Introduction: There are numerous cryptocurrencies in circulation today. Ranging from Bitcoin to Dogecoin and Etherum to Tether, it can be pretty overwhelming when you first start investing in the crypto market. This blog will introduce you to some of the essential cryptocurrencies that dominate the market today. Further, we will tell you about the positive and the opposing sides you must consider.
- BTC or Bitcoin:
Market Capitalization: $850+ Billion
It was created by a person with the pseudonym Satoshi Nakamoto in the year 2009. Bitcoins run on DLT blockchains that can display records across numerous network interfaces. This process helps keep bitcoin free from any fraud, and the process is known to verify the proof of work.
Over the years, BTC’s price has grown in leaps and bounds. Being the most popular currency has helped bitcoin grow around 8900% in just five years. One can very well get hold of a coin at about $500 only five years ago, which is now priced at almost $45000.
- Etherum:
Market CApitalization: $350+ Billion
It is the most popular cryptocurrency and comes next to Bitcoin. It is not only a cryptocurrency but also a blockchain platform. Etherum can employ applications like smart contracts that are automatically executed.
In recent years Etherum has also seen tremendous growth. This crypto is not too expensive. You can get hold of it at around $3000 and was once sold for a mere $11, in the last five years. Etherum has seen an overall growth of almost 27000%.
- Binance Coin:
Market Capitalization: $70+ Billion
The crypto has expanded beyond its primary utility of exchange on the Binance exchange forum. Today it is widely used for trading and payment purposes. Some owners of this crypto also utilize it for making travel arrangements. In recent times Binance is also being used to exchange for cryptos like Etherum and Bitcoin. Furthermore, this crypto also enables digital buying and selling.
- ADA or Cardano:
Market capitalization: $60+ Billion.
Cardano has gained laurels for its one particular trait, i.e. its early and efficient embrace of proof of stake validation and preferred by crypto owners for its quicker transactional time and reduced energy usage by eliminating the problem solving and competitive transactional verification procedure commonly seen in cryptos like Etherum and Bitcoin.
Cardano also has features to enable decentralized applications and smart contracts that are similar to Etherum.
Unlike other coins, Cardano had decent growth in the past few years. Its price rose from a mere $0.02 to $2.10 in the last few years.
- USTD or Tether:
Market Capitalization: $64+ Billion
Unlike other seemingly unstable cryptocurrencies, Tether gets complete support from fiat currencies like the USD and Euros. The crypto keeps its value at par with at least one of these fiat currencies at all times. You can consider any wealth matrix, and make it mega!
Tether is a massive hit with those investors who are anxious about the high volatility rates of other cryptocurrencies.
- XRP:
Market Capitalization: $52+ Billion
The makers of Ripple created it. XRP plays a vital role in networks to facilitate the trading and exchange of Fiat currency and other critical digital currencies.
In just a few years, XRP has grown around 19000%.
- Dogecoin:
Market capitalization: $40+ Billion.
Due to the high-profile controversies and memes surrounding this coin, it has become a very significant cryptocurrency in a brief period. The currency is prone to devaluation. The central reason behind this is the absence of any barrier.
From 2017-2021 this coin has a 1,54,000% rise in its value.
- Polkadot or DOT:
Market Capitalization: $25+ Billion.
Cryptos use several forms of blockchains. This particular cryptocurrency aims to integrate the blockchains. It follows a web of cryptocurrency networks that integrate several blockchains.
The currency was just launched in the year 2020, and ever since, it has seen a 774% growth as of August 2021.
Conclusion:
We hope this article brings valuable insights to your perspective on the important cryptocurrencies in circulation today and help you invest better in the crypto market.