The first inquiry a newcomer to the coin market asks is, “What are the largest coins?” And why is its market capitalization bigger than others’, and does it have long-term potential?
The 15 largest coins in the digital currency market will be introduced by Zaku. Let’s see what happens!
1. Bitcoin (BTC)
- Price: ~ $38,373
- Market Cap: $727,765,064,848
- Volume(24h): 18,528,612,199
- Circulating Supply: 18,963,581 BTC
Bitcoin is the world’s first decentralized cryptocurrency, a sort of digital asset that records, signs, and sends transactions across the Bitcoin blockchain without the involvement of a central authority.
Under the pseudonym “Satoshi Nakamoto,” an unknown computer programmer or group of programmers established the Bitcoin network (with an upper-case “B”) in January 2009. The network is a peer-to-peer electronic payment system that employs bitcoin (lower case “b”), a cryptocurrency, to transmit money via the internet or to operate as a store of value similar to gold and silver.
Individual bitcoins are divisible to eight decimal places since each bitcoin is made up of 100 million satoshis (the smallest unit of bitcoin). That means that for as little as one dollar, anyone may buy a fraction of a bitcoin.
2. Ethereum (ETH)
- Price: 2,638.77
- Market Cap: 316,124,310,616
- Volume(24h): 11,298,019,104
- Circulating Supply: 119,657,816 ETH
Ethereum is a cryptocurrency-transfer system that allows you to send cryptocurrency to anyone for a nominal charge. It also powers open-source programs that no one can take down.
It’s the first programmable blockchain in the world.
Ethereum is a fork of Bitcoin, with a few key modifications.
Both allow you to utilize digital money without the need for a payment provider or a bank. However, because Ethereum is programmable, you may use it to create a variety of digital assets, including Bitcoin.
This means Ethereum can be used for more than just payments. It’s a financial services, gaming, and software store that won’t steal your data or censor you.
So go ahead and enter the market and give it a shot…
Ethereum is a blockchain-based software platform that allows users to send and receive value around the globe using its native cryptocurrency, ether, without the need for a third party. However, it is capable of much more.
Ethereum was first proposed in 2013 by Vitalik Buterin, a Russian-Canadian computer programmer, with the goal of increasing the utility of cryptocurrencies by allowing developers to construct their own custom apps. These Ethereum-based programs, known as “decentralized applications,” or dapps, are self-executing thanks to the usage of smart contracts, unlike ordinary apps.
Smart contracts are code-based programs that are recorded on the Ethereum blockchain and perform particular operations automatically when certain criteria are satisfied. That may include sending a transaction when a specific event occurs or lending funds after collateral is placed into a particular wallet. All dapps built on Ethereum, as well as all dapps created on other blockchain platforms, are based on smart contracts.
3. Tether ( USDT )
- Price: 1
- Market Cap: 79,054,168,114
- Volume(24h): 46,057,346,899
- Circulating Supply: 79,019,501,686 USDT
There’s a good chance you’ve heard about bitcoin. What about tether, though?
Tether, like bitcoin, is a cryptocurrency. It is, in reality, the world’s third-largest digital coin in terms of market capitalization. However, it is not the same as bitcoin or other virtual currencies.
Tether is a type of cryptocurrency known as a stablecoin. Unlike other cryptocurrencies, which are known to be volatile, these are digital currencies that are tethered to real-world assets — the US dollar, for example — to preserve a steady value. Bitcoin, for example, hit an all-time high of about $65,000 in April before virtually halving in value since then.
Tether was created with the intention of being linked to the US dollar. While the value of other cryptocurrencies fluctuates, the price of tether is usually equal to $1. This isn’t always the true, and fluctuations in the value of tether have previously alarmed investors.
Tether is frequently used by cryptocurrency traders as a substitute for the US dollar when purchasing cryptocurrencies. This effectively gives them an opportunity to seek refuge in a more stable asset during periods of high crypto market volatility.
Cryptocurrencies, on the other hand, are unregulated, and many institutions avoid doing business with digital currency exchanges because of the inherent danger. Stablecoins are a good example of this.
