When it comes to cryptocurrencies, Bitcoin gets all the attention, but there are practically thousands of other possibilities. In fact, cryptos that aren’t Bitcoin are commonly referred to as “altcoins,” or alternatives to Bitcoin. While Bitcoin was the first big cryptocurrency to appear on the market (in 2009), numerous others have since grown in popularity, albeit not to the same extent as the original. Here are the top cryptocurrencies in terms of total dollar worth of coins in circulation, also known as market capitalization or market cap.
Cryptocurrencies with market capitalization
1. Bitcoin (BTC)
Market cap: $729 billion
Bitcoin is still the coin that people refer to when they discuss digital currency since it was the pioneer of the cryptocurrency era. The currency was launched in 2009 by its mystery creator — purportedly Satoshi Nakamoto — and has been on a roller-coaster ride ever since. However, it wasn’t until 2017 that bitcoin became widely recognised.
2. Ethereum (ETH)
Market cap: $321 billion
The second term you’re likely to remember in the cryptocurrency market would be Ethereum, which is the term for the cryptocurrency platform. The system enables you to use ether (the currency) for a variety of tasks, but Ethereum’s smart contract feature contributes to its popularity.
3. Tether (USDT)
Market cap: $79 billion
The price of Tether is set at $1 per coin. This is due to the fact that it is a stablecoin. Stablecoins are coins that are linked to the worth of a specific asset, such as the US dollar in Tether’s case. When traders switch from one cryptocurrency to another, Tether is frequently used as a bridge. They use Tether instead of returning to dollars. Some individuals are concerned, though, since Tether isn’t guaranteed by dollars held in reserve and instead relies on unsecured debt.
4. Binance Coin (BNB)
Market cap: $62 billion
Binance Coin is a cryptocurrency created by Binance, one of the world’s largest cryptocurrency exchanges. Binance Coin, which was originally designed to pay for discounted transactions, may now be used to make payments as well as purchase a variety of goods and services.
5. USD Coin (USDC)
Market cap: $53 billion
USD Coin, like Tether, is a stablecoin whose value is fixed against the dollar. The currency’s creators claim that it is backed by completely reserved assets or assets with “equal fair worth,” which are held in regulated US institutions.
6. XRP (XRP)
Market cap: $35 billion
XRP, formerly known as Ripple, was founded in 2012 and allows users to pay in a variety of real-world currencies. Ripple, which employs a trustless technique to allow payments, can be beneficial in cross-border transactions.
7. Cardano (ADA)
Market cap: $31 billion
Cardano is the cryptocurrency framework that underpins ada, the currency’s name. Cardano, which was created by the Ethereum co-founder, also uses smart contracts to provide identity management.
8. Solana (SOL)
Market cap: $29 billion
Solana is a newer cryptocurrency that boasts of its transaction speed and the overall stability of its “web-scale” network. It was launched in March 2020. The currency, known as SOL, has a limit of 480 million coins available for purchase.
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