If you are looking for the top 10 cryptocurrencies, this article provides a detailed guide on the subject matter. Digital currencies are the future whether you believe this or not. These currencies have continued to gain ground and become more relevant in the scheme of things. Here is a list of the top 10 cryptocurrencies based on market capitalization.
Current Price: $10,627.92
Market Capitalization: $196.82 Billion
Bitcoin remains the top cryptocurrency in the world till date. It is the most valuable cryptocurrency, and also has the highest market capitalization. Bitcoin was invented in 2008 by a faceless person or group of people under the name Satoshi Nakamoto. The bitcoin software was implemented as an open-source code and released in January 2009.
The bitcoin network was created when Nakamoto mined the starting block of the chain on the 3rd of January 2009. Black markets such as Silk Road were among the early adopters of bitcoin. The first commercial transaction made using bitcoin was by programmer Laszlo Hanyecz who bought 2 Papa John’s pizzas for 10,000 bitcoins. This was back in 2010. As at that time, bitcoin had no value.
In 2011, the price of a bitcoin started at $0.30. Since then, it has continued to rise to reach an all-time high of almost $20,000 on the 17th of December, 2017. Today, a bitcoin is priced at over $10,000.
Current Price: $341.61
Market Capitalization: $38.57 Billion
The biggest challenger to Bitcoin’s dominance of the crypto world is Ethereum. It is currently the second-biggest cryptocurrency in terms of market capitalization. It is a decentralized open-source blockchain that features smart contract functionality. The idea behind Ethereum was proposed in 2013 by Vitalik Buterin who is a cryptocurrency researcher and programmer. An online crowd sale that took place between July and August 2014 funded the development of the project.
The Ethereum system went live on the 30th of July 2015. A flaw in the Ethereum smart contract software was exploited in 2016 leading to the theft of $50 million worth of ether. Ether is the name of the cryptocurrency generated by ethereum miners. The exploitation of this flaw led to the splitting of Ethereum into 2 separate blockchains.
The original chain continued as Ethereum Classic (ETC) and the new separate chain became e
Ethereum (ETH). The $50 million ether that was stolen was retrieved on the new chain. Currently, Ethereum serves as the platform for almost 2,000 different cryptocurrencies and tokens. 47 of the top 100 cryptocurrencies by market capitalization are on the Ethereum platform. The current price of Ethereum is $341.61.
Current Price: $1.00
Market Capitalization: $15.62 Billion
Tether is one of the first stablecoins. Stablecoins are cryptocurrencies which aim to peg their market value to a currency or other external reference point to reduce volatility. Ardent followers of cryptocurrencies and blockchain technology will know that most digital currencies including major ones experience periodic price fluctuations. To reduce the risk and appeal to cautious users, stablecoins like Tether attempt to make price as stable as possible.
Tether is backed by the USD at a constant price of $1.00 per Tether. However, there is no guarantee the price will remain that way. There have been controversies surrounding the currency due to the refusal of the company behind it to release a promised audit. The audit would help verify if adequate reserves are backing Tether.
- Ripple (XRP)
Current Price: $0.248590
Market Capitalization: $11.23 Billion
XRP is the digital currency of the Ripple Network. Ripple is the world’s fastest-growing cryptocurrency payment platform. The Ripple Network processes transactions between 3 to 5 seconds. This is one of the reasons why XRP is being adopted by global banks. XRP can be sent directly with the need for a central intermediary.
XRP is currently the 4th most valuable cryptocurrency in terms of market capitalization. A single XRP is worth $0.248590 as of now.
- Bitcoin Cash
Current Price: $219.42
Market Capitalization: $4.07 Billion
Bitcoin Cash is one of the earliest and most successful hard forks of bitcoin. Forks result from disagreements between the developers and miners of a particular cryptocurrency. Due to the decentralized nature of cryptocurrencies, changes to the underlying code of a cryptocurrency can only be affected if there is a consensus. Inability to reach a consensus will lead to a fork.
