From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies that can make it overwhelming when you get started with the cryptocurrency world. To help you figure out, here are the top 10 cryptocurrencies based on their market value or the total value of all coins currently in circulation.
1. Bitcoin (BTC)
Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. Like most cryptocurrencies, BTC runs on a blockchain or ledger of transactions spread across a network of thousands of computers. Because additions to distributed ledgers need to be verified by solving a cryptographic puzzle, a process called proof of work, bitcoin remains safe and secure against scammers.
The price of bitcoin has risen as it has become a household name. In May 2016, you could buy a bitcoin for around $ 500. As of May 1, 2022, the price of a single Bitcoin was over $ 38,000. This corresponds to a growth of more than 7,500%.
2. Ethereum (ETH)
Both a cryptocurrency and a blockchain platform, Ethereum is a favorite among application developers because of its potential applications, such as so-called smart contracts, which are executed automatically when conditions are met, and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to early May 2022, the price increased from around $ 11 to over $ 2,700, an increase of almost 25,000%.
Unlike some other types of cryptocurrencies, Tether is a stable currency, which means that it is backed by fiat currencies such as the US dollar and the euro and hypothetically has a value equivalent to one of these. In theory, this means that the value of the Tether is assumed to be more constant than the value of other cryptocurrencies, and it is preferred by investors who are wary of the extreme volatility of other currencies.
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 crypto exchanges (exchanges) in the world.
Since its launch in 2017, Binance Coin has grown beyond simply facilitating trading on the Binance Exchange. Now it can be used for trade, payment processing or even travel booking. It can also be traded or exchanged for other types of cryptocurrencies, such as Ethereum or Bitcoin.
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The price of BNB in 2017 was only $ 0.10. By early May 2022, the price had risen to around $ 383, a gain of around 350,000%.
4. Solana (SOL)
Developed to help drive decentralized financial applications (DeFi), decentralized applications (DApps) and smart contracts, Solana operates on a unique hybrid proof-of-stake and proof-of-history mechanism that helps it process transactions quickly and safely. SOL, Solana’s original token, operates the platform.
When SOL was launched in 2020, the price was $ 0.77. Pr. On May 1, 2022, the price was around $ 87, a gain of over 11,000%.
5. XRP (XRP)
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on this network to facilitate trading in various types of currencies, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $ 0.006. Pr. May 1, 2022, the price has reached 0.59 USD, which corresponds to an increase of more than 9,800%.
6. Cardano (ADA)
A little later in the crypto scene, Cardano is notable for his early adoption of proof-of-stake validation. This method speeds up transaction time and reduces energy consumption and environmental impact by removing the competitive and problem-solving aspect of transaction verification found on platforms like Bitcoin. Cardano also acts as Ethereum to enable smart contracts and decentralized applications powered by ADA, its native currency.
Cardano’s ADA token has experienced relatively modest growth compared to other major cryptocurrencies. In 2017, the price of ADA was $ 0.02. Pr. May 1, 2022, the price was $ 0.77. That is an increase of 3,750%.