Starting out in the world of cryptocurrencies is challenging because there are thousands of different cryptocurrencies, from Bitcoin and Ethereum to Dogecoin and Tether. These are world’s top 10 cryptocurrency based on market capitalization, or the total value of all the coins that are currently in circulation, to help you get your bearings.
What is Cryptocurrency?
A cryptocurrency is a digital asset that can be traded freely, independent of a bank or centralized authority. Over 1 trillion cryptocurrency market is currently represented by more than 20,000 projects that total more than 20,000 cryptocurrencies.
10- Dogecoin (DOGE)
- Market cap: $8 billion
- Circulating Supply: 132,670,764,300 DOGE
In the list of the World’s top 10 cryptocurrency Dogecoin is number 10. Dogecoin was infamously invented in 2013 as a joke, and quickly became a well-liked cryptocurrency thanks to a dedicated community and clever memes. Unlike many other cryptocurrencies, Dogecoins can be created in an infinite number, making the currency susceptible to devaluation as supply increases.
Dogecoin’s price in 2017 was $0.0002. It cost $0.061 on September 1, 2022, a 30,400% increase.
Related: What is Dogecoin? Is Dogecoin a Joke? Dogecoin History
9- Solana (SOL)
- Market cap: $10 billion
- Circulating Supply 353,985,208 SOL
In the list of the World’s top 10 cryptocurrency Solana SOL coin is number 9. Decentralized apps, smart contracts, and decentralized finance are powered by the Solana platform Defi. To process transactions quickly and securely, a unique hybrid proof-of-stake and the proof-of-history mechanism is used. The platform is controlled by SOL, Solana’s native token.
SOL’s price was $0.77 when it made its debut in 2020. At the beginning of September 2022, it cost about $31.25, an increase of nearly 3,958%.
The proof-of-history consensus algorithm is used by the Solana blockchain. To determine the next block in Solana’s chain, this algorithm uses timestamps. A proof-of-work algorithm is used by the majority of early cryptocurrencies, including Bitcoin and Litecoin, to determine the blocks in their chains.
Related: What is Solana (SOL) and how does it work? | Solana Explained
8- Cardano (ADA)
- Market cap: $15 billion
- Cardano ADA 45,000,000,000
- Circulating Supply 34,182,044,153 ADA
In the list of World’s top 10 cryptocurrency Cardano ADA coin is number 8. The cryptocurrency Cardano (ADA), which came on the scene a little later, is notable for having adopted proof-of-stake validation at an early stage. This method reduces energy consumption, speeds up transaction times, and has less of an adverse environmental impact by removing the competitive, problem-solving element of transaction verification in platforms like Bitcoin. Similar to Ethereum, Cardano allows for smart contracts and decentralized applications that are powered by ADA, the platform’s native coin.
The Cardano ADA token’s growth has been rather slow when compared to other significant crypto coins. The price of ADA was almost $0.02 in 2017. On September 1st, 2022, it was priced at $0.44. This is an increase of 2,400%.
Cardano utilizes the Ouroboros proof-of-stake (PoS) blockchain protocol, which was created specifically for consensus. This consensus process ensures that smart contracts on the Cardano blockchain are secure and that ADA can always be sent and received quickly and safely.
7- XRP (XRP)
- Market cap: $16 billion
- Max Supply 100,000,000,000
- Circulating Supply 49,826,021,773 XRP
XRP is on no 7 in the list of the world’s top 10 cryptocurrencies. On that network, XRP is a cryptocurrency that can be used to facilitate exchanges of different types of money, including fiat money and other significant cryptocurrencies. It was created by some of the same founders as Ripple, a company that develops digital technology and handles payments.
XRP’s value at the start of 2017 was $0.006. As of September 1, 2022, its cost increased by 5,233% to $0.32.
The XRP ledger supports the transfer of tokens that represent fiat currency, cryptocurrencies, or any other type of unit of value using distributed ledger technology (rather than blockchain technology). Without prior authorization from Ripple Labs, anyone could access the protocol because it is completely open.
6- Binance USD (BUSD)
- Market cap: $19 billion
- Circulating Supply 20,517,253,085 BUSD
In the list of World’s top 10 cryptocurrency Binance stablecoin BUSD is number 6. Paxos and Binance founded the Binance USD stablecoin to produce a cryptocurrency backed by the dollar (BUSD). To maintain this value, Paxos holds an amount of US dollars equal to the entire supply of BUSD. BUSD enables users and traders to exchange one cryptocurrency for another while reducing the risk of volatility, similar to other stablecoins.
