From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can be confusing if you're just starting out in the world of cryptocurrency. To help you get started, here are the top 10 cryptocurrencies based on their market capitalization, or the total value of all currencies in circulation today.
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What are cryptocurrencies?
Cryptocurrencies are digital assets based on blockchain technology that can be traded without central control by banks or governments. There are currently 24,630 cryptocurrency projects with an estimated value of $4.94 billion by 2030.
1.Bitcoin (BTC)
- Market value: $536.8 billion.
Bitcoin (BTC), created by Satoshi Nakamoto in 2009, is the original cryptocurrency. Like most cryptocurrencies, Bitcoin (BTC) runs on a blockchain, or ledger, that records transactions distributed over a network of thousands of computers. Because additions to the distributed ledger must be verified by solving cryptographic puzzles, a process called proof of work, Bitcoin is safe and protected from fraudsters.
Bitcoin's value has increased dramatically since it became a household name. In May 2016, one bitcoin could be purchased for around $500. On October 3, 2023, the price of one Bitcoin was approximately $27,526 USD. This is an increase of 5405%.
Related: How to Buy Bitcoin
2. Ethereum (ETH)
- Market value: $199.7 billion.
Ethereum is a cryptocurrency and blockchain platform favored by software developers for its potential applications, such as smart contracts that execute automatically when conditions are met, and non-fungible tokens (NFTs).
Ethereum is also experiencing tremendous growth. From April 2016 to the end of October 2023, the price increased from $11 to $1,661, an increase of 14,998%.
Related: How to Buy Ethereum
3. Tether (USDT)
- Market value: $83.4 billion.
Unlike other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it is backed by fiat currencies such as the US dollar and euro, and theoretically has an equivalent value to one of those denominations. In theory, this means Tether's value should be more stable than other cryptocurrencies, and be favored by investors who are wary of the extreme volatility of other coins.
4. Binance Coin (BNB)
- Market value: $33.0 billion.
Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest cryptocurrency exchanges in the world. Since its launch in 2017, Binance Coin has been out of date, making trading on the Binance exchange even easier. It can now be used for commerce, payment processing and even travel bookings. It can also be exchanged or exchanged for other forms of cryptocurrency such as Ethereum or Bitcoin.
The price of BNB in 2017 was only $0.10. By the end of October 2023, the price had risen to around $214, an increase of 214.293%.
Related: How to Buy Cryptocurrency
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5. Ripple (XRP)
- Market value: $27.2 billion.
XRP, created by the founders of digital technology and payments company Ripple, can be used on this network to facilitate the exchange of various types of currencies, including fiat currencies and other major cryptocurrencies.
At the start of 2017, the price of XRP was $0.006. On October 3, 2023, the price was at $0.51, an increase of 8398%.
6. US Dollar currency (USDC).
- Market value: $25.3 billion.
Like Tether, USD Coin (USDC) is a stablecoin, meaning it is backed by the US dollar and has a $1 to $1 ratio. USDC is based on Ethereum and you can use USD Coin to make global transactions.
7.Solana (c)
- Market value: $10.2 billion.
Designed to leverage decentralized finance (DeFi), decentralized applications (DApps), and smart contracts, Solana features a unique hybrid proof-of-stake and proof-of-story mechanism to process transactions quickly and efficiently. SOL, Solana's native token, runs on the platform.
When it launched in 2020, SOL prices started at $0.77. By the end of October 2023, the price will reach approximately $24.64, an increase of 3100%.
8. Cardan (ADA)
After briefly dabbling in the world of cryptocurrencies, Cardano (ADA) stands out for its early implementation of proof-of-stake verification. This method speeds up transaction times and reduces energy consumption and environmental impact by eliminating adversarial aspects and solving transaction verification problems on platforms like Bitcoin. Cardano also functions like Ethereum, enabling smart contracts and decentralized applications based on 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. On October 3, 2023, the price is $0.26. This is an increase of 1217%.
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Welcome bonus on first deposit:
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diversity:
Trade CFDs on cryptocurrencies, forex, shares, metals, commodities and more!
Intuitive and economical:
Designed for traders of all levels: from beginners to professionals.
Increase your passive income
Over 250 crypto assets available
Why support?
The minimum deposit is only $1
Committee
Take advantage of low banking fees for deposits and withdrawals*
9. Dogecoin (DOGE)
Dogecoin was created as a joke in 2013, but quickly grew into a popular cryptocurrency thanks to its dedicated community and creative memes. Unlike many other cryptocurrencies, the amount of Dogecoin that can be created is unlimited, making the coin vulnerable to devaluation as supply increases.
The price of Dogecoin in 2017 was $0.0002. In October 2023, the price reached $0.06, an increase of 30.834%.
10. TRON (TRX)
Like Solana, TRON is a blockchain designed to support smart contracts and other DeFi applications. TRX is the platform's native cryptocurrency that supports the Proof of Stake consensus algorithm.
TRON was founded in 2017 and the initial price of TRX was $0.0019 per token. At its peak in 2018, TRX rose to $0.2245, an increase of 11.715% in just a few months. TRX is currently worth around $0.09.
*Market capitalization and prices sourced from Coinmarketcap.com, updated at 13:31 UTC on October 3, 2023.
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