8 Best Cryptocurrencies To Buy in August 2022

Bitcoin gold coins in a close-up shot, digital currency concept.

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Cryptocurrency is digital money that isn’t managed by a central system, like a government. Instead, it’s based on blockchain technology, with Bitcoin being the most popular one. As digital money continues to gain traction on Wall Street, more and more options become available. There are currently over 20,000 cryptocurrencies on the market.

While you can use cryptocurrency to make purchases, most people treat it as a long-term investment. However, volatility makes investing in cryptocurrency risky, as demonstrated by the recent freefall among cryptocurrencies, including stablecoins pegged to the U.S. dollar. It’s important to know what you’re getting into before you buy in.

That said, these are eight top cryptocurrencies that could prove to be worthy of investment in 2022.

Top 8 Cryptocurrency Investments in 2022

Cryptocurrency Price Market Cap


$437.63 billion
Ethereum $1,627.56 $197.41 billion
Binance coin $279.68 $44.94 billion
Cardano $0.5035 $16.99 billion
Polygon $0.8891 $7.14 billion
Terra 2.0 $2.13 $272.55 million
Avalanche $23.09 $6.57 billion


$3.49 billion
Data is accurate as of Aug. 1, 2022.

1. Bitcoin (BTC)

Bitcoin has been around for the longest of any cryptocurrency. It’s easy to see why it’s the leader, with a price and market cap that’s much higher than any other crypto investment options.

Many businesses already accept bitcoin as payment, which makes this cryptocurrency a smart investment. Visa, for example, transacts with bitcoin. And after a four-year cryptocurrency hiatus, Stripe will also let customers accept bitcoin payments. The larger banks have begun to incorporate bitcoin transactions into their offerings as well.

While Tesla accepted bitcoin only briefly, it might again if mining it becomes more environmentally friendly. In a step toward that end, Blockstream and Block, formerly known as Square, are launching a bitcoin mine in Texas that will be fully powered by Tesla’s solar array and Megapack battery, CNBC reported on April 8.

Bitcoin also got a boost in May, when the Luna Foundation Guard announced it would make $1.5 billion in loans denominated by bitcoin and terra USD to stabilize the latter, Fortune reported. The investment firm VanEck seeks to establish a bitcoin exchange-traded fund, although the Securities and Exchange Commission denied the company’s first application.

Risks of Investing In Bitcoin

The value of bitcoin tends to fluctuate a lot. You may see the price go up or down thousands of dollars during any month. That certainly has been true so far this year, as bitcoin prices have correlated to the Nasdaq, as CNBC reported, challenging previous assumptions that bitcoin would serve as a hedge against inflation.

If wild fluctuations like these make you nervous, you may want to avoid bitcoin. Otherwise, as long as you keep in mind that cryptocurrency could be a smart long-term investment, these fluctuations shouldn’t be too concerning.

Another reason to reconsider investing in bitcoin is its price. With a single bitcoin costing over $22,000, most people can’t afford to buy whole bitcoins. For investors who want to avoid buying a fraction of a bitcoin, this is a negative.

2. Ethereum (ETH)

Ethereum is a network that allows developers to create their own cryptocurrency and deploy smart contracts utilizing the network. While ethereum is far behind bitcoin in value, it’s also far ahead of the other competitors.

Even though it came out years after some other cryptocurrencies, it has far exceeded its place in the market because of its unique technology. It’s currently the most popular blockchain and the second-largest cryptocurrency behind bitcoin.

It stands to gain even more ground once an upgrade nicknamed “The Merge” is fully deployed. The upgrade, which is scheduled for August, will shift Ethereum to a proof-of-stake-based consensus that will reduce the number of coins and render mining obsolete. The Merge is also expected to drastically reduce Ethereum’s energy consumption. ETH prices increased by almost 50% during the last two weeks of July in anticipation of the upgrade, Fortune reported.

Although ether doesn’t have the widespread acceptance bitcoin does, traditional companies are coming on board. Fidelity, for example, is bulking up its tech workforce to create the infrastructure needed to offer ethereum custody and trading services to its customers, The Wall Street Journal reported.

