When you’re just getting started in the world of cryptocurrency, there are dozens of different cryptocurrencies to choose from, which might be intimidating. These are the top 10 cryptocurrencies by market capitalization, or the total worth of all coins currently in circulation, to help you gain your bearings.
1. Bitcoin (BTC)
Bitcoin is the initial cryptocurrency, having been founded in 2009 under the pseudonym Satoshi Nakamoto. BTC, like most cryptocurrencies, is based on a blockchain, which is a distributed ledger that logs transactions over a network of thousands of computers. Over $730 billion in market capitalization.
2. Ethereum (ETH)
Ethereum is a favorite of programmers because of its potential uses, such as smart contracts that run automatically when conditions are satisfied and non-fungible tokens. It is both a cryptocurrency and a blockchain platform (NFTs). Over $327 billion in market capitalization.
3. Tether (USDT)
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 equivalent to one of those denominations. Over $78 billion in market capitalization.
4. Binance Coin (BNB)
Binance Coin is a cryptocurrency that may be used to trade and pay fees on Binance, one of the world’s largest cryptocurrency exchanges. Over $63 billion in market capitalization.
5. U.S. Dollar Coin (USDC)
USD Coin (USDC), like Tether, is a stablecoin, which means it’s backed by US dollars and also aims for a 1 USD to 1 USDC ratio. USDC is based on Ethereum, and it can be used to make international transactions. Over $50 billion in market capitalization.
6. Cardano (ADA)
Cardano is renowned for being one of the first crypto projects that use proof-of-stake validation. Also, by eliminating the competitive, problem-solving part of transaction verification seen in systems like Bitcoin, this solution reduces transaction time, energy consumption, and environmental effect. Over $35 billion in market capitalization.
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7. Solana (SOL)
Solana is a cryptocurrency that was created to fuel decentralized finance (DeFi), decentralized apps (DApps), and smart contracts. Also, it uses a hybrid proof-of-stake and proof-of-history mechanism to conduct transactions rapidly and securely. However, the platform is powered by SOL, Solana’s native cryptocurrency. Over $33.5 billion in market capitalization.
8. XRP (XRP)
XRP, a digital technology and payment processing company founded by some of the same people as Ripple. It can also be used on that network to ease the exchange of many currency kinds, including fiat currencies and other major cryptocurrencies. Over $29 billion in market capitalization.
9. Terra (LUNA)
Terra is a stablecoin blockchain payment network that works by maintaining a balance between two types of cryptocurrencies. However, TerraUSD and other terra-backed stablecoins are linked to the value of actual currencies. Luna, their counterbalance, is also used to power the Terra platform and manufacture new Terra stablecoins. Over $21 billion in market capitalization.
10. Polkadot (DOT)
Cryptocurrencies may use any number of blockchains; Polkadot (and its namesake crypto) aims to integrate them by creating a cryptocurrency network that connects the various blockchains so they can work together. This integration may change how cryptocurrencies are managed and has spurred impressive growth since Polkadot’s launch in 2020. Over $19 billion in market capitalization.