Cryptocurrencies like Bitcoin get lots of attention, but there is no shortage on options for digital money. In fact, “alt coins,” as they are called by cryptocurrency traders, are expected to grow in number over time.
The cryptocurrency market is ever growing and changing. In fact, with so many new currencies coming into the marketplace, it’s sometimes difficult to keep track of how they rank against one another in terms of their monetary value. (Data as of June 26, 2022)
So you’re already familiar with some of the big cryptocurrencies like Bitcoin and Ethereum, but did you know that there are currently 10,000+ different types of digital currency out there? It can be hard to keep track (and remember their names!) when you have so many to choose from. To make things a little easier, we’ve compiled a list of the top 10 cryptocurrencies based on their market capitalization – or the amount of money represented by all of their combined coins.
History of Cryptocurrency
1. Bitcoin (BTC)
- Price: $21,049
- Market cap: 409.29B
As a precursor to this cryptocurrency era, Bitcoin was the first and highest valuable cryptocurrency by 2017. Bitcoin (allegedly) started the currency in 2009 by Satoshi Nakamoto, the creator of Bitcoin and has since been on a roller-coaster ride. However, it was not till 2017 that cryptocurrency broke into popular consciousness and was widely used by consumers worldwide!
2. Ethereum (ETH)
- Price: $1,110
- Market cap: $134 billion
The first bitcoin alternative on our list, Ethereum (ETH), is a decentralized software platform that enables smart contracts and decentralized applications (DApps) to be built and run without any downtime, fraud, control or interference from any third parties. The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity or belief. This aspect makes the implications for those in some countries more compelling because those without state infrastructure and state identifications can get access to bank accounts, loans, insurance, or a variety of other financial products.
3. Tether (USDT)
- Price: $1.00
- Market cap: $66.836B billion
Tether (USDT) was one of the first and most popular of a group of so-called stablecoins—cryptocurrencies that aim to peg their market value to a currency or other external reference point to reduce volatility. Because most digital currencies, even major ones like Bitcoin, have experienced frequent periods of dramatic volatility, Tether and other stablecoins attempt to smooth out price fluctuations to attract users who may otherwise be cautious. Tether’s price is tied directly to the price of the U.S. dollar. The system allows users to more easily make transfers from other cryptocurrencies back to U.S. dollars in a more timely manner than actually converting to normal currency
As of March 14, 2022, Tether is the third-largest cryptocurrency by market capitalization, with a market cap of $80.1 billion and a per-token value of (you guessed it!) $1.
4. Binance Coin (BNB)
- Price: $237.27
- Market cap: $35 billion
Binance Coin (BNB) is a utility cryptocurrency that operates as a payment method for the fees associated with trading on the Binance Exchange. It is the third-largest cryptocurrency by market capitalization. Those who use the token as a means of payment for the exchange can trade at a discount. Binance Coin is a cryptocurrency issued by Binance, one of the largest crypto exchanges in the world. While originally created as a token to pay for discounted trades, Binance Coin can now be used for payment as well as for the purchase of various goods and services.
5. USD Coin (USDC)
- Price: $1.00
- Market cap: $55 billion
Like Tether, USD Coin claims to be a stablecoin which means that its price shouldn’t change much. It’s backed by assets of equivalent value, either from fully reserved accounts at U.S institutions or through assets with clear fair market value and those reserves are subject to verification.
6. XRP (XRP)
- Price: $0.36
- Market cap: $17 billion
In 2012, David Schwartz, Jed McCaleb and Arthur Britto launched the XRP Ledger with its native currency XRP as a faster, more energy-efficient alternative to the Bitcoin blockchain. In September that year, along with Chris Larsen, they founded the company that is today known as Ripple.
Before Ripple, banks often had to use intermediaries for cross border transactions. These were expensive and could takes days to complete. Ripple has greatly improved efficiencies in how cross border transactions operate.
7. Binance USD (BUSD
- Price: $1.00
- Market cap: $18 billion
Binance USD (BUSD) is a 1:1 USD-backed stable coin issued by Binance (in partnership with Paxos), Approved and regulated by the New York State Department of Financial Services (NYDFS), The BUSD Monthly Audit Report can be viewed from the official website. Launched on 5 Sep 2019, BUSD aims to meld the stability of the dollar with blockchain technology. It is a digital fiat currency, issued as ERC-20 and supports BEP-2.
8. Cardano (ADA)
- Price: $0.4968
- Market cap: $17 billion
Cardano is a cryptocurrency that uses blockchain technology to record transactions. It was created by Charles Hoskinson, a co-founder of Ethereum, another popular cryptocurrency. A blockchain is like an endless receipt where all transactions can be viewed on the public ledger.
This decentralized system validates transactions, verifies their integrity, and helps to ensure that the system as a whole is robust and error-free. Cardano uses what’s called a “proof-of-stake” system in which owners of the currency are tasked with validating transactions in exchange for a reward. This “staking” reward can be an attractive way to earn income, and the best crypto brokers let you participate in staking with little or no cost.
9. Solana (SOL)
- Price: $38.82
- Market cap: $13 billion
Solana is a type of cryptocurrency or digital currency that exists exclusively online. Solana was initially released in April 2019 and started trading at less than $1 per coin. Since then, its price has risen remarkably fast, and as of November 2021, Solana traded for more than $200. It’s among the top 9 largest cryptocurrencies by total value, according to CoinMarketCap.com.
10. Dogecoin (DOGE)
- Price: $0.073
- Market cap: $9 billion
Dogecoin (DOGE) is a crypto-currency that is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by two people, Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, with its source code being forked off of Litecoin in December 2013. Dogecoin’s creators intended for it to be used as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based around a dog meme. Tesla CEO Elon Musk has said on social media that Dogecoin is his favorite coin.
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