Risks of Investing In Ethereum

While the Ethereum platform utilizes blockchain technology, it currently has just one “lane” for conducting transactions. This can lead to transactions taking longer to process when the network is overloaded. Transaction fees are also high. The blockchain’s “gas” price — the amount of ether needed to conduct a transaction on the Ethereum blockchain — rose 13% in March due to high demand for block space, CoinDesk reported. Although The Merge will resolve those issues, some have grown tired of waiting. The Dydx cryptocurrency derivatives exchange, for example, is moving to its own blockchain.

Security has also been an issue. In 2016, for example, a hack that took advantage of a security flaw led to the loss of more than $50 million worth of ether. And in May, the network experienced a security issue following the launch of a new blockchain that runs alongside Ethereum’s mainnet. However, that blockchain is on a test network, so users weren’t affected. The final Merge upgrade is expected to make the blockchain more secure.

3. Binance Coin (BNB)

After years of relatively level prices, at least by cryptocurrency standards, binance coin took off at the beginning of 2021, surging from about $38 on Jan. 1 of that year to an all-time high of $683 in May.

Because of its performance over time, binance coin has proven to be one of the more stable investment options — relatively speaking. It’s the native token on Binance, which is the world’s largest cryptocurrency exchange, according to CoinMarketCap — and on Binance.US, the version U.S. residents must use. But despite its extensive functionality and the coin’s success in Binance sub-projects, binance coin is still a highly volatile investment.

Investors who trade frequently should note that Binance briefly paused deposits and withdrawals for some networks recently, including Polygon and Solana, while it implemented upgrades. The most recent one, on April 8, didn’t affect airdrops — rewards based on a percentage of users’ deposited amounts.

Risks of Investing In Binance Coin

Although binance coin’s position as the native cryptocurrency on the world’s largest exchange “legitimizes” it in some respects, it also makes the currency especially vulnerable to regulatory issues. BNB lost 7.3% of its value in June when news broke of a Securities and Exchange Commission investigation into whether Binance followed proper procedures in its 2017 initial coin offering, Fortune reported.

4. Cardano (ADA)

The Cardano network has a smaller footprint, which is appealing to investors for several reasons. It takes less energy to complete a transaction on Cardano than on a larger network like Bitcoin. This means transactions are faster and cheaper.

Last year, Cardano launched a “hard fork,” an upgrade that increased functionality — in this case, enabling smart contract deployment. Another hard fork, this one called Vasil, has had its June 29 release date postponed, but once it launches, it should improve the Cardano blockchain’s scalability, The Daily Hodl reported.

Cardano recently launched a test version of a platform called AdaSwap where developers can build decentralized finance apps. AdaSwap could elevate Cardano’s status as a Web3 network and drive up the price of its coin.

Risks of Investing In Cardano

Even with a better network and the increased functionality smart contracts provide, cardano may not be able to compete with larger cryptocurrencies. Fewer adopters mean fewer developers. This isn’t appealing to most investors who want to see a high adoption rate.

The platform has big plans, such as launching an incubator that would help Africa reach its potential as a major economy, but it remains to be seen whether it can live up to that potential.


Don’t be discouraged by fluctuations in the market. Your investment may lose money one day and make a profit the next. Instead of getting caught up in the day-to-day changes, look at the big picture.

5. Polygon (MATIC)

Polygon was created by a development team that made significant contributions to the Ethereum blockchain platform. Polygon is designed for Ethereum scaling and infrastructure development, according to CoinMarketCap. As a “layer two” solution, it expands Ethereum into a multi-chain system, improving transaction and verification speed.

Polygon has backing from the Binance and Coinbase cryptocurrency exchanges. Its token, MATIC, is used for payment services, transaction fees and as a settlement currency.

On July 20, Polygon announced in a press release that it had launched Polygon zkEVM, “the first Ethereum-equivalent scaling solution that works seamlessly with all existing smart contracts, developer tools and wallets.” It does this with a type of cryptocartography called zero-knowledge proofs, which lower transaction costs and increase throughput.

Polygon currently hosts 19,000 decentralized applications, including some from companies like Meta and Stripe — about a 600% increase since last October, according to a post on Polygon’s blog. In addition, Polygon fully supports the tether stablecoin, which could contribute to the network’s future growth. Another plus is its investment in carbon neutrality, which recently has prompted price rallies.

Risks of Investing In Polygon

Late last year, Polygon disclosed that it had patched a vulnerability that put about $20 million worth of its coins at risk, CoinDesk reported. A hacker discovered the exploit and notified Polygon, which had a fix in place within two days. However, black-hat hackers had already stolen over 800,000 tokens, leaving Polygon on the hook for about $1.4 million.

