Written by Chris MacDonald at The Motley Fool Canada
Investors looking to pick the best cryptocurrencies for their risk-on portfolios certainly have a lot to consider right now. The crypto market is under siege, as investors de-risk their portfolios. What was once a raging bull market has been stopped in its tracks by the Federal Reserve. Interest rate hikes seem set to disrupt the growth thesis investors have enjoyed for most of 2021.
However, there are reasons for investors to still consider certain tokens. Indeed, the growth the crypto sector has seen in recent years is somewhat incredible. Investors appear to be looking for where the future is headed. Thus, top cryptocurrencies are generally viewed as a way of playing this futuristic view of where the world may be headed.
In this article, I’m going to discuss two cryptocurrencies I think have the potential to double this year. For those looking to add a little risk, these tokens could be among the best choices for aggressive investors.
Let’s dive in.
Top cryptocurrencies for 2022: Decentraland
What’s more growth-oriented than the metaverse?
A top metaverse token, and a top-35 crypto in terms of market capitalization, Decentraland (CRYPTO:MANA) is a hot metaverse game built on the Ethereum network. MANA serves as its native cryptocurrency, enabling individuals to buy avatars, wearables, LAND tokens (land parcels), and other products. Plus, enterprising explorers can form ways to monetize applications and content within Decentraland.
Investors who seek exposure to the growth of the blockchain-powered metaverse games will find Decentraland a lucrative play. Over the past three months, this cryptocurrency token has been a three-bagger for investors.
Decentraland has paved the way for creating a virtual world where individuals can shop, work, and interact with friends. I believe the metaverse will continue seeing significant investment flows from corporate and institutional investors, making it an attention-worthy growth area.
All in all, MANA remains an interesting option for long-term investors in the crypto space.
With a market cap of $3.3 billion, Monero (CRYPTO:XMR) is the 43rd-largest cryptocurrency by market capitalization. This token’s rally a few months back in 2021 was due to a combination of a broader crypto upswing and rising concerns about Bitcoin’s non-fungibility issue.
Monero is a privacy coin that targets additional privacy layers for crypto-inclined investors, or those who have their eyes on this space. It is set to overcome some of the inherent shortcomings of Bitcoin that investors must take note of.
Unlike Bitcoin, it protects its users’ identities by creating one-time wallet addresses for the recipient and sender for all transactions. For all genuine transactions, the network broadcasts decoy transactions, making it more difficult for analysts to brute-force guess wallet addresses.
Moreover, the developers of this crypto launched the Atomic Swap feature a few months back. This enables users to swap their Monero for Bitcoin without any third-party assistance. Also, it shields past XMR transactions from Bitcoin’s ledger. Thus, this privacy functionality is a key differentiating factor. Investors looking for tokens that may be less exposed to market-specific risks may want to look at XMR right now.
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Fool contributor Chris MacDonald owns Ethereum. The Motley Fool owns and recommends Bitcoin and Ethereum.