From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can make the situation overwhelming when you embark on the crypto world.
To help you find your way around, here are the top 6 cryptocurrencies based on their market capitalization, or the total value of all coins currently in circulation. Reports The Blog.fr
1. Bitcoin (BTC)
Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. Like most cryptocurrencies, the BTC operates on a blockchain, or a transaction log distributed over a network of thousands of computers. Because additions to distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, bitcoin remains secure and safe from fraudsters.
The price of bitcoin has soared as it has become a household name. In May 2016, you could buy a bitcoin for about $500. As of May 1, 2022, the price of a single Bitcoin was over $38,000. This represents an increase of over 7,500%.
2. Ethereum (ETH)
Both a cryptocurrency and a blockchain platform, Ethereum is the favorite of program developers because of its potential applications, such as so-called smart contracts that run automatically when conditions are met and non-fungible tokens (NFTs).
Ethereum has also grown dramatically. From April 2016 to early May 2022, its price increased from about $11 to over $2,700, an increase of nearly 25,000%.
Unlike some other forms of cryptocurrencies, Tether is a stablecoin, which means that it is supported by fiat currencies such as the US dollar and the euro and hypothetically retains a value equal to one of these denominations. In theory, this means that the value of Tether is supposed to be more constant than other cryptocurrencies, and that it is favored by investors who are wary of the extreme volatility of other coins.
3. Binance (NBB)
Binance Coin is a form of cryptocurrency that you can use to exchange and pay fees on Binance, one of the largest crypto exchanges in the world.
Since its launch in 2017, the Binance Coin has grown beyond simple trade facilitation on the Binance exchange platform. Now it can be used for trade, payment processing or even travel booking. It can also be traded or exchanged for other forms of cryptocurrencies, such as Ethereum or Bitcoin.
The NBB price in 2017 was just $0.10. By the beginning of May 2022, its price had increased to approximately $383, a gain of approximately 350,000%.
4. Solana (SOL)
Developed to help power decentralized financial uses (DeFi), decentralized applications (DApps) and smart contracts, Solana operates on a unique hybrid challenge and history proof mechanism that helps it process transactions quickly and securely. SOL, Solana’s native token, powers the platform.
When it was launched in 2020, SOL’s price was $0.77. As of May 1, 2022, its price was approximately $87, a gain of more than 11,000%.
5. XRP (XRP)
Created by some of the same founders as Ripple, a digital technology and payments processing company, the XRP can be used on this network to facilitate the exchange of different types of currencies, including fiduciary currencies and other large crypto.
At the beginning of 2017, the XRP was priced at $0.006. As of May 1, 2022, the price was $0.59, an increase of more than 9,800%.
6. Cardano (ADA)
Later on in the cryptographic scene, Cardano is notable for his early adoption of proof of stake validation. This method speeds up transaction time and reduces energy consumption and environmental impact by eliminating the competitive and problem-solving aspect of transaction verification present in platforms like Bitcoin. Cardano also functions as an Ethereum to enable the smart contracts and decentralized applications that are powered by ADA, its native currency.
Cardano’s ADA token has grown relatively modestly relative to other major cryptocurrencies. In 2017, ADA’s price was $0.02. As of May 1, 2022, the price was $0.77. This is an increase of 3 750%.