There are dozens of different cryptocurrencies to choose from, including Bitcoin, Ethereum, Dogecoin, Tether, and many more, making it difficult to know where to start. As a starting point for your research, here is a list of the seven most significant cryptocurrencies ordered by market capitalization (the total value of all coins in circulation).
Answering the Question, "What Are Cryptocurrencies?"
Cryptocurrency, or digital money, is a kind of electronic currency that operates independently of a banking system or a government. As of this writing, the whole $854 billion cryptocurrency industry is represented by 21,954 separate cryptocurrency projects.
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1. Bitcoin (BTC)
Value of the market: $327.2 billion
Bitcoin (BTC), the first digital money, was created by Satoshi Nakamoto in 2009. Bitcoin, like other cryptocurrencies, is powered by a blockchain or a distributed record of transactional data kept on thousands of computers. As a cryptographic problem, known as proof of work, must be solved to verify any changes made to the distributed ledgers, Bitcoin is protected against theft and fraud.
As Bitcoin has gained widespread attention, its value has increased exponentially. One Bitcoin cost roughly $500 in May of 2016. A single Bitcoin was worth around $17,020 on the 6th of December, 2022. A 3,304% increase, to be precise.
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2. Ether (ETH)
Regarding market value, $153.9 billion is the number to remember.
Ethereum is a blockchain platform and cryptocurrency that has attracted developers' attention because of its valuable features, such as smart contracts triggered when certain conditions are satisfied and non-fungible tokens (NFTs).
Ethereum's popularity has skyrocketed as well. Its price rose from roughly $11 in April 2016 to over $1,258 by the end of December 2022, an increase of around 11,336%.
3. Anchor (USDT)
Total Market Value: $65.6B
Tether (USDT) is a stablecoin, which means it is backed by fiat currencies like the U.S. dollar or the Euro and theoretically maintains a value equal to one of those denominations, unlike certain other types of cryptocurrency.
Tether is preferred by investors concerned about the excessive volatility of other coins since its value is pegged to a stable value in the form of the dollar.
4. Binance Coin (BNB)
Valuation of the stock market: $46.2 billion
The Binance Coin (BNB) is the native cryptocurrency of the world's biggest cryptocurrency exchange, Binance. It may be used for trading and fees on the platform. Binance Coin, which debuted in 2017, has now gone beyond the confines of the Binance trading platform. It may now be used for buying, selling, collecting payments, and even making trip reservations. It is also possible to swap it for other cryptocurrencies like Bitcoin and Ethereum.
In 2017, one BNB cost under $0.10. By the end of 2022, its price had increased by almost 288,900%, reaching over $289.
5. A Dollar Coin from the United States (USDC)
GDP: $43.3 billion
USD Coin (USDC) is a stablecoin similar to Tether in that it is pegged to the value of the U.S. dollar and aspires for a 1:1 exchange rate.
The USD Coin cryptocurrency runs on the Ethereum blockchain and may be used for international payments.
6. Binance US Dollar (BUSD)
Value of the stock market: $22.11 billion
Stablecoin Binance USD (BUSD) was co-founded by Paxos and Binance to provide a cryptocurrency pegged to the U.S. dollar.
To ensure the stability of the BUSD exchange rate, Paxos stores a quantity of U.S. dollars that is equivalent to the whole supply of BUSD. In the same vein as other stablecoins, BUSD allows traders and crypto consumers to conduct transactions with other crypto assets with less exposure to price fluctuations.
7. XRP (XRP) (XRP)
Capacity of the Market: $19.5 Billion
XRP was developed by the same team that brought you Ripple, a digital payment processing firm. It may be traded for other cryptocurrencies and fiat currencies over the Ripple network.
XRP opened in 2017 with a price of $0.006. As of the 6th of December, 2022, its price has risen to $0.39, an increase of over 6,400%.