4 .BNB (BNB)
- Price: 380.99
- Market Cap: 62,943,198,087
- Circulating Supply: 165,116,761 BNB
The Binance network’s principal token, Binance Coin, or BNB, was released as an Initial Coin Offering (ICO) in 2017 on the Ethereum blockchain (ICO).
100 million coins were sold to the public during the BNB ICO, and Binance’s founding team kept 100 million coins.
The coins were sold for 2,700 BNB each Ethereum token (ETH) or 20,000 BNB per bitcoin, putting the price of one BNB at around 15 cents.
2 Given the public sale of 100 million coins, the offering was expected to raise $15 million, which would be used to improve the Binance cryptocurrency trading platform, which was also launched on the Ethereum blockchain platform in 2017.
Changpeng Zhao, a Chinese entrepreneur, is the CEO of Binance, the world’s largest cryptocurrency exchange.
Regulators began monitoring the use of digital currencies for illegal operations such as money laundering and other criminal activity such as ransomware payments as digital currencies evolved, raising concerns about the degree of anonymity they provided.8 Because of these regulatory concerns, Binance has decided to ban all US-based users in 2019. 9
Binance, in collaboration with BAM Trading, launched Binance.US in the same year, allowing users in most states in the United States to trade in BNB and other coins.
5. USD Coin (USDC)
- Price: 0.9992
- Market Cap: 52,576,246,261
- Volume(24h): 2,513,910,450
- Circulating Supply: 52,607,434,845 USDC
USD Coin (abbreviated as USDC) is a stablecoin that is tied to the US dollar at a 1:1 ratio. Every unit of this cryptocurrency in circulation is backed by $1 in reserve, which is held in a combination of cash and short-term US Treasury bonds. USDC is issued by regulated financial institutions, according to the Centre consortium, which is driving this asset.
In September 2018, a limited number of stablecoins were released. Simply put, USD Coin’s motto is “digital money for the digital age,” and the stablecoin is built for a world where cashless transactions are becoming more prevalent.
The USD Coin has a number of applications that have been revealed. Stablecoin supporters claim that, in addition to offering a safe haven for crypto traders during times of volatility, it can also allow businesses to accept payments in digital assets, shaking up a variety of industries such as decentralized finance and gaming.
Overall, the goal is to build a USDC ecosystem with as many wallets, exchanges, service providers, and dApps as feasible.
6. XRP (XRP)
- Price: 0.7946
- Market Cap: 38,129,033,610
- Volume(24h): 4,345,091,108
- Circulating Supply: 47,949,281,138 XRP
Ripple is a financial system that functions as both a cryptocurrency and a digital payment network. Chris Larsen and Jed McCaleb co-founded it and it was initially released in 2012. Ripple’s basic procedure is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is utilized by banks and financial middlemen.
The cryptocurrency’s token, XRP, is premined and has the ticker sign XRP. The company and network are known as Ripple, and the cryptocurrency coin is known as XRP. The objective of XRP is to act as a bridge between two currencies or networks, acting as a kind of interim settlement layer denomination.
XRP is Ripple’s digital currency.
XRP, a digital currency, serves as a currency bridge between different currencies. It makes no distinction between fiat and crypto currencies, making it simple to trade one money for another. CADBluzelle, BTCbitstamp, and USDsnapswap, for example, each currency in the ecosystem has its own gateway. Lawrence does not have to have any bitcoins in order for River to accept bitcoins as payment for the services he provided to River. River can receive bitcoins from his gateway, and he can send payment to his gateway in Canadian dollars (CAD). Multiple gateways can be utilized to commence a complete transaction, providing a chain of trust that stretches across all users.
When using a gateway to hold balances, the user is exposed to counterparty risk, which is also prevalent in the traditional banking system. The user may lose the value of their money held at the gateway if the gateway does not honor its duty. Users that do not trust a gateway can transact with a trusted gateway, which then deals with the “untrustworthy” gateway. The IOU will be transacted through a reputable, creditworthy-certified gateway in this manner. Because a user’s bitcoin is not another user’s IOU or debt, counterparty risk does not apply to bitcoins (and most altcoins).