6. Terra 2.0 (LUNA)

The Terra Classic blockchain used stablecoins — that is, coins pegged to fiat currencies such as the U.S. dollar, South Korean won and the International Monetary Fund’s Special Drawing Rights currencies — to power global payment systems, according to CoinMarketCap. Its native coin, now using the symbol LUNC, stabilized the prices of the blockchain’s stablecoins.

However, terra crashed and burned in early May, spurred by stablecoin volatility and overall skittishness in cryptocurrency markets, halting the cryptocurrency’s strong year.

After the crash, Terra rebranded the original network as Terra Classic (LUNC) and launched Terra 2.0 (LUNA), a new blockchain without an algorithmic stablecoin, in an effort to stabilize the Terra ecosystem and help investors who lost money recoup some of their investment. LUNC coins trade separately from the LUNA coins that come with Terra 2.0.

Risks of Investing In Terra 2.0

The launch of Terra 2.0 was a controversial move, and industry watchers are undecided over its long-term viability. That said, several new projects have already launched on the new network, and its native coin may be worth watching if you have a high tolerance for risk.

Good To Know

LUNC wasn’t Terraform Labs CEO Do Kwon’s first failed stablecoin. Basis cash, a coin he launched on Ethereum in 2020, never reached parity with the U.S. dollar, CoinDesk reported. Its price was $0.004605 as of Aug. 1.

7. Avalanche (AVAX)

Avalanche is a relatively new “layer one” blockchain — a blockchain that improves the base protocol to make the system more scalable, as Binance described it. It was founded as an Ethereum competitor by Ava Labs and computer scientists at Cornell University, one of whom, former professor Emin Gün Sirer, is a veteran in cryptographic research, according to CoinMarketCap.

Whereas Ethereum’s nodes must all validate each transaction, Avalanche’s three individual blockchains can validate transactions independently. This makes Avalanche more scalable and better able to handle large volumes of transactions — up to 6,500 per second. As a result, it’s increasingly popular among Ethereum projects, U.S. News reported.

As for the coin itself, Bloomberg reported on April 7 that avalanche beat out ether as Terra’s reserve currency for its own UST stablecoin. Luna Foundation Guard, the nonprofit organization that supports Terra, intended to acquire $100 million worth of avalanche as part of that initiative.

AVAX began trading in 2020, in a 24-hour initial coin offering. Its price has fluctuated from a low of $9.34 to a high of $146.22 over the past year. As of Aug. 1, the coin trades for $23.09.

Risks of Investing In Avalanche

Sirer introduced the cryptocurrency via a white paper in 2018. Its launch took place in 2020. With such a short history, avalanche doesn’t have a track record for comparison, making it a riskier investment for potential buyers.

8. Chainlink (LINK)

Chainlink uses a decentralized oracle network to facilitate secure interactions between blockchains and external data feeds, events and payment methods the developers hope will allow smart contracts to become the dominant form of digital payment, according to CoinMarketCap.

One thing working in Chainlink’s favor is a strategic partnership with Google under which Google uses Chainlink’s protocol to connect users to its cloud services, Benzinga reported. The project’s advisors include former Alphabet Chairman Eric Schmidt, DocuSign co-founder Tom Gonser and former LinkedIn CEO Jeff Weiner, according to

Chainlink is also the choice for the new inflation index being built by decentralized finance company Truflation to serve as an alternative to the Consumer Price Index. Whereas the CPI measures inflation using survey data, Truflation’s index will use price data with the CPI’s calculation model, CoinDesk reported. The Truflation index is designed to be more accurate, more transparent and more resistant to censorship than the CPI.

Risks of Investing In Chainlink

Despite its proven utility and support from major players, chainlink has experienced the same kind of volatility as other cryptocurrencies. Its price dropped from about $20 on Jan. 1 to $5.59 by mid-June. It also has some up-and-coming competition, such as NEST, based on Ethereum’s ERC-20 token, which Coinbase added to its platform under its experimental label, The Daily Hodl reported.


Don’t settle on any number of cryptocurrency investments without continuing to learn about the market. A new cryptocurrency network could easily climb the ranks and emerge as a leader above other platforms. As an investor, the smartest thing you can do is to stay abreast of market happenings.

