There are dozens of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, which might be confusing when you’re just starting in cryptocurrency. We’ve put together the top 5 cryptocurrencies by market capitalization, which is how much total currency worth is now in circulation.
Because of the rule of supply and demand, market capitalization statistics are constantly changing. The values in the list below are for March 22, 2022, thus approximations.
Following each cryptocurrency, such as BTC, the acronym refers to its ticker symbol, which serves as a form of identification for trading reasons.
Bitcoin (BTC)—Market capitalization—$880 billion
Satoshi Nakamoto’s alias Satoshi Nakamoto founded Bitcoin (BTC) in 2009. BTC, like other cryptocurrencies, is based on a blockchain, which is a ledger that records transactions over a network of thousands of computers. Bitcoin is safe against fraudsters because modifications to distributed ledgers must have validated by solving a cryptographic puzzle.
As Bitcoin has become a household brand, its price has risen. In May 2016, a Bitcoin could be purchased for about $500. A single Bitcoin was worth more than $46,300 on June 1, 2022. That’s a more than 9,000% increase.
Ethereum (ETH)—Market capitalization—$415 billion
ETH, both a cryptocurrency and a blockchain platform, is a favorite among programmers because of its possible uses, such as smart contracts that run automatically when certain conditions are satisfied and non-fungible tokens (NFTs).
Ethereum has grown tremendously as well. From June 2016 to the beginning of June 2022, its price increased by more than 31,000 percent, rising from about $11 to over $3,450.
Binance Coin (BNB)—Market capitalization—$68 billion
The Binance Coin is a cryptocurrency that may use to trade and pay fees on Binance, one of the world’s biggest cryptocurrency exchanges.
Binance Coin has grown beyond just conducting deals on Binance’s exchange platform since its inception in 2017. It is now possible to utilize it for business, payment processing, and even organizing trip plans. It may also be traded or swapped for other cryptocurrencies like Ethereum or Bitcoin.
In 2017, the price of BNB was just $0.10. Its price had climbed to nearly $445 by June 2022, a gain of approximately 445,000 percent.
Solana (SOL)—Market capitalization—$14 billion
As an open-source crypto project, Solana makes use of blockchain technology to provide decentralized financial solutions (DeFi).
Users and developers may trade for less than $0.01 because to the project’s incredible scalability.
It’s also very fast and cheap, which means the network is constantly available for new applications and transactions. Solana also resists censorship.
Since its inception, Solana has continued to soar to new heights, attracting the interest of investors from all corners of the market.
Experts estimate a 400% growth in the next few months.
Cardano (ADA)—Market capitalization—$39 billion
Cardano, which arrived on the crypto market later, is famous for its early acceptance of proof-of-stake validation. By eliminating the competitive, problem-solving part of transaction verification seen in systems like Bitcoin, this solution reduces transaction time, energy use, and environmental effect. Cardano, like Ethereum, uses ADA, its native token, to allow smart contracts and decentralized apps.
Cardano’s ADA token has grown slowly compared to other major crypto currencies. In 2017, the price of ADA was $0.02. Its current value was $1.17 as of June 1, 2022. This is a 5,750% gain.
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Disclaimer: Investing in the cryptocurrency market is fraught with danger. Investing in cryptos and NFTs has a risk of loss. It is easy to lose sight of your principles. Before investing your money, please do your homework.
It should be noted that investing in cryptocurrencies is not for everyone. The Financial Conduct Authority (FCA), the UK’s financial watchdog, offers frequent warnings to consumers regarding the crypto business. The FCA advises potential investors that crypto assets are unregulated and high-risk, which means they “are highly unlikely to have any protection if things go wrong, therefore consumers should be prepared to lose all their money if they choose to invest in them.”