7. Cardano (ADA)
- Price: 0.9369
- Market Cap: 31,534,899,191
- Volume(24h): 1,4127,71,446
- Circulating Supply: 33,626,520,508 ADA
Cardano is the first proof-of-stake blockchain platform, based on peer-reviewed research and created using evidence-based methodologies. It integrates cutting-edge technologies to create decentralized applications, systems, and communities with unrivaled security and long-term viability.
Cardano exists to shift power from unaccountable structures to the margins – to individuals – and to be an enabling force for positive change and progress, with a top team of engineers.
Cardano is a cryptocurrency that you should learn about.
Cardano is the first blockchain platform to be developed through peer-reviewed research, ensuring that it is secure enough to protect billions of people’s data, scalable enough to enable global networks, and resilient enough to sustain structural change.
Science has altered because of us.
We’ve redefined what it means to create global systems and long-term exchange and governance models.
We are defining a new future with our community and partners: a decentralized future without middlemen, in which power is returned to the individual.
8. Solana (SOL)
- Price: 89.67
- Market Cap: 28,663,515,023
- Volume(24h): 1,412,771,446
- Circulating Supply: 319,659,295 SOL
What distinguishes Solana from the rest of the pack?
When Bitcoin was created more than a decade ago, it addressed a difficult problem: how to allow strangers from all over the world to conduct financial transactions over the internet without the involvement of a payment processor like Visa or PayPal.
A blockchain is the technology that allows for decentralized transactions and gave birth to the entire world of cryptocurrencies we know today. However, when contrasted to centralized networks like those used by credit card firms, blockchains have one fundamental disadvantage: they are slow. Ethereum currently processes fewer than 15 transactions per second, compared to tens of thousands for Visa’s network as of August 2021.
Solana is one of a slew of new crypto solutions aimed at making crypto networks more scalable and speedier. It employs a number of ingenious technologies, including a revolutionary “proof of history” method.
9. Avalanche (AVAX)
- Price: 79.73
- Market Cap: 19,556,097,299
- Volume(24h): 956,571,904
- Circulating Supply: 245,291,207 AVAX
Avalanche (AVAX) is a challenger to Ethereum in terms of cryptocurrency and blockchain technology. The Avalanche network, like Ethereum, uses smart contracts to support a range of blockchain projects. AVAX is the native coin of the Avalanche blockchain. 1
The Avalanche blockchain can achieve transaction finality in under a second. AVAX is a fundamental unit of account among blockchains in the Avalanche network that is used to pay transaction processing fees and secure the network. 1
Avalanche is a blockchain platform that uses the AVAX currency as its native currency.
Avalanche is a cryptocurrency that competes with Ethereum in terms of scalability and transaction processing speed.
The Avalanche blockchain is secured via AVAX, which is also used to pay transaction fees across the network.
A governance model is used to decide transaction fees and the rate at which AVAX coins are created.
According to reports, the Avalanche blockchain can execute 4,500 transactions per second.
2 Avalanche, which will debut in 2020, wants to be quick, adaptable, secure, inexpensive, and easy to use. 3 Avalanche is an open-source project, which means that anyone can look at the code and contribute to it.
Decentralized applications (dapps) and autonomous blockchains are both supported by Avalanche’s smart contracts platform. Here are some of the features that distinguish Avalanche: 41
The maximum supply of AVAX tokens is restricted at 720 million, but AVAX users choose how quickly new coins are created. By voting on the quantity of AVAX paid as a reward for adding a new block to the Avalanche blockchain, AVAX holders may regulate the rate at which new coins are created.
The cost of executing a transaction varies depending on the type of transaction and Avalanche’s network congestion. To make AVAX more scarce over time, all fees are burned (removed from circulation). Avalanche users vote on the transaction cost, which means AVAX fees are subject to change.
Transactions on the Avalanche blockchain are confirmed using a unique process that needs a large number of small, random subsets of network participants to confirm transactions before they are declared complete.
Participation incentives: A network participant’s ability to receive AVAX rewards for processing AVAX transactions can be boosted by high uptime and fast response times.
The proof-of-stake mechanism governs Avalanche in general. In exchange for the privilege to validate AVAX transactions, AVAX holders must stake—or pledge not to trade or sell—AVAX. Validators for new Avalanche blocks are more likely to be picked among AVAX holders who have the most staked and participate actively as validators. To vote on Avalanche governance proposals, you must own AVAX tokens.
