The world of cryptocurrency is vast and ever-changing. With new coins appearing on the market regularly, it can be challenging to keep track of which ones are worth investing in. In this article, we will focus on the top ten cryptocurrencies by market cap, offering you valuable insights into the crypto market.
What is Market Cap?
Before we dive into the list, let’s understand what ‘market cap’ means. Market cap, short for market capitalization, is the total value of all coins of a particular cryptocurrency in circulation. It’s calculated by multiplying the price per coin by the total number of coins in circulation.
List Of Top 10 Crypto Coins:
No list of top cryptocurrencies would be complete without mentioning Bitcoin. As the first-ever cryptocurrency, Bitcoin remains the most valuable crypto by market cap. Its decentralized nature and widespread acceptance have made it a popular choice for investors.
In the list of Top 10 crypto coins, Bitcoin, launched in 2009, is the pioneer of cryptocurrencies and remains the most significant player in the market. It was developed by an unknown person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin operates on a technology called blockchain, which is a public ledger containing all transaction data from anyone who uses bitcoin. Transactions are added to “blocks” or the links of code that make up the chain. Market Cap: $816.4 billion.
In the list of Top 10 crypto coins, Ethereum, the second-largest crypto coin by market cap, is more than just a digital currency. It’s also a blockchain platform that enables developers to build and deploy smart contracts and decentralized applications.
Ethereum, launched in 2015, is both a cryptocurrency and a blockchain platform. The coin for the Ethereum network is called Ether. Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Its main innovation is that it allows users to create smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. Market Cap: $266.5 billion.
Binance Coin (BNB)
In the list of Top 10 crypto coins, Binance Coin is the native coin of the Binance crypto exchange. As one of the largest and most popular exchanges globally, Binance has ensured that BNB plays a significant role in its ecosystem, contributing to its high market cap. BNB allows users to trade in other cryptocurrencies efficiently. Since it is an exchange’s native coin, it can be used to pay transaction fees on the Binance platform, participate in token sales, and more.
In the list of Top 10 crypto coins, Tether is a stable coin, meaning its price is designed to be pegged to a specific value. In Tether’s case, this is the US dollar. This stability makes it an appealing choice for investors looking for less volatility.
Tether, introduced in 2014, is known as a stable coin. It aims to keep cryptocurrency valuations stable, as opposed to the wide swings observed in the prices of other popular crypto coins. Tether’s price is tied directly to the price of the US dollar. The system allows users to more easily make transfers from other cryptocurrencies back to US dollars in a more timely manner than actually converting to normal currency.
USD Coin (USDC)
In the list of Top 10 crypto coins, Similar to Tether, USD Coin is another stable coin pegged to the US dollar. It’s backed by reserves of the fiat currency, providing users with a stable value in the often volatile crypto market.
For every USD Coin, there is an equivalent dollar held in reserve. This means that for every issued token, there is a real dollar stored in a bank. This is different from other cryptocurrencies like Bitcoin or Ethereum, which are not backed by physical assets.
In the list of Top 10 crypto coins, Cardano is a proof-of-stake blockchain platform. Its native crypto coin, ADA, has gained attention due to its scientific philosophy and research-driven approach.
Cardano, launched in 2017, is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to redistribute power from unaccountable structures to the margins to individuals — helping to create a society that is more secure, transparent, and fair.
In the list of Top 10 crypto coins, Ripple aims to enable fast, low-cost international money transfers. Its digital payment protocol operates on an open-source and peer-to-peer decentralized platform that allows for seamless transfer of money in any form.
Ripple, launched in 2012, enables banks to settle cross-border payments in real-time, with end-to-end transparency, and at lower costs. Banks can use the Ripple software to communicate, bypassing the need for correspondent banking. The digital currency, XRP, acts as a bridge currency to other currencies. It does not discriminate between any fiat/cryptocurrency, which makes it easy for any currency to be exchanged for another.
In the list of Top 10 crypto coins, Polkadot is a unique multi-chain platform designed to support various blockchains to work together. The DOT token serves three distinct purposes: governance over the network, staking, and bonding.
Polkadot, created by Ethereum co-founder Gavin Wood, is a multi-chain platform that supports various blockchains in a single network. It aims to overcome a problem in the current blockchain landscape: hundreds of blockchains exist in isolation and have little ability to communicate. Through Polkadot, connected chains can share information and functionality like never before.
In the list of Top 10 crypto coins, Initially created as a joke, Dogecoin has become one of the top cryptocurrencies by market cap. Its popularity surged in 2021, mainly driven by high-profile endorsements.
Dogecoin, launched in 2013, was originally invented as a “fun version” of Bitcoin but quickly gained a following and became one of the top ten cryptocurrencies by market cap. Dogecoin has one of the largest and most active communities in the cryptocurrency world. It is often used for raising funds for charity events, and it has even funded a NASCAR team.
Shiba Inu (SHIB)
In the list of Top 10 crypto coins, Shiba Inu, another meme coin, has made it into the top ten cryptocurrencies by market cap. Its strong community and massive supply have contributed to its growing popularity.
Shiba Inu (SHIB) is a decentralized cryptocurrency that operates on the Ethereum blockchain. It was launched in August 2020 by an anonymous individual known as “Ryoshi.” SHIB, often referred to as a “meme coin,” was originally created as an experiment in decentralized spontaneous community building. The token icon is a Shiba Inu, a Japanese breed of hunting dog.
In the list of Top 10 crypto coins, Investing in cryptocurrencies can be both exciting and challenging. Given their volatility, thorough research and careful consideration are crucial. By focusing on the market cap, you can get a sense of the size and relevance of different cryptocurrencies in the market.
Please note, this article is intended for informational purposes only and should not be considered financial advice.