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When individuals speak about cryptocurrencies, Bitcoin generally attracts the most attention. However, while there are hundreds of different cryptocurrencies to choose from, they all have one thing in common: They’re all out of the loop when it comes to TV advertising. nHowever, there are plenty of “altcoins,” or alternative digital currencies, available that aren’t Bitcoin.”
Many other cryptocurrencies have emerged on the market since Bitcoin’s initial debut in 2009, though not necessarily with the same success as the original.
The most valuable cryptocurrencies by market capitalization, which is the sum value of all coins in circulation. (As of June 10, 2022, CoinMarketCap.com provided data.)
Market capitalization of the world’s largest cryptocurrencies.
1. Bitcoin (BTC)
- Price: $21,049
- Market cap: $401 billion
Bitcoin is still the coin people generally call when discussing digital currency, as the harbinger of the cryptocurrency era. Satoshi Nakamoto, the anonymous creator of Bitcoin, introduced the money in 2009 and it’s been on a wild ride ever since. However, it wasn’t until 2017 that cryptocurrencies became widespread knowledge.
2. Ethereum (ETH)
- Price: $1,110
- Market cap: $134 billion
The second name you’re most likely to hear in the crypto world is Ethereum — the name for the cryptocurrency platform. Ethereum’s smart contract feature makes it a sought-after currency, and its ability to execute smart contracts helps make it an attractive alternative to bitcoin.
3. Tether (USDT)
- Price: $1.00
- Market cap: $70 billion
Tether’s price is locked to $1 per coin. That’s because it’s a stablecoin, which is defined as one that remains constant in value. Stablecoins are linked to the value of a specific asset, in this case the US dollar. Tether frequently serves as a go-between for traders when moving between different cryptocurrencies. They utilize Tether instead of converting back to dollars. Some individuals, on the other hand, are concerned that Tether isn’t guaranteed by real dollars kept in reserve but rather by a short-term type of unsecured debt.
4. USD Coin (USDC)
- Price: $1.00
- Market cap: $55 billion
USD Coin is a stablecoin that is pegged to the dollar and, therefore, should not change value. According to the coin’s creators, it is backed by fully reserved assets or “equivalent fair value” held in accounts with regulated US institutions.
5. Binance Coin (BNB)
- Price: $215.52
- Market cap: $35 billion
Binance Coin is the cryptocurrency created by Binance, one of the world’s largest cryptocurrency exchanges. While originally designed as a way to incentivize traders, Binance Coin may now be used to make purchases at stores across many different sectors.
6. Binance USD (BUSD)
- Price: $1.00
- Market cap: $18 billion
Binance USD is a dollar-backed coin created by Binance in collaboration with Paxos. The New York Department of Financial Services regulates BUSD, which was introduced in 2019 and runs on the Ethereum blockchain.
7. Cardano (ADA)
- Price: $0.4968
- Market cap: $17 billion
Cardano is the cryptocurrency that powers ada, the currency’s name. Cardano was created by Ethereum’s co-founder, and it also utilizes smart contracts to allow for identification management.
8. XRP (XRP)
- Price: $0.3177
- Market cap: $16 billion
XRP, formerly known as Ripple and founded in 2012, is a cryptocurrency that allows users to pay in a variety of real-world currencies. Ripple enables cross-border transactions by using a trust-less mechanism to manage payments.
9. Solana (SOL)
- Price: $32.16
- Market cap: $11 billion
Solana is a newer cryptocurrency that launched in March 2020, and it claims to be the quickest cryptocurrency at completing transactions as well as the most reliable platform on which to conduct business. The supply of coins has a limit of 480 million.
10. Dogecoin (DOGE)
- Price: $0.0569
- Market cap: $8 billion
Dogecoin is a cryptocurrency that was created as a joke after the Bitcoin run-up. Dogecoin takes its name from an internet phenomenon in which a Shiba Inu dog is depicted. Unlike many other cryptocurrencies, Dogecoin has no limit on the number of coins that will be generated. It may be used to make payments or to transfer money.
11. Polkadot (DOT)
- Price: $7.34
- Market cap: $7 billion
Polkadot is a blockchain-based cryptocurrency that connects technologies from multiple different cryptocurrencies. One of Polkadot’s creators is also an Ethereum co-founder, and some industry experts believe it may take the place of Ethereum.
12. Dai (DAI)
- Price: $1.00
- Market cap: $7 billion
Dai is a Dai stablecoin created by MakerDAO that is linked to the value of the U.S. Dollar. Maker Protocol-enabled crypto-collateralized lending is made possible with Dai. The stablecoin may be bought and sold on several centralized and decentralized exchanges.
The conclusion
The cryptocurrency market is a Wild West (despite the fact that it appears the US government will take a more active role in regulating cryptocurrencies), so investors should not risk more money than they can afford to lose. Volatility has been high, with crypto assets swinging wildly throughout 2022. Since peaking at all-time highs in November 2021, the market has been crumbling. Individual investors may also be trading against highly sophisticated players, making it an intimidating experience for novices .
