There are thousands of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started in the world of cryptocurrencies. To help you get started, here are the top 5 cryptocurrencies ranked by market capitalization, which is the total value of all coins currently in circulation.
What are Cryptocurrencies?
A cryptocurrency is a digital asset that may be transferred without the intervention of a bank or government. There are currently 23,173 cryptocurrency projects available, representing the full $1 trillion crypto market.
Market cap: $546.9 billion
Bitcoin (BTC) is the first cryptocurrency, invented in 2009 by Satoshi Nakamoto. BTC, like most cryptocurrencies, is based on a blockchain, which is a ledger that records transactions over a network of thousands of computers. Bitcoin is maintained private and safe from fraudsters because updates to distributed ledgers must be confirmed by solving a cryptographic problem, a process known as proof of work. As Bitcoin has grown in popularity, its value has risen. In May 2016, one bitcoin could be purchased for around $500. A single Bitcoin was worth roughly $28,280 on April 4, 2023. That’s a 5,556% increase.
Market cap: $226.0 billion
Ethereum, which is both a cryptocurrency and a blockchain platform, is a favorite among programmers because of its potential uses, such as smart contracts that run automatically when certain conditions are satisfied and non-fungible tokens (NFTs). Ethereum has also seen explosive development. Its price increased by 16,957% from April 2016 to the end of April 2023, from roughly $11 to around $1,876.
Market cap: $79.9 billion
Tether (USDT) is a stablecoin, which means it is backed by fiat currencies such as US dollars and the Euro and theoretically maintains a value equal to one of those denominations. In theory, this implies Tether’s value should be more consistent than other cryptocurrencies, and it’s preferred by investors who are scared of other coins’ excessive volatility.
Binance Coin (BNB)
Market cap: $49.3 billion
Binance Coin (BNB) is a cryptocurrency that may be used to trade and pay fees on Binance, one of the world’s largest cryptocurrency exchanges. Binance Coin has extended trading on Binance’s exchange platform since its inception in 2017. It is now possible to utilize it for business, payment processing, and even organizing trip plans. It may also be swapped or traded for other cryptocurrencies such as Ethereum or Bitcoin. In 2017, the price of BNB was only $0.10. By late April 2023, its value had increased to roughly $312, a 311,847% increase.
U.S. Dollar Coin (USDC)
Market cap: $32.7 billion
USD Coin (USDC), like Tether, is a stablecoin, which means it is backed by US dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you may use USD Coin to make international payments.
*Market caps and pricing sourced from coinmarketcap.com, current as of 1:31 p.m. UTC on April 4, 2023.
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