A cryptocurrency is a digital currency. You can use cryptocurrency to make online payments without the need for intermediaries like banks, or you can hold it as an investment. Bitcoin is a cryptocurrency created by Satoshi Nakamoto in 2008. Bitcoin is a digital currency that is decentralized and can be sent directly from one user to another on the peer-to-peer network. There is no central bank. Network nodes use cryptography for verifying transactions. These transactions are then registered in a distributed ledger known as a blockchain. Bitcoin will remain the dominant cryptocurrency market regardless of its price. High liquidity will be a benefit to traders regardless of the price. Market stability for as long as it exists. Although bitcoin’s volatility is unpredicted, the trend has been upward.
Top Crypto Currencies
Bitcoin (BTC)
Market cap: Over $883 billion
It is the world’s first cryptocurrency. This is a highly established and valuable currency. BTC, like most cryptocurrencies, runs on a blockchain. This is a ledger that logs transactions across thousands of computers. Bitcoin is protected from fraudsters because any additions to distributed ledgers must first be verified by solving cryptographic puzzles. This process is called proof of work. Bitcoin has become a household name and its price has risen dramatically. Five years ago Bitcoin Could Be bought for $500. A single Bitcoin was worth over $45,000 as of August 2021. Growth increase of approximately 8,900%.
ETH (Ethereum)
Market cap: Over $413 billion
Ethereum is a decentralized platform for software that allows Smart Contracts and other Decentralized Applications (DApps), to be created and run without any third-party intervention, theft, control, or intervention. Ethereum is a permissionless, nonhierarchical network made up of nodes that can generate consensus on a growing sequence of “blocks” or transactions known as the blockchain. Ether is the native cryptocurrency of the platform. It is second in market capitalization, after Bitcoin. Vitalik Buterin a computer programming expert developed Ethereum in 2013. After being crowdfunded in 2014, the network went live on July 30, 2015. It had an initial supply of 72 million coins. Ethereum is used to decentralize finance, the production of and exchange non-fungible tokens.
ADA (Cardano)
Market cap: Over $82 billion
Cardano is an open-source project and cryptocurrency network. It aims to create a public blockchain platform that can be used for smart contracts. Ada is Cardano’s internal cryptocurrency. Charles Hoskinson was a co-founder and the first to release Ethereum and BitShares. He started the development of the platform in 2015. Charles Hoskinson was one of five founding members of Ethereum and was also a co-founder. He left Ethereum after some disagreements and helped to develop Cardano.
BNB (Binance Coin)
Market cap: Over $70 billion
Binance Coin (BNB), an Ethereum-based ERC20 token, was launched by the popular cryptocurrency exchange Binance. This coin can be used to pay a commission on transactions made on the exchange. The token has a total of 200 million tokens. Binance plans to use 20% of its profits each quarter to purchase back and burn BNB, until 50% of the total supply (100,000,000) is exhausted, according to the Whitepaper.
USDT (Tether)
Market cap: Over $68 billion
Tether, formerly known as the Real coin was launched in 2014. It is one of the first cryptocurrencies to be pegged at the US dollar. Tether, a blockchain-based cryptocurrency, has crypto coins that are backed by equal amounts of fiat currencies in a specific bank account such as the dollar or euro. Tether, also known as a stablecoin or cryptocurrency, is designed to keep cryptocurrency prices stable and not fluctuate like other cryptocurrencies such as Bitcoin and Ethereum.
SOLANA (Sol)
Market cap: Over $58 billion
Solana was designed to power decentralized finance (Defi), decentralized apps (DApps), and smart contracts. It runs on a unique hybrid of proof-of-stake and proof–of-history mechanisms, which allow it to process transactions quickly and securely. The platform is powered by SOL, Solana’s native token. SOL was launched in 2020 at $0.77. Its price had risen 9,405% to $73.19 by August 2021.
XRP (Ripple)
Market cap: Over $51 billion
Ripple, a cryptocurrency and digital payment network for financial transactions, was released for the first time in 2012. Ripple Labs developed XRP to be used in its decentralized payments system. XRP can be used with a network rather than a Blockchain since the company began with a blockchain-based system.XRP is a favorite coin of big financial organizations and crypto lovers.
Dogecoin (DOGE)
Market cap: Over $33 billion
Celebrities and billionaires such as Elon Musk have made Dogecoin a topic of great interest. Dogecoin was created as a meme coin (joke) in 2013. However, it quickly became a popular cryptocurrency option thanks to the dedicated community and creative memes. There is no limit to the number of Dogecoins you can create, unlike other cryptos like Bitcoin. This makes the currency vulnerable to falling in value as the supply increases. Dogecoin’s price was $0.0002 in 2017. Its price reached $0.31 in August 2021, a 154,900% rise.
USD Coin (USDC)
Market cap: Over $28 billion
USD Coin (USDC), like Tether, is a stable coin. It’s backed with U.S. Dollars and aims to achieve a 1 USD to 1 USDC ratio. This coin can be used to make transactions worldwide. USDC is powered by Ethereum.
DOT (Polkadot)
Market cap: Over $28 billion
Polkadot, a unique proof-of-stake cryptocurrency, aims to enable blockchain interoperability. Its protocol connects permission and non-permissioned blockchains as well as Oracles, allowing systems to interact under one roof. Polkadot was founded by Gavin Wood and Robert Habermeier (Thiel Fellow), as well as Peter Czaban. Gavin Wood, was the Chief Technology Officer of Ethereum Project, is also a co-founder. Polkadot’s relay chain allows for an internet where any independent blockchain can securely share transactions and information. Polkadot is designed to make it easier to connect and create decentralized apps, utilities, or organizations.
