From Bitcoin and Dogecoin to Cardano and Polkadot, thousands of cryptocurrencies have made crypto a big industry. The wide variety of cryptocurrencies makes it hard for new investors to invest. If you are a complete beginner, we will help you get the bearing as in this article, and there's a list of top cryptocurrencies according to their market capitalization. It is crucial information that will help you choose the best cryptocurrency to invest in and make the right decision. Know about the yuanpaygroup.site app through which you can easily trade cryptocurrencies.
The market capitalization of Bitcoin is about to reach $1 trillion, and currently, it is more than $821 billion. Bitcoin was developed by Satoshi Nakamoto in 2009 as the original cryptocurrency. Like most cryptocurrencies, bitcoin also runs on blockchain technology and uses a blockchain ledger to record transactions through a distributed network of computers.
Bitcoin adds all its transactions to the distributed public ledger, and all transactions get verified by miners who solve complex cryptographic puzzles through the proof of work consensus method. Through proof of work process, bitcoin secures the transactions from fraudsters. Recently bitcoin's value has skyrocketed, and almost every investor wants to add bitcoin to their investment portfolio.
The market capitalization of Ethereum is more than $353 billion. Based on the market capitalization of Ethereum, it is the second-largest cryptocurrency. Ethereum is also a blockchain platform, and it has great potential; as with Ethereum, many new features got introduced, like smart contracts and more. The feature of smart contracts is majorly used in companies and organizations as it helps to automatically execute the work or task when specific conditions get met. In recent times, Ethereum has experienced meteoric growth as its price increased from $11 to $3000 in almost five years.
The market capitalization of Tether is around $68 billion. Tether isn't like other cryptocurrencies, and it is a stablecoin which means that fiat currencies like Euro and U.S. dollars back it. A stablecoin is consistent compared to cryptocurrencies, and investors majorly prefer to invest in a stablecoin whose market is less volatile.
The market capitalization of Cardano is around $67 billion. Cardano gets extremely preferred and notable for its proof of stake validation. Cardano becomes the first cryptocurrency to embrace proof of stake validation instead of proof of work. The proof of stake method accelerates the transaction time and reduces energy usage and impacts the environment. It is the method that reduces environmental impact by reducing the competition in the verification of transactions as it gets done on the bitcoin network. In some ways, Cardano works similar to Ethereum and enables decentralized applications and smart contracts powered by a native coin known as ADA.
The market capitalization of Binance Coin is around $64 billion. It is a cryptocurrency that users can use for trading purposes and pay fees on its crypto exchange known as Binance. Binance Coin got launched in 2017, and since then, it has expanded, making it easy on its exchange platform, Binance. The exchange platform gets widely used for trading purposes, travel arrangements, and payment processing. In addition, users can trade Binance Coin and use it to exchange for other cryptocurrencies known as Bitcoin or Ethereum.
The market capitalization of XRP is more than $44 billion. XRP was developed by some of the founders as Ripple. Ripple is a payment processing and digital technology company. XRP can be used on Ripple's network to assist crypto exchanges of various currencies like cryptocurrencies and traditional currencies. People prefer to invest in XRP as its value has increased 15700% in the past few years and reached $0.006 to $0.94.
The market capitalization of Solana is around $41 billion. Solana was developed to assist power DeFi uses smart contracts and decentralized apps. It runs on a proof of history and proof of stake mechanisms that help to process the transactions quickly. The native token of Solana is SOL, and it powers its platform. Solana got introduced back in 2020, and its price started from $0.77, and it reached $140 in less than one year.