5- Binance Coin BNB
- Max Supply 200,000,000 BNB
- Circulating Supply 161,337,261 BNB
- Market cap: $44 billion
BNB is on no 5 in the list of World’s top 10 cryptocurrency. One of the biggest cryptocurrency exchanges in the world, Binance, offers a cryptocurrency called Binance Coin (BNB) that you can use to trade and settle fees. Since its launch in 2017, Binance Coin has developed to be more than just a way to execute trades on Binance’s exchange platform. Nowadays, it can be utilized for trading, processing payments, or even making travel arrangements. It can also be traded for other cryptocurrencies like Bitcoin or Ethereum, among others.
In 2017, BNB was only $0.10 per night. By the beginning of September 2022, it cost about $276, an increase of about 275,900%.
The operation of Binance Coin. The value of BNB fluctuates as it is used and traded, just like other digital assets available on the market. BNB can be held by users in compatible wallets off of cryptocurrency exchanges and sent directly to others for payments or other purposes.
4- U.S. Dollar Coin (USDC)
- Market cap: $52 billion
- Circulating Supply 50,232,803,407 USDC
USDC is on no 4 in the list of the world’s top 10 cryptocurrencies. Stablecoins are backed by U.S. dollars, and USD Coin (USDC), like Tether, seeks to have a 1:1 USDC to USD backing ratio. You can use USD Coin to carry out cross-border transactions because USDC is powered by Ethereum.
Each USDC is redeemable for one dollar and is backed by either one dollar or an asset denominated in dollars that is equal in value and is kept in accounts at institutions of higher learning in the United States. Grant Thornton LLP, a U.S. accounting firm, audits those accounts and issues monthly attestations on the reserves supporting USDC.
3- Tether (USDT)
- Market cap: $67 billion
- Circulating Supply 67,923,548,349 USDT
USDT is on no 3 in a list of the world’s top 10 cryptocurrencies. In contrast to some other cryptocurrencies, Tether (USDT) is a stablecoin, which means it is backed by fiat currencies like U.S. dollars and the Euro and essentially maintains a value equal to one of those denominations. Since other cryptocurrencies’ values are theoretically more volatile than Tether’s, it is preferred by investors who are leery of those currencies’ high volatility.
When a user deposits fiat money into Tether’s reserve, using that money to buy USDT instead of fiat, Tether then creates tokens representing that same digital amount. After that, the USDT may be traded, saved, or transferred.
2- Ethereum (ETH)
- Market cap: $192 billion
- Circulating Supply 122,398,373 ETH
In the list of World’s top 10 cryptocurrency Ethereum, ETH is number 2. Ethereum, a blockchain platform and cryptocurrency is a favorite among programmers due to its potential applications, including so-called smart contracts that automatically execute when certain conditions are satisfied and non-fungible tokens (NFTs).
Additionally, Ethereum has grown dramatically. From about $11 to about $1,568 between April 2016 and the start of September 2022, its price increased by about 14,155%.
For the purpose of securely executing and validating smart contract application code, Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network. Participants can conduct business with one another using smart contracts without the need for a reliable central authority.
1- BTC
- Market cap: $383 billion
- Circulating Supply 19,152,531 BTC
- Max Supply 21,000,000 BTC
Bitcoin BTC is on no 1 in a list of the world’s top 10 cryptocurrencies. Satoshi Nakamoto invented the first cryptocurrency in 2009, which was called Bitcoin (BTC). BTC is supported by a blockchain, which is a distributed ledger maintained by a network of thousands of computers, like the majority of cryptocurrencies. Due to the requirement that updates to distributed ledgers be verified by solving a cryptographic puzzle, a process known as proof of work, Bitcoin is kept secure and shielded from fraudsters.
The cost of bitcoin has increased as it has grown in acceptance. In May 2016, one Bitcoin was worth approximately $500. One Bitcoin cost approximately $19,989 on September 1, 2022. That is an increase of almost 3,900%.
Related: What is bitcoin how does it work: Bitcoin Explained
Bitcoin uses the SHA-256 hashing algorithm to encrypt the data contained in the blocks on the blockchain. Simply put, the transaction data stored in a block is encrypted using a 256-bit hexadecimal number. That number contains all transactional details and information pertaining to blocks before that block.
