The Top Ten Cryptocurrencies

January 10, 2023 World Blockchain

There are hundreds of distinct cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin, making it difficult to get started in the world of cryptocurrencies.

How do cryptocurrencies work? A digital asset known as a cryptocurrency can be traded without the centralized control of a bank or government.

1. Bitcoin (BTC)
Market cap: $323.1 billion
Bitcoin (BTC), the first cryptocurrency, was created in 2009. BTC works on a blockchain, which is a digital ledger that records transactions and is shared among numerous computers. Because updates to ledgers must be confirmed by solving a cryptographic puzzle, a procedure known as “proof of work,” Bitcoin is kept safe and secured from fraudsters.

2. Ethereum (ETH)
Market cap: $148.0 billion
Programmers prefer Ethereum because of its potential applications, such as “smart contracts” that automatically execute when conditions are met. Ethereum is both a cryptocurrency and a blockchain platform (NFTs).

3. Tether (USDT)
Market cap: $66.2 billion
Tether (USDT) is a stablecoin, which implies it is backed by fiat currencies such as US dollars and Euros and has a constant value to one of those currencies. As a result, investors who are concerned about other coins’ high volatility chose Tether since its value is predicted to be more steady compared to other cryptocurrencies.

4. U.S. Dollar Coin (USDC)
Market cap: $44.5 billion
Similar to Tether, USD Coin (USDC) is a stablecoin that aims for a 1 USD to 1 USDC ratio and is backed by U.S. dollars. Ethereum powers USDC, and you can use USD Coin to complete cross-border transactions.

5. Binance Coin (BNB)
Market cap: $39.8 billion
Binance, one of the world’s largest cryptocurrency exchanges, receives payments in Binance Coin (BNB), a type of cryptocurrency.. Since its introduction in 2017, Binance Coin has grown to do more than just enable transactions on Binance’s exchange platform. Now, it can be utilized for trading, processing payments, or even making travel plans. Also, it can be traded or converted into other cryptocurrencies like Bitcoin.

6. Binance USD (BUSD)
Market cap: $18.34 billion
In order to create a cryptocurrency backed by the dollar, Paxos and Binance founded the stablecoin known as Binance USD (BUSD). Paxos holds an amount of US dollars equivalent to the entire supply of BUSD in order to maintain this value. BUSD, like other stablecoins, enables traders and cryptocurrency users to transact with other cryptoassets while lowering the risk of volatility.

7. XRP (XRP)
Market cap: $17.3 billion
XRP is a cryptocurrency that can be used on a network to facilitate exchanges of various currency types, including fiat currencies and other significant cryptocurrencies. It was developed by the same founders of Ripple, a digital technology and payment processing company.

8. Dogecoin (DOGE)
Market cap: $9.78 billion
Dogecoin, which was initially created as a joke in 2013, quickly became popular as a cryptocurrency because of enthusiastic crypto community and memes. Dogecoins, unlike other cryptocurrencies, can be created in an infinite number, making the currency liable to depreciation as supply increases.

9. Cardano (ADA)
Market cap: $8.9 billion
Cardano (ADA), which entered the crypto scene a little later, is notable for adopting proof-of-stake validation early on. By eliminating the competitive, problem-solving element of transaction verification on platforms like Bitcoin, this technique reduces energy consumption, increases transaction speed, and has a smaller negative impact on the environment. Cardano functions similarly to Ethereum in enabling smart contracts and decentralized applications that are powered by ADA, the native coin of the platform.

10. Polygon (MATIC)
Market cap: $6.9 billion
Polygon, a cryptocurrency, was founded in 2017. It is known as “Ethereum’s internet of blockchains” because it supports over 7,000 decentralized applications (dApps). Polygon has also grown tremendously since its initial release.