Leading cryptocurrencies by market capitalization
- Bitcoin (BTC)
- Price: $28,441
- Market cap: $550 billion
Bitcoin, the first cryptocurrency, is still the coin most people think of when discussing digital currency. Since its introduction in 2009 by its enigmatic creator, purportedly Satoshi Nakamoto, the currency has seen a wild journey. The cryptocurrency did not become well known, however, until 2017.
- Ethereum (ETH)
- Price: $1,863
- Market cap: $224 billion
The name of the cryptocurrency platform Ethereum is perhaps the second most familiar name in the crypto realm, behind Bitcoin. While ether (the money) may be used for a variety of purposes inside the system, it is the smart contract functionality of Ethereum that has contributed to its widespread adoption.
- Tether (USDT)
- Price: $1.00
- Market cap: $80 billion
Tether is pegged to the dollar. For the simple reason that it is a “stablecoin.” Tether is a stablecoin that is pegged to the value of the US dollar. Tether is frequently used as a bridge between different cryptocurrencies by traders. They utilize Tether instead of going back to dollars. However, there are many who are wary about Tether since it isn’t backed by dollars in reserve but rather a short-term kind of unsecured debt.
- BNB (BNB)
- Price: $312.40
- Market cap: $49 billion
Binance (BNB) is one of the major cryptocurrency exchanges in the world. Binance Coin was first developed as a token to pay for reduced transactions, but it is now accepted as payment for a wide variety of services and items.
- USD Coin (USDC)
- Price: $0.9998
- Market cap: $33 billion
Similar to Tether, USD Coin is a stablecoin whose value is fixed in relation to the US dollar. The creators of the currency claim that it is backed by completely reserved assets or assets with “equivalent fair value” that are stored in accounts at federally supervised financial institutions in the United States.
- XRP (XRP)
- Price: $0.5052
- Market cap: $26 billion
Created in 2012 under the name Ripple, XRP allows users to transact in a wide variety of fiat currencies. Ripple’s trustless payment system makes it a viable option for international trade.
- Cardano (ADA)
- Price: $0.3887
- Market cap: $14 billion
The cryptocurrency platform Cardano is responsible for the ada coin. Cardano, developed by Ethereum’s original creator, also makes use of smart contracts to facilitate identity management.
- Dogecoin (DOGE)
- Price: $0.08296
- Market cap: $12 billion
After Bitcoin’s first surge in value, a parody cryptocurrency called Dogecoin was established and named after a Shiba Inu internet meme. Dogecoin, in contrast to many other digital currencies, has no cap on its supply. It may be used to make purchases and money transfers.
- Polygon (MATIC)
- Price: $1.10
- Market cap: $10 billion
Polygon is a cryptocurrency that aims to be user-friendly for app developers and that increases the transaction capacity of Ethereum. The group, which first created in 2017, but by 2021 had changed its name to Polygon from Matic.
- Solana (SOL)
- Price: $20.26
- Market cap: $8 billion
Solana is a more recent cryptocurrency that launched in March 2020. It boasts fast transaction times and a secure “web-scale” infrastructure. There will only ever be 480,000,000 SOL coins issued.
- Polkadot (DOT)
- Price: $6.16
- Market cap: $7 billion
Polkadot, a new digital currency launching in May 2020, will bring together the blockchain technology used by a wide variety of cryptocurrencies. One of the creators of Polkadot also helped develop Ethereum, leading some observers to speculate that the latter may be overthrown by the former.
- Binance USD (BUSD)
- Price: $0.9998
- Market cap: $7 billion
Top cryptocurrency exchange Binance and stablecoin provider Paxos have created a dollar-backed stablecoin called Binance USD. The New York State Department of Financial Services oversees Binance USD, which was introduced in 2019. BUSD utilizes the Ethereum network to function.
Final analysis
Those who wish to speculate in cryptocurrencies should not invest more money than they can afford to lose, as the market is currently a Wild West (although the U.S. government is taking a more active role in monitoring the crypto field). For the better part of 2022, crypto assets were under pressure to the downside, and trading has remained turbulent so far in 2023. It’s also worth noting that beginner investors frequently engage in trades against highly skilled players.
Disclaimer from the editors: Before making any financial commitment, every investor should do their own due diligence. In addition, investors should know that the previous success of a particular investment product is no predictor of its future success.
