When 2021 officially ended, cryptocurrencies once again ascended to the top of the pedestal. After beginning the year with an aggregate value of $774 billion, the total worth of more than 16,000 cryptocurrencies hit close to $2.2 trillion. That’s a near-tripling in value for the crypto market.
What’s clear from this increase is that investors are excited about the financial and nonfinancial applications of blockchain, the future of a potentially decentralized metaverse, and the transparency that blockchain technology brings to the table.
But when there are more than 16,000 digital currencies to choose from, there are bound to be pretenders mixed in. Although the following four cryptocurrencies were especially popular last year, they fall into the pretender category and should be avoided like the plague in 2022.