Rating the Top Cryptocurrency Choices

Run a quick online search and you’ll find dozens of recommendations for how to invest in cryptocurrency. In choosing the top eight picks, the following factors were considered.


How long has the cryptocurrency been around? New cryptocurrencies aren’t immediately ruled out, but having historical data for comparison helps you see how a company has performed up until now.

Track Record

How has the company performed during its years in business? If you see stability in prices, that’s a good sign. If you notice that the cryptocurrency is gaining traction and becoming more valuable with time, that’s even better.

Good To Know

Past performance is not indicative of future performance. At any time things can change, and an investment may perform better or worse than it has in the past.


How does the platform compare to others in terms of usability and security? The first thing you want to look for is the speed at which transactions occur. The network should be able to handle transaction traffic with ease.

You also want to make sure your investment is secure. Most cryptocurrencies use blockchain technology, making all transactions transparent and easy to track. Blockchain technology doesn’t necessarily make it harder for hackers to steal your cryptocurrency. It does make it easier to track your investment so it can be recovered instead of being lost following fraud.

Adoption Rate

How many people are investing in the cryptocurrency you’re considering? When you see a high level of adoption, that means the cryptocurrency has better liquidity. Trading, selling or spending will be easier in the future.

Final Take

There’s no question about it: Cryptocurrencies are here to stay. The question becomes, where is the best place to invest your money in the market?

As you decide which cryptocurrency is the best investment for you, here are some other things to keep in mind:

  • The speed at which transactions are completed
  • The fees associated with transacting
  • The ability to use your cryptocurrency for regular purchases and bank transfers

If you’re strictly looking to invest without transacting within the network, remember that cryptocurrency isn’t a get-rich-quick scheme. Instead, you should consider it a long-term investment.

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GOBankingRates’ Crypto Guides

Daria Uhlig contributed to the reporting for this article.

Data is accurate as of Aug. 1, 2022, and is subject to change.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

About the Author

Josephine Nesbit is a freelance writer specializing in real estate and personal finance. She grew up in New England but is now based out of Ohio where she attended The Ohio State University and lives with her two toddlers and fiancé. Her work has appeared in print and online publications such as Fox Business and Scotsman Guide.

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Decentraland (MANA) Coin: Overview, Price and More

Futuristic play to earn concept stock photo

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While the metaverse isn’t new, interest in its groundbreaking potential has skyrocketed so much during the past year that even the most popular social network in the world rebranded itself to capitalize on it.

This growing interest in online virtual worlds that incorporate 3D holographic avatars, virtual reality, augmented reality and other modes of communication have naturally extended to metaverse platforms like Decentraland, one of the largest available, which has a market capitalization of $5.45 billion in 2022. Valued at around $4.09 billion, Decentraland’s MANA coin is among the biggest of the metaverse cryptos, next to The Sandbox (SAND).

Here’s a closer look at the Decentraland token and whether it’s a worthy investment.

What Is Decentraland (MANA)?

Decentraland was launched in 2017 by Ari Meilich and Esteban Ordano. Running on the Ethereum blockchain, the 3D virtual world platform includes customizable activities, art and land. It aims to incentivize global users to participate in a shared virtual world, combining virtual reality and blockchain technology.

In Decentraland’s virtual world, players buy and sell real estate while playing games and interacting with other users. The platform uses non-fungible tokens — or unique, non-interchangeable units of data stored on a blockchain — and these NFTs represent Decentraland’s 90,000 plots of land.

The platform’s MANA coin is the cryptocurrency that’s used to buy virtual goods and services, while LAND is an NFT token that defines ownership of land parcels that represent digital real estate.

How Many of Decentraland’s Mana Coins Are in Circulation?

Around 1.82 billion MANA tokens — or 82% of the total 2.19 billion supply — are in circulation in 2022. Trading between $2.79 and $2.93 on average, the MANA coin’s market cap stands at around $4.09 billion, making it the 31st largest crypto.

During Decentraland’s $24 million initial coin offering in 2017, 40% of the MANA coin’s 2.8 billion supply was sold. Of the remaining amount, 20% was reserved to incentivize the Decentraland community, 20% was reserved for early contributors and development teams, and the remaining 20% was held by Decentraland.

That original 2.8 billion in MANA tokens was reduced, though, after more than 600 million of them were burned due to LAND auctions. There’s potential for further burn mechanisms to reduce the current marketplace.

How Does Decentraland Work?

