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 crypto. These are the top 10 cryptocurrencies by market capitalization, or the total worth of all coins currently in circulation, to help you get your bearings.
Bitcoin is number one (BTC)
Over $846 billion in market capitalization
Bitcoin (BTC) is the first cryptocurrency, having been created in 2009 under the pseudonym Satoshi Nakamoto. BTC, like most cryptocurrencies, is based on a blockchain, which is a distributed ledger that logs transactions across a network of thousands of computers. Bitcoin is maintained private and safe from fraudsters because updates to the distributed ledgers must be confirmed by solving a cryptographic problem, a process known as proof of work.
Bitcoin’s value has soared as it has grown in popularity. In May 2016, a Bitcoin could be purchased for around $500. The price of a single Bitcoin was over $44,000 on March 1, 2022. This equates to a 7,800% increase.
Ethereum is number two (ETH)
Over $361 billion in market capitalization
Ethereum is a favourite of programmers because of its potential applications, such as smart contracts that run automatically when conditions are satisfied and non-fungible tokens. Ethereum is both a cryptocurrency and a blockchain platform (NFTs).
Ethereum has also exploded in popularity. Its price increased by more than 27,000 percent from April 2016 to the beginning of March 2022, from around $11 to over $3,000.
Use a tether (USDT)
Over $79 billion in market capitalization
Tether is a stablecoin, which means it is backed by fiat currencies such as the US dollar and the Euro and has a value that is theoretically equal to one of those denominations. Tether’s value is intended to be more consistent than other cryptocurrencies, which is why it’s liked by investors who are frightened of other coins’ excessive volatility.
Binance Coin is number four (BNB)
Over $68 billion in market capitalization
Binance Coin 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 grown beyond simply conducting deals on Binance’s exchange platform since its introduction in 2017. It can now be used for trade, payment processing, and even making travel reservations. It can also be exchanged or traded for other cryptocurrencies like Ethereum or Bitcoin.
In 2017, the price of BNB was only $0.10. Its price had climbed to nearly $413 by the beginning of March 2022, a gain of around 410,000 percent.
XRP is the fifth cryptocurrency (XRP)
Over $37 billion in market capitalization
XRP, a digital technology and payment processing company founded by some of the same people as Ripple, can be used on that network to ease the exchange of many currency kinds, including fiat currencies and other major cryptocurrencies.
The price of XRP was $0.006 at the start of 2017. Its price had risen to $0.80 by March 2022, a gain of more than 12,600 percent.
Terra No. 6 (LUNA)
Over $34 billion in market capitalization
Terra is a stablecoin blockchain payment platform that works by maintaining a balance between two types of cryptocurrencies. TerraUSD and other terra-backed stablecoins are linked to the value of actual currencies. Luna, their counterbalance, is used to power the Terra platform and manufacture new Terra stablecoins.
Luna stablecoins and Terra stablecoins work together based on supply and demand: Users are encouraged to burn their Luna to create more Terra stablecoins when the price of a stablecoin climbs above the value of its associated currency. When the value of the Luna stablecoin dips in comparison to the base currency, users are encouraged to burn their Terra stablecoins in order to manufacture more Luna. As the Terra platforms become more popular, Luna’s worth rises.
Luna has gained almost 14,200 percent in price from $0.64 on Jan. 3, 2021 to $92 at the start of March 2022.
Cardano is number seven (ADA)
Over $33 billion in market capitalization
Cardano is renowned for being one of the first crypto projects that use proof-of-stake validation. By removing the competitive, problem-solving part of transaction verification found in platforms like Bitcoin, this solution reduces transaction time, energy consumption, and environmental effect. Cardano functions similarly to Ethereum in that it uses ADA, its native coin, to enable smart contracts and decentralised apps.
In comparison to other prominent crypto coins, Cardano’s ADA token has grown slowly. The price of ADA in 2017 was $0.02. Its current price is $0.99 as of March 1, 2022. This is a 4,850 percent rise.
Solana is number eight (SOL)
Over $33 billion in market capitalization
Solana is a cryptocurrency that was created to fuel decentralised finance (DeFi), decentralised apps (DApps), and smart contracts. It uses a hybrid proof-of-stake and proof-of-history mechanism to conduct transactions rapidly and securely. The platform is powered by SOL, Solana’s native cryptocurrency.
SOL’s price was $0.77 when it first introduced in 2020. Its price had risen about 13,000 percent by March 1, 2022, to around $101.
Polkadots (nine) (DOT)
Over $22 billion in market capitalization
Polkadot (DOT), which was founded in 2016, is a one-of-a-kind blockchain interoperability protocol that connects multiple chains. It also allows parachains, or parallel blockchains, to exchange data and perform transactions without jeopardising their security. Developers can use the Polkadot security to develop their own blockchains.
Polkadot was established by Gavin Wood, the co-founder of Ethereum. The fascinating aspect of DOT is that its overall supply is unrestricted. Rather, a fresh token is issued on a regular basis.
Polkadot’s price peaked in May 2020 at $6.30, then later in May 2021, it reached an all-time high of $55.11.
Litecoin is the tenth cryptocurrency (LTC)
Over $9 billion in market capitalization
Former Coinbase software developer Charlie Lee founded Litecoin (LTC), an open-source blockchain technology that was introduced in 2011. It was one of the first cryptocurrencies with a coding that was modelled after Bitcoin’s. Despite its similarities to Bitcoin, it was created with a speedier transaction confirmation time in mind. It can be used to pay people all around the world without the need for a middleman. LTC is often referred to as the “silver to Bitcoin’s gold.”
The overall round-off supply of Litecoin is 84 million coins. It reached a lifetime high of $413.47 in May 2021, but then declined by more than 50%. Litecoin is being used by an increasing number of merchants. It is the world’s 21st-largest cryptocurrency, with a per-token worth of roughly $106.