From Bitcoin and Ethereum to Ripple and Tether, there are thousands of different cryptocurrencies, which can make it overwhelming when you’re first getting started in the world of crypto.
If you are unfamiliar with the world of crypto, then this video is for you. Here are the top 10 largest cryptocurrencies in terms of market capitalization. Hopefully this helps makes a better decision.
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10. Avalanche (AVAX)
Market cap: $26 billion
Avalanche describes itself as an open, programmable smart contracts platform for dApps. It is used to pay transaction fees and is compatible with Solidity, Ethereum’s programming language. Like Ethereum, Avalanche can power a wide variety of applications such as stable coins and NFTs. AVAX allows for interoperability between third-party tokens at low costs, helping to improve the DeFi environment with a permissionless system where users can create private or public customized blockchains.
Market cap: $44.5 billion
Solana is a public, open-source blockchain that supports smart contracts including NFTs and a variety of decentralised applications also known as ‘dApps’. dApps are digital applications or programmes that run on a blockchain network of computers instead of a single computer. Solana runs on a unique hybrid of proof-of-stake and proof-of-history mechanisms that help it process transactions quickly and securely. Its native token, SOL, powers the platform.
Market cap: $39 billion
Later to the crypto scene, Cardano is notable for its early embrace of ‘proof-of-stake’ validation.
This is the second of two major consensus mechanisms that cryptocurrencies use to verify new transactions, add them to the blockchain, and create new tokens. The first being proof-of-work.
Market cap: $37.5 billion
Terra is a blockchain payment platform for stable coins that relies on keeping a balance between two types of cryptocurrencies.
Terra-backed stable coins, such as TerraUSD, are linked to the value of physical currencies. Their counterweight, Luna, powers the Terra platform and is used to mint more Terra stable coins.
Market cap: $40 billion
XRP aims to be a fast, cost-efficient cryptocurrency for cross-border payments. Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to transact exchanges of different currency types, including fiat currencies and other major cryptocurrencies.
5. US Dollar Coin
Market cap: $53 billion
US Dollar Coin is another stable coin. It’s redeemable on a 1:1 basis for US dollars, backed by dollar denominated assets and held in segregated accounts with US-regulated financial institutions. USDC is powered by Ethereum and can be used to complete transactions worldwide. With the growing
4. Binance Coin
Market cap: $68 billion
Binance Coin is a version of cryptocurrency where users can trade and pay fees on Binance, one of the world’s largest crypto exchanges. Fees paid on the exchange in Binance Coin receive a discount.
Launched in 2017, Binance Coin has moved on from only facilitating trades on the Binance exchange. It can now be used for trading, payment processing, and even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Bitcoin or Ethereum.
Market cap: $79 billion
Unlike some of its cryptocurrency rivals, Tether is a type of ‘stable coin’. Stable coins attempt to peg their market value to an external reference. For Tether, this means it’s backed by established ‘fiat’ currencies such as UK pounds, US dollars or the euro and hypothetically keeps a value equal to one of those denominations.
Market cap: $415 billion
Ethereum is both a cryptocurrency and a blockchain platform and is popular with programme developers because of its potential applications. These include so-called ‘smart contracts’ that automatically execute when conditions are met, as well as non-fungible tokens – or NFTs. NFTs are digital assets that represent real-world objects, such as unique works of art It’s thanks to the Ethereum blockchain, that NFT is a huge success.
1. Bitcoin (BTC)
Market cap: $880 billion
The original cryptocurrency, Bitcoin was first introduced in 2008 by an anonymous individual, or group of people, using the pseudonym Satoshi Nakamoto. Its invention was a breakthrough in cryptography.
These are the top 10 cryptocurrency of 2022. What do you think? Did we get them all or miss some out, let us know in the comment section?
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This video is not financial advice.