Alternative forms of currency to Bitcoin.
When it first hit the market in 2009, this app gained a lot of attention, and since then, many similar apps have also become quite popular even if they didn’t reach the same level of success.
Here are the top cryptocurrencies ranked by their combined dollar value, also known as their market capitalization.
Here is the list of largest currencies by market capitalization:
1. **Bitcoin** – $539 billion
2. **Ethereum** – $374 billion
3. **Tether** – $221 billion
4. **USD Coin** – $109 billion
5. **Binance Coin** – $44 billion
6. **Cardano** – $39 billion
7. **Binance USD** – $35 billion
8. **Solana** – $34 billion
9. **Dogecoin** – $26 billion
10. **SHIBA INU** – $24 billion
1. Bitcoin (BTC)
- $93,964.55
- $1.86 trillion
Offering investors a simple method to invest in the virtual currency called Bitcoin.
2. Ethereum (ETH)
- $3,290.25
- $396.38 billion
Increases its desirability.
3. Tether (USDT)
- $1.00
- $137.57 billion
Tether’s value is pegged to the US dollar. It often serves as a medium for traders switching between different cryptocurrencies. In most cases, these traders employ Tether instead of converting back to dollars. There are concerns, though, that Tether’s assets in reserve may not be as stable and instead are backed by short-term, unsecured loans.
4. XRP (XRP)
- $2.33
- $133.60 billion
XRP, previously known as Ripple, was developed in 2012 as a method for making payments in a wide range of real-world currencies. XRP enables seamless cross-border transactions and utilizes a trustless mechanism to facilitate payments.
5. BNB (BNB)
- $694.21
- $99.97 billion
Binance Coin, a digital token linked to one of the world’s largest cryptocurrency exchanges, initially conceived as a means to offer discounted trades, can now be used for payments and buying a wide range of goods and services.
6. Solana (SOL)
- $188.17
- $91.01 billion
This is a newer cryptocurrency that emphasizes its speed in processing transactions and the reliability of its “web-scale” platform. The number of SOL, the currency’s native token, is capped at 480 million coins.
7. Dogecoin (DOGE)
- $0.3291
- $48.24 billion
The cryptocurrency dogecoin got its name from a popular online joke featuring a picture of a Shiba Inu dog. Unlike many other digital currencies, dogecoin does not have a strict limit on the number of coins that can be made. People can use dogecoin to make purchases or send money to others.
8. USD Coin (USDC)
- $1.00
- $45.38 billion
USD Coin is a stablecoin, similar to Tether, whose value is tied directly to the U.S. dollar, thus it should remain stable. According to its creators, the currency is secured by its link to fully reserved, or else those of “equivalent fair value,” assets that are deposited in U.S. bank accounts subject to regulation.
9. Cardano (ADA)
- $0.9245
- $32.49 billion
The cryptocurrency platform behind ADA is called Cardano, with ADA as its native currency. Founded by one of Ethereum’s co-creators, Cardano leverages smart contracts for features like secure identity management.
10. TRON (TRX)
- $0.2442
- $21.05 billion
TRON is a decentralized blockchain system initiated in 2017 for the purpose of developing various applications. The main currency associated with the platform is referred to as TRX. The following year, the TRON Foundation successfully acquired the robust peer-to-peer network BitTorrent.
11. Avalanche (AVAX)
- $37.01
- $15.20 billion
Avalanche, launched in 2020, specializes in rapidly processing transactions while keeping costs low. Notably, its blockchain technology allows for the creation of subnets – custom blockchains that have their own rules and applications. This feature enables developers to tailor blockchain solutions to their unique needs.
12. Sui (SUI)
- $4.80
- $14.43 billion
Sui was developed by a team of engineers who previously worked at Meta, to facilitate rapid transactions while maintaining stable fees. Additionally, it is designed to process a high volume of transactions simultaneously, providing scalability.
Bottom line
The cryptocurrency market is a volatile and unpredictable environment, so anyone investing in it should exercise extreme caution and not risk more money than they can afford to lose. Moreover, individual investors frequently face off against highly experienced and knowledgeable players, making this market particularly challenging for inexperienced traders.
Disclaimer: It’s essential that all investors thoroughly research and examine investment strategies on their own before making an investment decision. Furthermore, past performance of investment products is not a guarantee of future market performance or increases in value.
