Several cryptocurrencies to select from, ranging from Bitcoin and Ethereum to Dogecoin and Tether, make it tough to know where to begin. Get a sense of the market capitalization of the top 10 digital currencies with this handy list (the total value of all coins in circulation).
What Are Cryptocurrencies?
Cryptocurrency, often known as digital money, is a kind of electronic currency that a central bank or government does not control how many cryptocurrencies are there. Over 20,000 individual cryptocurrency efforts make up the $952 billion cryptocurrency market list of cryptocurrencies.
- $377 billion in market capitalization
Bitcoin (BTC) was the first cryptocurrency; what are the top 10 cryptocurrencies Satoshi Nakamoto created it and released it to the public in 2009. Bitcoin, like other cryptocurrencies, is powered by a blockchain, a distributed ledger that stores transactions on thousands of computers top 100 cryptocurrencies.
Proof of work ensures that only legal transactions are added to distributed ledgers, keeping Bitcoin secure from hackers. Bitcoin’s value has skyrocketed now that it is widely understood. In May 2016, you could acquire one Bitcoin for roughly $500. On September 30th, 2022, the price of a single Bitcoin was roughly USD 19,531. The increase is more than 3,800%.
- $12 billion in market capitalization
All cryptocurrencies Solana is a cryptocurrency that uses a unique hybrid proof-of-stake and proof-of-history mechanism to perform transactions quickly and securely, making it suited for use in Defi apps, DApps, and smart contracts.
The Solana network is powered by SOL, the platform’s native coin. When it initially went on sale in 2020, a share of SOL cost $0.77. Its price grew to over $33.72 by late September 2022, a gain of approximately 4,279%.
- $8 billion in market capitalization
Dogecoin is well-known for having started as a joke in 2013, but its dedicated community and witty memes have helped it quickly develop into a significant cryptocurrency. However, since there is no cap to the overall amount of Dogecoins, their value will eventually drop as more are produced. One Dogecoin was valued at around $0.0002 in 2017. Its price is stratospheric, with a 29900% increase to $0.06 by September 30, 2022.
- $165 billion in market capitalization
Ethereum is a new cryptocurrency and blockchain platform that has piqued developers’ interest owing to its potential applications’ utility, which includes smart contracts that are activated when specific conditions are met and non-fungible tokens (NFTs).
Ethereum’s popularity has also risen. Its price increased from about $11 in April 2016 to nearly $1,388 by the end of September 2022, an increase of almost 12,518%.
- $46 billion in market capitalization
Binance Coin (BNB) is a cryptocurrency used for trading and fees on Binance, one of the world’s biggest cryptocurrency exchanges. Binance Coin, launched in 2017, has expanded outside the Binance trading platform.
It may now be used to purchase, sell, collect payments, and even make travel arrangements. It may also be exchanged for other cryptocurrencies, such as Bitcoin and Ethereum. A single BNB cost just $0.10 in 2017. Its price climbed by 282,900% at the end of September 2022, reaching $283.
- $67 billion in market capitalization
Tether (USDT) is unique among cryptocurrencies because it is a stablecoin, meaning its value is pegged to a Tether fiat currency so as the US dollar or the Euro. To that end, investors concerned about the extreme volatility of other coins may choose Tether since its value is predicted to be more stable.
US Dollar Coin
- $47 billion in market capitalization
USD Coin (USDC), like Tether, is a top coin pegged to the dollar’s value and tries to maintain a 1:1 exchange rate. USD Coin is Ethereum-backed and may be used for international payments.
- $21 billion in market capitalization
Binance USD (BUSD), a best coin pegged to the importance of the US dollar, was launched in collaboration with Paxos. Paxos keeps the same amount of dollars in circulation in BUSD to keep the exchange rate steady. BUSD, like other stablecoins, enables cryptocurrency dealers and consumers to execute transactions with other cryptocurrencies while diversifying their exposure to price swings.
- $Market Cap
XRP was created by the same team that created Ripple, a digital technology and payment processing company. It can be exchanged for other cryptocurrencies and fiat currencies over the Ripple network. In 2017, the initial price of XRP was $0.006. The price has climbed by 7,900% as of September 30th, 2022, hitting $0.48.
- $14 billion in market capitalization
Despite its late entry into the cryptocurrency market, Cardano (ADA) is notable for its early usage of proof-of-stake validation. This technology shortens transaction times, saves energy consumption, and has a lower environmental effect by removing transaction verification’s competitive, problem-solving part on systems like Bitcoin. Cardano, like Ethereum, is a blockchain website that allows smart contracts and other types of decentralized software, all powered by the platform’s cryptocurrency, ADA.
Cardano’s ADA cryptocurrency has grown slowly compared to some leading cryptocurrencies. With a price of $.02 in 2017, ADA witnessed a tremendous increase in 2018. It cost $0.44 as of the 30th of September, 2022. This indicates a 2,100% increase in percentage terms.
What Is An ALT Coin?
When one thinks about cryptocurrency, the first coin that springs to mind is Bitcoin. Bitcoin accounts for around 45% of the whole cryptocurrency market. All cryptocurrencies other than Bitcoin are referred to as Altcoins. To just one example, Ethereum is usually regarded as the most notable Altcoin.
What Is the Importance of Cryptocurrencies?
The value of cryptocurrency is increasing and will not likely decline anytime soon. While the primary goal behind cryptocurrencies was to solve faults with fiat currency, the arrival of the blockchain spawned a slew of new use coins.
What Makes Bitcoin So Expensive?
The value of Bitcoin comes in part from its highly restricted quantity. The whole number of Bitcoins currency circulation will never exceed 21 million. There are presently 19 million coins in circulation.
Bitcoin is based on a network of crypto miners who are compensated in Bitcoin for successfully adding to the Bitcoin blockchain. (When a single block is mined, 6.25 BTC are distributed.) To preserve stability, the incentives for Bitcoin mining are roughly half every four years.