Bitcoin, the most valuable digital currency by market capitalization, has suffered dramatic price reductions and a tenfold increase in value over the last year. Nonetheless, several cryptocurrencies have triumphed.
2017/2018 was a banner year for digital currencies is an understatement. The value, interest, and quantity of digital currencies all soared in months, only to plummet before leveling off. Each week, new digital currencies are offered to investors. Many blockchain-related enterprises have followed, often backed by enormous fundraising efforts via initial coin offers (ICOs).
In the kingdom of virtual currencies, fortunes fluctuate swiftly and take precedence over various other factors. As of mid-July 2018, market capitalization was in the top 10 digital currencies.
There are thousands of cryptocurrencies, ranging from Bitcoin and Dogecoin to Tether, Ethereum, and Ripple, which might be overwhelming for newcomers to cryptocurrency. The top ten cryptocurrencies by market capitalization, or the total value of all coins currently in circulation, are listed below to help you get started.
1. Bitcoin
Bitcoin was the first cryptocurrency, and it remains the undisputed market leader to this day. The world’s most valuable digital currency has a market worth of $125 billion and a price per coin of more than $7,305.
Around 17.1 million Bitcoins are in circulation, according to coinmarketcap.com. Despite prior reports, Bitcoin would be permanently replaced as the world’s most valuable money by other digital currencies. That hasn’t happened yet.
2. Bitcoin Cash
The fourth on our list is Bitcoin Cash, a bitcoin fork that happened due to a hard fork. The market value of these digital currencies is over $14.5 billion, with a market price of $843 per coin and a total circulation of 17.2 million BCH.
3. Ethereum
Ethereum is a popular cryptocurrency and blockchain technology among programmers because of the applications it allows, such as smart contracts that run automatically when specific conditions are met and non-fungible tokens (NFTs).
Ethereum has expanded at a dizzying speed as well. Its price climbed by more than 27,000 percent between April 2016 and the beginning of March 2022, from around $11 to over $3,000.
4. Ripple Effect
With a market capitalization of more than $19.8 billion, Ripple is ranked third. The price of each XRP token is relatively low compared to the two highest digital currencies (as well as the one immediately after). The price per token is currently at 50 cents as of this writing. The overall supply of XRP, on the other hand, is quite large. There are around 39 billion crypto tokens in circulation right now.
5. EOS
EOS completes the top five with a market valuation of $7.83 billion and a total token supply of more than 896 million. Compete in a risk-free environment with $100,000 in digital cash.
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6. Use a tether (USDT)
Tether is a stablecoin, which means it is backed by fiat currencies such as US dollars and Euros and has a value equivalent to one of those denominations, unlike some other cryptocurrencies. Tether’s value should, in theory, be more stable than that of other cryptocurrencies, which is why it is chosen by investors who are concerned about other coins’ extreme volatility
7. Binance Coin (BNB)
Binance Coin (BNB) is the ideal coin for using, trading, and paying fees on Binance, one of the world’s foremost cryptocurrencies exchanges.
Since its introduction in 2017, Binance Coin has evolved beyond its original goal of allowing trades on Binance’s trading platform. Trading, payment systems, and even travel reservations may be made with it now.It can also be traded or swapped for other cryptocurrencies like Ethereum or Bitcoin.
In 2017, the cost of BNB was under $0.10. Its value had risen to approximately $413 by March 2022, a gain of nearly 410,000 percent.
8. Terra (LUNA)
Terra is a stablecoin payment network based on the blockchain concept of keeping two different types of cryptocurrencies in balance. TerraUSD and other stablecoins backed by “Terra” are tied to the value of fiat currencies. On the other hand, Luna is used to powering the Terra platform and creating more Terra stablecoins.
Terra and Luna’s stablecoins work in tandem in terms of supply and demand. When the price of a stablecoin surpasses the value of its underlying currency, customers are tempted to burn their Luna to produce more Terra stablecoins. Users are attracted to burn their Terra stablecoins to create more Luna as its value drops about its base currency. The value of Luna rises in tandem with the prominence of the Terra platform.
It’s time to wrap things up!
These are the top ten digital currencies by market capitalization as of mid-July 2018. With a market value of $125 billion, Bitcoin is the most valuable digital money globally. There are thousands more cryptocurrencies, from Bitcoin and Dogecoin to Tether and Ripple. As of this writing, the price of each XRP coin is just over 50 cents per token. With a market capitalization of more than $19.8 billion, Ripple is ranked third.
Tether and EOS round out the top five cryptocurrencies. The price of each XRP token is relatively low compared to the two highest digital currencies (as well as the one immediately after). Binance Coin (BNB) is the ideal coin for using, trading, and paying fees on Binance, one of the world’s foremost cryptocurrency exchanges. Terra is a stablecoin payment network based on the blockchain concept of keeping two different types of cryptocurrencies in balance. TerraUSD and other stablecoins backed by “Terra” are tied to the value of fiat currencies. On the other hand, Luna is used to powering the Terra platform and creating more Terra stablecoins.