What Are Cryptocurrencies, exactly?
A sort of digital asset that may be traded without the involvement of a bank or other centralized body is a cryptocurrency. The $US1.2 trillion cryptocurrency sector is currently represented by more than 23,000 projects.
1: Bitcoin (BTC)
- Market cap: $US599 billion
Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.
Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $US500. As of July 13, 2023, a single Bitcoin’s price was around $US30,342. That’s a growth of more than 6,070% .
2: Ethereum (ETH)
- Market cap: $US232 billion
Both a cryptocurrency and a blockchain platform, Ethereum is a favourite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to the start of July 2023, its price went from about $US11 to around $US1870, increasing around 17,509%.
3: Tether(USDT)
- Market cap: $US83 billion
Tether (USDT) is a stablecoin, which means it's backed by fiat currencies like US dollars and the Euro and theoretically maintains a value equal to one of those denominations, unlike certain other types of cryptocurrencies. As a result, investors who are cautious of the severe volatility of other coins choose Tether because its value is theoretically expected to be more stable than that of other cryptocurrencies.
4:Binance coin (BNB)
- Market cap: $US38 billion
One of the biggest cryptocurrency exchanges in the world, Binance, accepts payments in the form of Binance Coin (BNB), a type of cryptocurrency. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements.It can also be exchanged for or converted into different cryptocurrencies like Ethereum or Bitcoin.
BNB’s price in 2017 was just $0.10. By July13,2023, its price had risen to around $US244, a gain of approximately 242,900%.
5: U.S Dollar Coin (USDC)
- Market cap: $US27.7 billion
A stablecoin, like Tether, USD Coin (USDC) strives for a 1 USD to 1 USDC ratio and is backed by US dollars. Several blockchains, including Ethereum and Solana, support USDC, and you can use USD Coin to execute cross-border transactions.
6: XRP (XRP)
- Market cap: $US25.6 billion
XRP is a cryptocurrency that may be used on that network to facilitate trades of many currency types, including fiat currencies and other significant cryptocurrencies. It was developed by some of the same founders as Ripple, a digital technology and payment processing company.
2017 started with the price of XRP at $US0.006.As of the start of July 13, 2023, its price reached $US0.47, equal to a rise of 8,066%.
7: Cardano(ADA)
- Market cap: $US10.2 billion
Cardano (ADA), which entered the crypto world a little later, is renowned for using proof-of-stake validation early on. By eliminating the competitive, problem-solving element of transaction verification in systems like Bitcoin, this technique reduces energy consumption, speeds up transaction times, and has a smaller negative impact on the environment. Cardano functions similarly to Ethereum in order to support decentralized applications and smart contracts, which are powered by its native token, ADA.
In comparison to other significant crypto coins, the growth of the Cardano ADA token has been somewhat muted. The cost of ADA was $0.02 in 2017. On July 13, 2023, it was being sold for $0.29. This represents a growth of 1,350%.
8: Dogecoin( DOGE)
- Market cap: $US9.6 billion
Dogecoin was famously started as a joke in 2013 but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Dogecoins can be manufactured in an unlimited amount, unlike many other cryptocurrencies, making the currency vulnerable to devaluation as supply rises.
Dogecoin’s price in 2017 was $0.0002. By the start of July 13, 2023, its price sat at $0.065, up 33,900%.
9:Litecoin (LTC)
- Market cap: $US7.7 billion
A well-known cryptocurrency platform called Litecoin allows quick and secure peer-to-peer transfers anywhere. It was created in 2011 by Charlie Lee, a Google engineer, as an early alternative to Bitcoin, earning it the title of “silver to Bitcoin’s gold.”
Litecoin is known for its wide use in microtransactions, remittances, and other financial transactions where speed and cost efficiency are paramount. It can process a block every 2.5 minutes, as opposed to Bitcoin’s 10 minutes, making it significantly faster.
The native token of the Litecoin platform is LTC. It is used for transaction fees, as a store of value, and for everyday uses like purchases. The initial value of LTC was about $US4.30 at its launch, and as of July 13, 2023, it is priced at $US100.15, a gain of over 2,340%.
10: Solana ( SOL)
A high-performance blockchain platform called Solana is intended to offer scalable and quick transaction processing.One of the fastest blockchain networks currently accessible, it uses a special consensus technique called Proof of History that enables it to execute up to 65,000 transactions per second. The platform supports smart contracts and decentralised applications (dApps) and is extremely popular for NFT trading.
The native token of the Solana platform is called SOL, and is used for paying transaction fees, staking, and participating in governance decisions on the network. The ICO price for SOL was $US0.22 and as of July 13, 2023, now sits at $US21.56, an increase of 8,536%.
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