10. Terra (LUNA)
- Price: 48.98
- Market Cap: 19,096,833,390
- Volume(24h): 1,000,502,359
- Circulating Supply: 389,923,263 LUNA
According to CoinGecko, Luna, the Terra blockchain’s native cryptocurrency, has increased by over 23% in the last seven days.
Luna, which is presently ranked No. 9 among the major cryptocurrencies by market capitalization, reached an all-time high of over $103 on Sunday and is currently trading at around $97. Luna began the year with a price of less than $1.
“It’s been on an absolutely phenomenal run,” Bitwise Asset Management’s chief investment officer Matt Hougan tells CNBC Make It. “It has mainly remained unaffected by recent market volatility, falling less and recovering more quickly than its peers.”
Despite the enthusiasm surrounding Terra and its token Luna, financial experts consider cryptocurrencies to be volatile, speculative investments, so it’s vital to do your homework and understand the risks before investing. It is possible to fall back down as rapidly as one reaches a new high.
11. Dogecoin (DOGE)
- Price: 0.1375
- Market Cap: 18,245,710,417
- Volume(24h): 539,464,680
- Circulating Supply: 132,670,764,300 DOGE
For the most of its history, Dogecoin was seen as a humorous “memecoin” treasured by its community — but with little value. That changed in 2021: Dogecoin became one of the top ten cryptocurrencies by market valuation in April, with a total value of more than $50 billion, despite the fact that each coin is only worth a few cents (see the current price).
Is that even possible? Because there are a lot of Dogecoins in circulation. Dogecoin was established to be plentiful, unlike Bitcoin, which was designed to be limited and resistant to inflation. There are around 130 billion DOGE in circulation, with miners producing 10,000 every minute. (By comparison, there are over 19 million bitcoins in circulation, with just 12.5 BTC mined every 10 minutes or so.)
Dogecoin (pronounced “dohj coin”) was created as a fun, low-stakes Bitcoin alternative, and abundance is a crucial aspect of the concept. DOGE attracted an enthusiastic online community almost immediately after its inception in late 2013, and users have used it for everything from rewarding strangers for good Reddit comments to helping send the Jamaican bobsled team to the 2014 Winter Olympics in Sochi.
11. Binance USD (BUSD)
- Price: 0.9993
- Market Cap: 18,097,121,996
- Volume(24h): 3,445,073,438
- Circulating Supply: 18,110,422,295 BUSD
Binance USD (BUSD) has become one of the world’s fastest-growing cryptocurrencies, with a wide range of applications and rising demand as the crypto markets continue to expand.
BUSD’s success is due in part to its steadfast adherence to the world’s most severe regulatory requirements, which ensures the stablecoin’s users’ safety and security.
Users’ demand for flexible liquidity in fiat currency terms has propelled stablecoins to prominence in the crypto market this year. These cryptocurrencies, whose market prices are linked to the value of particular assets such as the US dollar, have also played a key role in the development of decentralized finance (DeFi). According to CoinMarketCap, there are $120 billion worth of stablecoins in circulation as of September 1.
Various areas of the crypto industry have raised concerns regarding the authenticity of the 1:1 peg of key stablecoins to their backing assets, such as the US dollar and other fiat currencies, as demand for stablecoins grows. After all, if stablecoin issuers cannot demonstrate that each unit of their tokens can be traded for the same quantity of the supporting asset, there would be severe issues about the tokens’ reliability, leading to negative market consequences.
As a result, when Binance introduced BUSD with Paxos in 2019, it was critical to ensure that every unit of the stablecoin could be verified as being backed by US dollars, providing users with peace of mind and adding legitimacy to a stablecoin sector plagued by trust difficulties.
12. Polkadot (DOT)
- Price: 17.13
- Market Cap: 16,913,932,257
- Volume(24h): 844,973,275
- Circulating Supply: 987,579,315 DOT
Polkadot, like many post-Bitcoin cryptocurrencies, is both a token and a decentralized protocol that can be purchased and traded on exchanges like Coinbase.
