoin, Ethereum, Polygon, and Internet Computer.
  • If you are thinking of making a purchase, please ensure that you have done your own research and don’t forget to choose CoinSwitch.

The five coins listed below have been selected based on trading volume. Here’s a brief refresher on what that is before you proceed to the list.

What is Crypto Trading Volume?

In cryptocurrency, trading volume is an important factor that determines a coin’s potential trajectory. Trading volume is a metric used by investors to determine how frequently an asset changes hands. It indicates how popular it is to buy or sell that asset at any given time.

The volume of cryptocurrency trading, similarly, determines how many times a coin changes hands within a given time frame. Investors examine crypto volume based on trades made on a specific crypto exchange or all exchanges combined.

Simply put, the volume of cryptocurrency trading indicates the level of interest in a cryptocurrency. So the greater the number of people buying and selling something, the higher the volume, which leads to increased interest in that cryptocurrency.

The most common time frame for measuring volume is 24 hours. High volume cryptocurrency trading can mean an increase in prices, and a low volume could indicate falling prices.

It is important to note that an increase in trading volumes indicates either a strong bullish or bearish sentiment.

Going by the volatile nature of the crypto market, a cryptocurrency with a high volume can become a low-volume cryptocurrency, or vice versa, in no time. A low trading volume indicates that investors aren’t particularly interested in buying or selling a specific crypto.

Now that we have refreshed our understanding of trading volumes, let us look at the top five cryptocurrencies available on CoinSwitch Kuber, performance/trading volume-wise. The list is not in any particular order.

Bitcoin (BTC)

Bitcoin, the world’s first and most popular cryptocurrency, still holds the market reins not only as the largest cryptocurrency by market capitalization but also as the top performer on CoinSwitch.

For crypto traders, it would seem obvious why Bitcoin is at the top, but let’s anyway look at some solid facts to substantiate the claim. Some important events from 2021 that made Bitcoin the most popular asset are:

  • The year began with Tesla CEO Elon Musk announcing a $1.5 billion investment in Bitcoin, the largest investment in cryptocurrency by a mainstream corporation.
  • El Salvador became the first country to adopt Bitcoin as a legal tender. Additionally, El Salvador is now planning to build a Bitcoin city.
  • Several global companies​​including Mastercard, Bank of New York Mellon, and Twitteradded Bitcoin to their company reserves. Additionally, WeWork, Substack, and insurance giant AXA all began accepting payments in bitcoin.
  • Bitcoin outdid its previous all-time price high, going over $68,000 on 10 November 2021. And added approximately $545 billion to its market capitalization. Convert BTC to INR at the best rate here
  • Investors began to show a preference for Bitcoin over digital gold. According to Chainalysis, in India, where households own more than 25,000 tonnes of gold, crypto investments have increased from about $200 million to nearly $40 billion in the last year.
  • The first bitcoin was mined 12 years ago; last year’s records show that 90% of all bitcoins have now been mined. With a decrease in supply and an exponential increase in demand, the price of Bitcoin will only skyrocket.

Note: Bitcoin was the top-traded cryptocurrency on all exchange platforms, not just Coinswitch.

Dogecoin (Doge)

Representing the best of meme coins we have, Dogecoin is among the best-performing cryptocurrencies on CoinSwitch. Memecoins dominated the first half of the year, thanks to Dogecoin’s massive rally fueled by Elon Musk’s tweets. With the support of Musk, who claims to be its “Dogefather”, the price of Dogecoin soared to new heights in early 2021, with its growth rates exceeding those of Bitcoin. 

So what makes Dogecoin one of the most popular cryptocurrencies?

Dogecoin has been promoted by several big names in the industry; apart from Elon Musk, billionaire Mark Cuban and celebrities like Snoop Dogg, Lil Yachty, and Kevin Jonas endorsed Dogecoin in 2021. With the legion of followers that these popular personalities have on platforms like Twitter, people who had no idea about Dogecoin too began to invest in it.

On 13 April 2021, the price of Dogecoin touched a record high price of $0.115. Nobody expected Dogecoin to reach the 10 cent mark so quickly, but it did. Track DOGE price live here.

Dogecoin has become a cultural icon all over the world, with its dog-themed cryptocurrencies. The fact that a virtual currency with a dog’s face has become one of the world’s most popular cryptocurrencies is both perplexing and amazing.

Convert DOGE to INR directly on CoinSwitch!

