Cryptocurrency

Top Proof-of-Stake Tokens by Market Cap [September 2022]

Top Proof of Stake Tokens

Introduction

With the highly anticipated Ethereum Merge less than two days away as of writing this piece, proof-of-stake is something more and more people are getting acquainted with this concept. Crypto awareness is also increasing with increasing adoption and hence proof-of-stake is a concept that is getting mainstream attention, and rightly so! It is the next logical step in the evolution of the blockchain technology, to become energy efficient and fast, and PoS consensus mechanism tries to solve both of those. So, here’s a list of the top proof-of-stake tokens of 2022 by market capitalisation for your consideration.

Summary 

Crypto Market Cap Weekly Volume
Cardano (ADA) $17.2 billion $5.2 billion
Solana (SOL) $13.6 billion $12.1 billion
Algorand (ALGO) $2.2 billion $500 million
Tezos (XTZ) $1.5 billion $285 million
Mina Protocol (MINA) $445 million $18 million

Cardano (ADA)

Cardano is currently the most developed and popular proof-of-stake crypto out there right now. However, Cardano may lose this spot very soon with the Ethereum Merge less than two days away, as of writing. Notwithstanding that, nobody in the crypto space can deny that Cardano is definitely one of the most peer-reviewed and carefully designed blockchain platform. That is a title few, if any, other cryptos can claim. Thanks to the extensive peer-review processes and systems, this proof-of-stake token truly has the potential to beat Ethereum too. Cardano is widely referred to as the third generation of crypto, with Bitcoin being the first and Ethereum being the second generation. However, from a crypto price point of view, ADA price has much better days before, and 2022 definitely hasn’t been kind to it. However, with Cardano’s Vasil Hark Fork upgrade finalised for 22 September, we can expect some optimism around this proof-of-stake crypto.

ADA/USD | Source: Tradingview

  • From a technical point of view, ADA price is very close to breaking out of this bearish descending triangle pattern and a modest recovery over the next couple of days would provide for that and bring it into a reasonable bullish zone.
  • It is also trading slightly above its 50 day moving average (marked in cyan) which would also help out with any bullish price action we may see going forward.
  • The Relative Strength Index is also above 50, currently slightly above 54, which also would provide the necessary positive sentiment to support buying action as Cardano’s Vasil Upgrade draws nearer.

Additional Read: Cardano Price Prediction 

Solana (SOL)

Solana is a major contender on the list of top proof-of-stake coins by market capitalisation and is currently the second largest. It must be noted that Solana is a blockchain network can utilises a combination of two consensus mechanisms, proof-of-stake and proof-of-history. Solana has definitely been one of the most hurt major cryptos amid the crypto bear market we’ve been experiencing since the beginning of this year. Solana’s native crypto token, SOL has taken a major beating, has is still down over 85% from its all time highs back in early November, 2021. What must be taken into consideration is that Solana has one of the fastest transaction speeds out there, but has been facing network outages multiple times in the past year also.

SOL/USD | Source: Tradingview

  • Solana’s native token SOL has been trading between $28-$46 range for a very long time now. It had attempted to break past the $46 level several times in the past couple of months but hasn’t been successful in doing so.
  • This proof-of-stake coin has managed to break out of its 50 day moving average (marked in cyan) but is still quite far away from its trendline resistance (marked in blue).
  • SOL price has managed to rally over 25% in the past week and a half which has pushed its Relative Strength Index well over 60 as of writing. Hence, the RSI can support some more bullish price action going forward.

Additional Read: Solana Price Prediction

Algorand (ALGO)

Popularly known as the greenest blockchain network in the crypto space, Algorand is a very well accepted proof-of-stake crypto. It has a unique value proposition since it is designed to process a large number of transactions very quickly, similar to payment processors like Mastercard and Visa. This proof-of-stake blockchain can host other cryptos and blockchain projects, thus is a major competitor of Ethereum in that scenario. ALGO, its native crypto token is used to secure the Algorand blockchain and pay transaction fees on the platform.

ALGO/USD | Source: Tradingview

  • Pretty much like the two proof-of-stake coins mentioned above, ALGO has been stuck within a range for a very long time now. Early in August, it seemed like we could see some recovery on the cards but the eventual crash ahead of the Jackson Hole Symposium brought it down back to its trendline support level (marked in blue).
  • From the lows, it managed to recover slightly and is currently trading above the 50 day moving average (marked in cyan).
  • However, ALGO price is still significantly far away from its nearest trendline resistance level of $0.37, a breakout over which is necessary to trigger any major rally in this particular proof-of-stake token.

Additional Read: Algorand Price Prediction

Tezos (XTZ)

Tezos is another proof-of-stake token which is also popularly known as one of the major ‘Ethereum killers’. Tezos is essentially an open-source blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts and the network achieves consensus using proof-of-stake mechanism.

XTZ/USD | Source: Tradingview

  • This proof-of-stake token is currently in a bearish chart pattern, namely a descending triangle pattern, quite similar to Cardnao mentioned earlier in this article. However, in this case, XTZ price is still some distance away from breaching the upper trendline resistance.
  • Despite that, it has some positive things going its way too. The Relative Strength Index is currently at about 55 which would support any upside the coin may see going forward.
  • Along with that, XTZ price has also breached the 50 day moving average (marked in cyan), and the 50-DMA is slowly headed towards the 200-DMA for a golden crossover too.

Read more on Tron Price Prediction

Mina Protocol (MINA)

A relatively new entrant into the list of top proof-of-stake tokens, MINA is a crypto token that powers the Mina Protocol, a layer one blockchain solution that was built with the objective of being a lightweight, privacy-focused blockchain that was also easily verifiable. Developers on this platform are enabled to build privacy-focused smart contracts and decentralised applications using zero-knowledge proofs. MINA is its native crypto token that has uses ranging from transaction fees to staking functionalities.

MINA/USD | Source: Tradingview

  • From a technical point of view, MINA’s charts don’t display anything much. It has been relatively trading at the same price since mid-June, with the exception of a spike in the middle of August which was quickly lost too.
  • Unlike all the other cryptos on this list of top proof-of-stake coins, this crypto’s Relative Strength Index is currently well below the 50 mark, and prices can face strong selling pressures going forward.
  • MINA Price is also trading below its 50 day moving average and volumes have been poor across the board, but with a relatively smaller market cap as compared to the other heavyweights on this list, this can rally very quickly when optimism returns in the markets.

Prices as on 13 September, 2022.

Read more on Ethereum Merge:

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