The Polkadot protocol is intended to allow unconnected blockchains to securely communicate with one another, allowing currency or data to move freely between, example, the Ethereum and Bitcoin blockchains. It’s also built to be fast and scalable, thanks to the usage of many parallel blockchains (or “parachains”) that offload most of the processing load from the main blockchain.
The Polkadot token (DOT) has two major uses on the Polkadot network: it’s a governance token that allows holders to vote on the protocol’s future, and it’s used for staking, which is how the Polkadot network validates transactions and generates new DOT. As part of your investing plan, you may buy and sell DOT on exchanges like Coinbase.
13. Shiba Inu (SHIB)
- Price: 0.00002573
- Market Cap: 14,129,908,336
- Volume(24h): 1,194,551,762
- Circulating Supply: 549,063,278,876,302 SHIB
SHIB is, at its most basic level, an Ethereum-based Dogecoin competitor. Unlike Dogecoin, it’s a token—a cryptocurrency that operates on the infrastructure of another blockchain—rather than a coin, which has its own blockchain. As a result, unlike Dogecoin, which is a fork of Luckycoin, which is a fork of Bitcoin-spinoff Litecoin, SHIB is an Ethereum-based ERC-20 currency.
SHIB, like Dogecoin, is a meme asset: a cryptocurrency inspired by Internet memes, with communities of fans forming around it.
The price of meme coins is typically connected to social media sentiment surrounding breaking news and influencer activity. Shiba Inu is named after the namesake dog breed, which inspired the establishment of Dogecoin by becoming the face of the “doge” meme.
14. TerraUSD (UST)
- Price: 1
- Market Cap:12,070,026,842
- Volume(24h): 329,122,689
- Circulating Supply: 12,046,333,323 UST
Terra, the firm behind TerraUSD, was founded by Do Kwon and Daniel Shin in April of this year. They launched TerraUSD on Bittrex Global on September 12, 2020. TerraUSD has been a huge success since its launch, outperforming competitors like Gemini’s GUSD and Paxos’ PAX, which are both backed by fiat money kept in real banks and subject to issuer control.
Terra, TerraUSD’s native blockchain, is Terraform Labs’ creation. The Terra Alliance, which comprises of 16 e-commerce enterprises scattered across East Asia, owns the latter. Do Kwon and Daniel Shin, the company’s founders, are both accomplished professionals. Daniel Shin is a talented entrepreneur and economist. Do Kwon is a former Microsoft Corp (NYSE: MSFT) and Apple Inc (NYSE: AAPL) software developer who has founded other firms such as TMON and Fast Track Asia. He is on Forbes’ list of the world’s most successful entrepreneurs under the age of 30.
UST’s launch with a feature set that no other stablecoin has managed to match has undoubtedly aided the project. Despite the fact that it is still relatively young, it has achieved remarkable success in the sector. Experts anticipate that the UST will soon overtake MakerDAO’s DAI, the leading stablecoin in its category.
15. Polygon (MATIC)
- Price: 1.54
- Market Cap: 11,612,890,879
- Volume(24h): 832,738,239
- Circulating Supply: 7,532,274,364 MATIC
Polygon, a blockchain project, may have been utilized in combination with Matic Network in 2021. This is because Polygon was once known as Matic Network before being renamed in February 2021. Matic Network debuted in the year 2019.
The fact that Polygon opted to keep the ticker MATIC for its native utility crypto token after the rebranding is the major source of uncertainty. This implies that the two terms can be used interchangeably. Matic is to Polygon what Ethereum is to ETH.
There are a total of 10 billion MATIC crypto currencies available, with 7.16 billion in circulation as of December 2021. Stakers — users that deposit their MATIC crypto tokens into a staking smart contract in order to become validators – will create the rest. Polygon is a proof-of-stake network in which stakers are chosen at random to verify fresh transaction data.
The rise in popularity of Ethereum in 2021, fueled by the boom in NFTs, play-to-earn games, and decentralized finance protocols, drove up the cost of scaling solutions like Polygon/MATIC. MATIC went from a market valuation of $81 million and a price of $0.018 at the start of 2021 to a market capitalization of $20 billion and a price of $2.92 on Dec. 27. This was bolstered by the announcement that Uniswap, the premier decentralized trading platform, was planning to launch on Polygon.
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