CoinSwitch top coins

Ethereum (ETH)

After Bitcoin, Ethereum is the second-largest cryptocurrency in terms of market cap and user base. With innovative developments and upgrades, Ethereum had a great year at CoinSwitch and the crypto market.

Undoubtedly, this cryptocurrency was very popular in 2021. It is the most popular blockchain platform for many cryptocurrencies and applications. And with the popularity of DeFi and DApps in 2021, Ethereum scored a huge user base and attracted many investors.

Let’s have a look at some highlights of Ethereum’s achievements during the last year.

In 2021, Ethereum outperformed its only larger peer, Bitcoin. The EIP-1559 update, which reduced Ether’s inflation rate, was one of the factors that contributed to such a meteoric outperformance.

In addition, Ethereum increased by more than 425%, while Bitcoin increased by only 66%.

Adding to its list of accomplishments, Ethereum outperformed a challenging upgrade with the launch of the Altair Hard Fork. Altair is Ethereum 2.0’s first hard fork, and it specializes in replacing the old proof-of-work Ethereum blockchain with ETH 2.0’s proof-of-stake consensus mechanism.

Polygon (MATIC)

Matic is the native cryptocurrency of the Polygon network. It was one of the top five cryptocurrency gainers in 2021, when its price surged from $0.01 on 1 January 2021 to its highest of $2.92 by 27 December. With the upward trend, Matic has arrived on the global crypto scene. It is no surprise that it was a crowd favourite at CoinSwitch Kuber, too, and landed a position among our best-performing cryptocurrencies.

Let’s now look at some highlights of MATIC’s yearits exceptional price surge apart.

In 2021, “Matic Network” was renamed “Polygon”, and the team announced that the project’s mission and technical scope would be expanded.

Several popular projectsincluding Curve.fi, Uniswap, SushiSwap, and Aavewent live on Polygon. In addition, two of the most popular virtual reality platforms, Decentraland and The Sandbox, chose Polygon as their Layer-2 scaling solution.

Further, Polygon Network announced the creation of a Decentralized Autonomous Organization (DAO). A DAO is essentially an organization where certain decisions are taken by communities of users or participants, and votes or actions are represented by some form of a blockchain transaction. This will be India’s first DAO that gives users decision-making powers.

Want to buy Polygon MATIC in India? Do it on CoinSwitch!

Internet Computer (ICP)

The Internet Computer, built by the DFINITY Foundation, was started by developer Dominic Williams in 2016. It is a blockchain-powered public network that provides a limitless environment for smart contracts to run at web speed and scale while helping to reduce computing costs.

After Bitcoin, which serves as digital gold, and Ethereum, which is driving the Decentralized Finance (DeFi) revolution, ICP claims to be the third-greatest innovation.

Let’s see what made this relatively new digital coin so popular in 2021, not just on CoinSwitch.

After its launch on 10 May 2021, the Internet Computer had a market capitalization of $45 billion within 24 hours. After this, Coinbase listed it as the eighth-most valuable cryptocurrency for a brief period. It is currently at the 33rd position on CoinMarketCap.

The DFINITY Foundation announced an integration with the Bitcoin network, resulting in smart contracts directly operating on bitcoin balances.

In addition, Paris Hilton joined a $20m funding round in the non-fungible token (NFT) project of Origyn Foundation. Origin runs on Dfinity’s Internet Computer Project.

While the coin lost its top 10 position, it aims to get to the $50 level to reclaim investors’ confidence in the market.

That’s the end of the list for now, but if the stats mentioned above are stirring up some FOMO in you, we can now help you fix that by making your purchases now. Here are a few simple steps to help you with your purchase.

How to Buy 2021’s Best-Performing Cryptos Via CoinSwitch

Step 1: Download the CoinSwitch Kuber app on your Android or iOS mobile phone.

Step 2: Register and open an account.

Step 3: Complete the KYC procedure.

Step 4: Add your bank details

Step 5: Buy or sell any of the coins above.

Read more here if you need a more detailed guide.

Wrap-Up

While the crypto industry in India is at a fascinating juncture, and the future of the cryptos we have listed does look bright, the cryptocurrency market ultimately is much like the Wild West. Investors and traders of these digital assets would do well to not risk more than they can afford to lose, as cryptocurrency assets are notoriously volatile, with prices fluctuating dramatically even within a single day. And of course, remember, the most important aspect of being a cryptocurrency investor is doing your own research!

Once you have done your own research and don’t forget to choose CoinSwitch to buy Bitcoin or any other cryptocurrencies!

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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Akumbenla Jamir

Content Writer

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