There are dozens of cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, which might be intimidating if you’re just starting started in the crypto world. These are the top 10 cryptocurrencies based on their market capitalization or the total worth of all circulating coins.
- Bitcoin (BTC) Market Capitalization Exceeds $846 Billion
Bitcoin (BTC), which was created in 2009 by someone using the alias Satoshi Nakamoto, is the first cryptocurrency. As with other cryptocurrencies, Bitcoin operates on a blockchain or a distributed ledger that records transactions across thousands of computers. Bitcoin is maintained private and safe from fraudsters because updates to the distributed ledgers must be confirmed by solving a cryptographic problem, a process known as proof of work.
The price of Bitcoin has soared since it has become a household brand. In May 2016, a Bitcoin could be purchased for around $500. As of March 1, 2022, the price of a single Bitcoin exceeded $44,000. That represents a rise of almost 7,800%.
- Ethereum (ETH)
Market cap: Over $361 billion
Ethereum is both a cryptocurrency and a blockchain platform, and programmers love it due to its potential uses, such as smart contracts that automatically execute when certain conditions are satisfied and non-fungible tokens (NFTs).
Additionally, Ethereum has undergone remarkable growth. From April 2016 to the beginning of March 2022, its price increased by more than 27,000%, from around $11 to over $3,000.
- Attach (USDT)
Market cap: Over $79 billion
Tether is a stablecoin, meaning that it is backed by fiat currencies such as the U.S. dollar and the Euro and theoretically maintains a value equal to one of those denominations. Theoretically, this implies that Tether’s value should be more stable than other cryptocurrencies, and investors who fear the excessive volatility of other coins appreciate it.
Binance Coin 4. (BNB)
Market cap: Over $68 billion
The Binance Coin is a cryptocurrency used for trading and paying fees on Binance, one of the major cryptocurrency exchanges. Binance Coin has gone beyond conducting transactions on the Binance exchange platform since its introduction in 2017. Now, it may be used for trade, payment processing, and even trip booking. Additionally, it may be traded for other cryptocurrencies, such as Ethereum or Bitcoin.
In 2017, the price of BNB was just $0.10. By the beginning of March 2022, its price had increased by nearly 4100%, reaching $413.
- XRP (XRP) (XRP)
Market cap: Over $37 billion
XRP, which was created by some of the same founders as Ripple, a digital technology and payment processing firm, may be used on that network to allow swaps of other currencies, including fiat currencies and other prominent cryptocurrencies.
At the start of 2017, the cost of XRP was $0.006. In March of 2022, its price hit $0.80, representing an increase of about 12,600%.
- Terra (LUNA)
Market cap: Over $34 billion
Terra is a blockchain-based stablecoin payment mechanism that maintains a balance between two cryptocurrencies. Stablecoins backed by Terra, such as TerraUSD, is pegged to the value of fiat currencies. Their counterweight, Luna, is used to power the Terra platform and produce further Terra stablecoins.
Terra stablecoins and Luna operate in tandem based on supply and demand: When the price of a stablecoin exceeds the value of its associated currency, users are motivated to burn Luna to generate more Terra stablecoin. Similarly, as its value declines relative to its base currency, users are encouraged to burn their Terra stablecoins to generate more Luna. As Terra platform use increases, so does the value of Luna.7. Cardano (ADA)
Market cap: Over $33 billion
Cardano
Cardano is renowned for its early use of proof-of-stake validation while entering the crypto industry somewhat later. By eliminating the competitive, problem-solving part of transaction verification found in systems like Bitcoin, this solution accelerates transaction times and reduces energy consumption and environmental effect. ADA, Cardano’s native cryptocurrency, enables smart contracts and decentralized applications, similar to Ethereum.
Compared to other major cryptocurrencies, Cardano’s ADA token has had comparatively low growth. In 2017, the price of ADA was $0.02. As of 1 March 2022, the cost was $0.99. This is a rise of 4,850%.
- Solana (SOL)
Market cap: Over $33 billion
Solana was designed to facilitate decentralized financial (Defi) applications, decentralized applications (DApps), and smart contracts. Its hybrid proof-of-stake and proof-of-history features enable it to conduct transactions rapidly and safely. SOL, the native token of Solana, drives the platform.
The introductory price of SOL in 2020 was $0.77. On March 1, 2022, its price was around $101, a whopping 13,000% increase.
- Polkadot (DOT) Market Cap: Over $22 billion
Polkadot (DOT), which was established in 2016, is a blockchain interoperability protocol meant to link several chains. It also enables parachains, or alternative blockchains, to exchange data and perform transactions without affecting their security. Using Polkadot’s security, developers can design their blockchains.
Gavin Wood, the fundamental creator of Ethereum, invented Polkadot. Exciting about DOT is that there is no strict restriction on its overall supply. Instead, a fresh token is always in circulation.
- Over $9 billion in Litecoin (LTC) market capitalization
Charlie Lee, a former software developer at the cryptocurrency exchange Coinbase, founded Litecoin (LTC) in 2011 as an open-source blockchain project. It was one of the first cryptocurrencies to replicate Bitcoin’s code. Despite having similarities to Bitcoin, it is designed to have a quicker transaction confirmation time. It may be used to pay individuals throughout the globe without an intermediary. LTC is often referred to as “silver to Bitcoin’s gold.”
Litecoin has a total supply of around 84 million tokens. In May 2021, it reached an all-time high of $413.47 but then declined by more than 50 percent. There are an increasing number of businesses that accept Litecoin. It has a token value of around $106, making it the twenty-first biggest cryptocurrency in the world.