It’s been a stellar year for original cryptocurrency Bitcoin, which despite one or two momentary hiccups, has gone on to reach a series of all-time highs, peaking at $68,531 back on 5th and November and tipped to climb even higher before the end of the year.
With several experts tipping it to break the $100k mark, there has been a flurry of new, young investors clamouring to get on board over recent weeks, with everyone eager to secure their slice of the pie – and crypto trading sites and platforms like crypto-robopro.com/tr have reported a dramatic surge in the number of new sign-ups over the past twelve months.
But according to Nigel Green – chief executive officer and founder of leading financial advisory, asset management and fintech group DeVere, there’s another digital asset we should all have our eyes on, and in 2022, Solana could be set to outperform both Bitcoin and second largest cryptocurrency, Ether.
The bullish prediction comes amidst another sharp bearish dip for the leading cryptocurrencies on Friday, which saw Bitcoin, Ethereum and Solana each down around 5.7 per cent, 6.8 per cent, and 8.9 per cent respectively over the previous 24 hours of trading. But with market volatility such as this known to be a hallmark of crypto, Mr. Green, and other experts, aren’t worried.
“End of the week trading was hit by negative sentiment of high-growth stocks, which went on to impact Bitcoin, the world’s largest cryptocurrency by market cap which, in turn, weighed on the wider crypto market,” explains Green.
“Despite this current volatility, crypto investors who have consistently stayed in the market have generally had a positive year. Year-to-date Bitcoin is up 46 per cent, Ether 376 per cent, and Solana around 13,000 per cent.
“Savvy investors – both retail and institutional – know that crypto is the future of money. In times of volatility, in which there are lower entry points to top up portfolios, they typically continue to drip-feed money into the digital assets market.”
It’s perhaps little wonder, then, that we’ve seen such a huge wave of new investors rushing to jump on the crypto bandwagon. No longer content with simply stashing our cash away in savings accounts in exchange for low interest rates and minimal growth, we’re now looking to up the ante and upsize our fortunes in newer, albeit riskier, ways.
And in 2022, we could all be putting our money behind Solana as it experiences a meteoric rise to prominence – making now an excellent time to consider investing.
“I’m confident that a key one to watch in 2022 is Solana, currently the fifth largest crypto by market cap,” says Green,
“It started off the year trading at around $2, now it’s changing hands on the deVere Crypto app for about $200 – and it’s likely it will outperform both Bitcoin and Ethereum again next year.
Why, exactly?
“Because of its masterful technology and its cost-effectiveness,” Green explains.
“Solana is a blockchain platform that has superior high transaction speeds, processing over 2,500 transactions per second – main rival Ether’s is 15 – and at a lower cost and without compromising decentralisation.
“Like Ether, it supports smart contracts, which are algorithms that are designed to operate automatically based on predefined agreements on blockchain technology.
“This revolutionary tech will ultimately change the way almost all business and financial services are delivered in the future. As such, a growing number of decentralized finance (DeFi) applications are moving to Solana.
“They’re also attracted by the considerably cheaper fees compared to Ether, whose prices have exploded in recent months.”
In September, the Solana network went down for about 17 hours. At the time, Solana explained via its Twitter account that a large spike in transaction load to over 400,000 per second, had overwhelmed the network – evidence, if you needed it, that its influence and appeal are growing.
“It’s a young network, and this was just a temporary glitch,” comments Green.
“In-the-know investors are watching it with interest. There’s no reason why it shouldn’t again outperform headline grabbers Bitcoin and Ethereum next year if the current momentum continues.”
“It’s a momentum driven by a booming DeFi space as retail investors seek alternative funding opportunities and institutional investors continue to pile in.
“2022 will be Solana’s breakout year.”
Whether or not these predictions are accurate remains to be seen, but it certainly all sounds promising. So, if you’re seeking a new crypto investment opportunity ahead of the new year, then Solana might just be the way to go.
Disclaimer: Investing money carries risk, do so at your own risk and we advise people to never invest more money than they can afford to lose and to seek professional advice before doing so.