The Decentraland app tracks LAND tokens that define real estate parcels. The platform uses the Ethereum blockchain to track this digital land and requires players to own MANA tokens that must be kept in Ethereum wallets if they want to participate in the ecosystem. Developers can innovate within the platform to design interactions and animations on their virtual real estate.

Here’s a closer look at how Decentraland works.


Decentraland maintains a ledger tracking the ownership of its land parcels. Each LAND token has unique coordinates in this metaverse, referencing a description file that represents the content within the LAND parcel.

The platform also has a content layer that controls what happens within each LAND parcel, including script files that define the behavior and placement of referenced content and content files that specify visuals and static audio. This layer also includes the interaction definition file, which delineates peer-to-peer interactions like messaging, gesturing and voice chat. Lastly, the real-time layer enables social interactions through messaging, voice chat and user avatars.

Marketplace and Builder

Decentraland also has a marketplace and a drag-and-drop editor that players use to access build scenes. Within this marketplace, players can exchange and manage their LAND tokens. Players can also use them to buy in-game items such as unique names and wearables. All transactions that players execute are settled between Ethereum wallets, with the blockchain verifying and logging these exchanges. Decentraland’s extensive builder tools allow users to create a unique experience within their LAND parcels.

Is Decentraland a Good Investment?

As stated said earlier, the Decentraland coin is one of the top cryptocurrencies in terms of market capitalization. This past year, it’s been one of the best performing tokens, with returns of up to 5,300%. Its growing popularity has been fueled by luxury brands like Gucci, Burberry and Louis Vuitton entering the metaverse via NFTs.

Does Decentraland Have Any Other Competitors?

While it does face competition from other virtual worlds like The Sandbox, Decentraland’s more user-friendly, with the ability for players to become real-estate moguls by purchasing cheap land NFTs and selling them for profit. Moreover, since the game is free to play and can be run in a browser window, it has the potential to become a major virtual reality platform like Second Life.

Is It Worth Investing in Decentraland?

All of these factors make Decentraland one of the best crypto investments. It’s already attracted large institutional investors such as Grayscale, and its growth potential is massive. Moreover, with the metaverse gaining even further traction, Decentraland may well be one of the best ways to profit from this growing trend.

However, just like other cryptocurrencies, Decentraland is subject to the volatility of cryptocurrencies. This means that its price can change rapidly and at any given moment, which will make it difficult for you as a trader to predict what the future looks like. It also suffers from regulatory risks since most countries have yet to establish laws for virtual currencies.

Although there are several risks associated with investing in Decentraland, it’s still one of the best ways to profit from the metaverse trend right now. How it performs in the future depends on how it’s adopted, which is determined by demand. As more people join Decentraland, the value of MANA will likely skyrocket, making it a good investment.

Decentraland (MANA) FAQ

Here are the answers to some of the most frequently asked questions about Decentraland (MANA).
  • How do I buy Decentraland?
    • You can buy the Decentraland coin MANA through most major crypto exchanges like Binance, Coinbase, and eToro. All you need to do is sign up to one of these trading platforms. The signup process often requires you to verify your identity by submitting your address, driver’s license picture and Social Security number.
    • Most trading platforms accept ACH deposits, allowing you to start trading immediately. Once you deposit your funds, you can choose the trading pair you want, like MANA to the pound sterling, GBP. Set the price you’d like to purchase the crypto at and complete your transaction. It’s a good idea to transfer your crypto to your Ethereum wallet as quickly as possible for maximum security.
  • Is Decentraland safe?
    • Decentraland has a good reputation for security due to its use of the Ethereum blockchain. Since transactions are recorded on-chain, they’re also verifiable and trackable. In addition, transactions are stored in a decentralized ledger, making them difficult to hack.
    • However, since it’s an ERC20 token built on Ethereum’s blockchain network, its security is still subject to that of Ethereum. If the blockchain were to suffer a successful attack, it could spell disaster for Decentraland’s network as well.

Final Take

Decentraland has managed to create a unique blockchain platform that allows users around the world to freely buy and sell virtual real estate. Whether it’s going to maintain its status as top crypto or not depends on how it’s adopted by the virtual reality community. No matter what, Decentraland is one of the best ways to profit from the growing metaverse trend right now.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

About the Author

Kiran Shahid has 8+ years of experience in copywriting and has worked for various clients across the globe.

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