From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can make it confusing when you get started in the crypto world. To help you get your directions, here are the top 10 cryptocurrencies based on their market value, or the total value of all the coins currently in circulation.
1- Bitcoin (BTC)
Bitcoin (BTC) was created in 2009 by Satoshi Nakamoto, and is the original cryptocurrency. Like most cryptocurrencies, BTC runs on a blockchain, or a ledger of transactions distributed across a network of thousands of computers. Because additions to distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, bitcoin remains safe and secure from fraudsters.
Bitcoin price has skyrocketed as it has become a household name. In May 2016, you can buy bitcoin for about $500. As of May 1, 2022, the price of one bitcoin was over $38,000. This represents a growth of over 7500%.
2. Ethereum (ETH)
Ethereum, as a cryptocurrency and blockchain platform, is favored by software developers due to its potential applications, such as so-called smart contracts that execute automatically when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced massive growth. From April 2016 to early May 2022, its price went from about $11 to over $2,700, an increase of nearly 25,000%.
Unlike some other forms of cryptocurrency, Tether is a stablecoin, which means that it is backed by fiat currencies such as the US dollar and the euro and theoretically holds a value equal to one of these two denominations. In theory, this means that the value of Tether is supposed to be more stable than that of other cryptocurrencies, and is preferred by investors who are wary of the high volatility of other coins.
3. Binance (BNB)
Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest cryptocurrency exchanges (exchanges) In the world.
Since its launch in 2017, Binance Coin has grown beyond just facilitating trade on the Binance exchange. Now, it can be used for commerce, payment processing or even travel booking. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
Read also Bitcoin holds around $40,000, so why did BTC drop recently and should you keep investing in it?
The price of BNB in 2017 was only $0.10. At the beginning of May 2022, its price rose to about $383, an increase of about 350000%.
4. Solana (SOL)
Developed to help power decentralized financial (DeFi), decentralized applications (DApps), and smart contracts, Solana works on a hybrid Proof of Stake and Proof of History mechanism that helps it process transactions quickly and securely. SOL, Solana’s original code, powers the platform.
When launched in 2020, the SOL was priced at $0.77. As of May 1, 2022, it was priced around $87, an increase of more than 11,000%.
Created by some of the founders of Ripple, a digital technology and payments processing company, XRP can be used on this network to facilitate the trading of various types of currencies, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $0.006. As of May 1, 2022, its price is at $0.59, which equates to a rise of more than 9800%.
6. Cardano (ADA)
Shortly after in the crypto scene, Cardano became famous for its early adoption of proof-of-stake validation. This method speeds up transaction time and reduces energy consumption and environmental impact by removing the competition aspect and solving problems in verifying transactions on platforms such as Bitcoin. Cardano is also working like Ethereum to enable smart contracts and decentralized applications that are powered by ADA, its native currency.
Cardano’s ADA token has seen relatively modest growth compared to other major cryptocurrencies. In 2017, the price of ADA was $0.02. As of May 1, 2022, it has a price tag of $0.77. This is an increase of 3750%.