What happens during the fork is that those against the new changes will stick to the original code. Those in favour of the changes will create a new version of the prior currency with the changes effected. This was the process that birthed Bitcoin Cash in August 2017. It broke off from the original bitcoin to stand alone as a different cryptocurrency. The price of a single Bitcoin Cash currently is $219.42
- Binance Coin
Current Price: $27.65
Market Capitalization: $3.99 Billion
Binance is one of the top cryptocurrency exchange platforms in the world. It was founded in 2017. It is currently the largest cryptocurrency exchange in the world in terms of the overall trading volume. Binance Coin was created to provide an alternative way for traders to pay transaction fees charged on Binance. The coin can also be used to pay for some goods and services, including travel fees.
Binance Coin started as an Ethereum based token but has since moved to its own custom blockchain called Binance Chain. The Binance Chain does not support smart contracts, unlike Ethereum. Currently, a Binance Coin is worth $27.65
Current Price: $3.80
Market Capitalization: $3.24 Billion
Polkadot is a relatively new cryptocurrency. It broke into the top 10 largest cryptocurrencies based on market capitalization soon after its launch. Some believe that Polkadot will break into the top 3 soon.
There is a lot of hype behind the Polkadot project which was conceived by Ethereum co-founder, Dr Gavin Wood. Polkadot is considered a next-generation blockchain protocol. It connects several blockchains in a single network and allows them to operate seamlessly together. Blockchains that are connected on the Polkadot network can process transactions in parallel and also exchange data with one another securely.
The current price of Polkadot is $3.80. There is a lot of prospect for this currency. Polkadot is perceived by some to be a threat to Ethereum which currently is 2nd on this list.
Current Price: $8.84
Market Capitalization: $3.09 Billion
The co-founders of chainlink are Sergey Nazarov and Steve Ellis. Chainlink is a decentralized oracle network that aims to connect smart contracts with real-world data. It is known that blockchains are unable to access data outside their network. Oracles act as data feeds in smart contracts. They provide external data that trigger the execution of smart contracts upon the fulfilment of predefined conditions.
In the case of Chainlink, the oracles are connected to the Ethereum network. Participants on the Chainlink network get rewards for providing smart contracts with access to external data feeds. The Chainlink network was birthed in September 2017 when an ICO was held. The ICO raised $32 million for the network.
Currently, Chainlink is the 8th largest cryptocurrency in terms of market capitalization. A Chainlink (LINK) is currently priced at $8.84.
Current Price: $46.16
Market Capitalization: $3.03 Billion
Litecoin is a fork of the original Bitcoin. It is similar to Bitcoin in many ways but also different in many ways. Litecoin was released in 2011 by Charlie Lee, a Google employee and former Coinbase Engineering director. It is currently the 9th largest cryptocurrency in terms of market capitalization. A Litecoin is currently priced at $46.16
The major difference between Bitcoin and Litecoin is that the latter aims to process a block every 2.5 minutes. This is much faster than Bitcoin’s 10 minutes processing time for a block. Another difference between the two currencies is that Litecoin uses scrypt in its proof-of-work algorithm.
- Cryto.com Coin
Current Price: $0.147686
Market Capitalization: $3.03 Billion
The 10th crypto coin on this list of top 10 cryptocurrencies is the Crypto.com Coin. It is the native token of the Crpto.com Chain. The chain was created to build a network of cryptocurrency projects, and also to help merchants accept crypto as a form of payment. The Crpto.com Chain aims to help make transaction flows between crypto users and merchants accepting cryptos seamless and secure.
Businesses can use the Crypto.com pay checkout and/or invoice to receive payments from customers. Customers are charged through their Crypto.com Wallet App. Payment is remitted to businesses instantly in Crypto.com Coin, stable coins, or fiat. Currently, a single Crpto.com Coin is priced at $0.147686
Conclusion (Top 10 Cryptocurrency)
Cryptocurrencies are here to stay as these digital currencies will continue to gain relevance in the scheme of things. If you are yet to catch on this trend, it is time to act. The top 10 cryptocurrencies in terms of market capitalization have been discussed in the body of this article. These digital currencies are some of the most valuable and are highly recommended by crypto enthusiasts.