With the launch of Bitcoin in 2009, no one has thought of the rise of a trillion-dollar crypto industry this sooner. Over the years the number of cryptocurrencies has increased and also the popularity peaked. The crypto industry is only going to grow, making it impossible to ignore investing in the industry any longer.
If you are a beginner in the crypto industry and facing a dilemma with cryptocurrencies, this article is for you. Continue reading to learn more about the largest cryptocurrencies.
Top 10 Largest Cryptocurrencies
1. Bitcoin (BTC)
Bitcoin is the first cryptocurrency launched and is still the best known. Launched in 2009, and carrying a long history of prosperity, Bitcoin is considered one of the best investments in the crypto industry. This decentralized cryptocurrency has a market cap of $458 billion. Bitcoin transactions use a Forth-like scripting language with one or more inputs and outputs. It is one of the most used cryptocurrencies for buying and selling real-world and digital goods.
2. Etherium (ETH)
Etherium was developed in 2015 with the aim of replacing financial service firms with decentralized applications, widely known as DeFi. Ether, the token of Ethereum is used to facilitate the transactions on the Etherium blockchain network. With a market cap of $216 billion, the decentralized Etherium platform runs smart contracts for automating transactions without depending on intermediaries. The integration of smart contracts and NFTs allowed gamers to buy outfits and equipment using Ether.
3. Tether (USDT)
Tether is the largest Stablecoin that is pegged to the US dollar. It is owned by iFinex and has a market cap of 66 billion dollars. Unlike Bitcoin and Etherium, Tether uses a centralized system for exchange. Investors move their assets to Tether during a severe market fluctuation, thereby preventing a huge loss of money. It helps to maintain the stability of the market and allows the buying and selling of cryptocurrencies in appropriate time frames.
4. USD Coin (USDC)
The 1:1 US dollar-pegged USD coin is developed by Circle and Coinbase. The centralized nature of USD allows stabilization with other cryptocurrencies and exchanging them to reduce price loss. It is one of the most accessible stablecoins and has a market cap of $54 billion.
5. Binance Coin (BNB)
Binance Coin is one of the most used platforms for crypto payment and transactions. Launched in 2017, it used the Etherium blockchain, however, moved to the Binance blockchain later. It was initially created as a token to pay for discounted trades but is now used for buying and selling goods and services.
6. Binance Coin USD (BUSD)
Binance coin USD was created by Binance and is pegged with US dollars in a 1:1 ratio. It is a stablecoin based on Ethereum and is used as a medium of paying fees on the Binance platform and buying other cryptocurrencies. It has a market cap of $18 billion and helps to stabilize cryptocurrencies.
7. Cardano (ADA)
Cardano is a popular smart contract platform developed in 2015. It is a decentralized open-source public blockchain that uses the proof of stake consensus algorithm to increase the efficiency of the platform. It became popular in 2017 with assistance from an Etherium cofounder. It has a market cap of $18 billion.
8. XRP
Created in 2012, XRP allows payment in multiple currencies. XRP is the basic token of Ripple, a payment network for banks and other financial institutions. It is developed in their own blockchain platform known as XRP ledger for processing quick and efficient transactions. It is used in some popular banks in the world due to the financial nature of applications and international transactions.
9. Solana (SOL)
Solana is a highly efficient blockchain platform that processes thousands of transactions in a minute. It is used in smart contracts and nonfungible tokens allowing swift transactions. Since its launch in 2017, its popularity has been dramatic and used widely in video streaming and gaming apps. It poses many similar features to Etherium and is considered a major rival.
10. DogeCoin (DOGE)
Though launched as a joke based on the Doge meme in 2013, Dogecoin has now become one of the most popular cryptocurrencies in the world. Used mainly for charitable purposes, the coin has relatively low transaction fees. The unlimited issuance of Dogecoin allows continuous payment and selling.
Final Thoughts
The popularity of cryptocurrencies is immense and is not likely to turn any time soon. The higher security and easier and faster transactions with reduced cost make cryptocurrencies a highly preferred investment. However, the volatility of cryptocurrency can affect investors heavily, especially in short-term investments.
The blockchain technology in which a crypto transaction takes place offers robust security for user data eliminating the chances of hacks and frauds. Cryptocurrencies can be either centralized or decentralized and can be with or without smart contracts. A smart contract-aided cryptocurrency can automate transactions when predetermined conditions are met.