Cryptography serves as the security for cryptocurrencies, which are a type of digital-only financial exchange. Unlike dollars or pounds, they are not tangible currency.
Since its launch more than ten years ago, the original cryptocurrency, Bitcoin, has cleared the path for the development of thousands of competing ones.
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Top 10 cryptocurrencies
If you’re unfamiliar with crypto, here are the top 10 largest cryptocurrencies in market capitalization. Often shortened to ‘market cap,’ this figure represents the total value of each coin in circulation.
The law of supply and demand means that market cap figures are continually subject to change. The numbers in the list below are approximate because they apply to 1 November 2022.
Each cryptocurrency’s abbreviation, such as BTC, refers to its ticker symbol, which serves as an identifier for trade.
1. Ethereum (ETH):
Earnings per share: £159 billion
Because of its potential applications, Ethereum is both a cryptocurrency and a blockchain platform that is well-liked among programmers.
These include non-fungible tokens, often known as NFTs, and so-called “smart contracts,” which automatically carry out when certain circumstances are satisfied.
NFTs are digital assets that simulate physical objects, such as one-of-a-kind art pieces.
Another cryptocurrency that has grown significantly is Ethereum. For instance, its cost has increased from £8 to £1,340 from April 2016 to the present.
2. Binance Coin (BNB):
Earnings per share: £40 billion
Users of Binance, one of the biggest cryptocurrency exchanges in the world, may trade and pay fees using Binance Coin. A discount is applied to exchange fees paid in Binance Coin.
Binance Coin was introduced in 2017 and is now used for more than just enabling deals on the Binance platform. Now, it may be used for trading, collecting payments, and even making trip plans. Additionally, it can be traded or converted into other cryptocurrencies like Bitcoin or Ethereum.
A coin had a worth of less than 10p in 2017, but this month it has been selling at almost $265.
3. Polygon GBP (MATIC-GBP):
Market price: $7.9 billion
Matic Network used to be another name for Polygon. An Ethereum token known as MATIC powers the Polygon Network, an Ethereum scaling solution. Polygon uses blockchains that coexist with the Ethereum main chain to offer quicker and less expensive transactions on the Ethereum network.
4. Cardano (ADA):
Earnings per share: £10.8 billion
Cardano is notable for its early adoption of “proof-of-stake” validation despite entering the crypto scene later.
This is the second of the two main consensus techniques that cryptocurrencies employ to verify new transactions, add them to the blockchain, and produce new tokens (the first is “proof-of-work,” see Bitcoin above).
By eliminating the competitive, problem-solving element of transaction verification via platforms like Bitcoin, this method speeds up transaction times while lowering energy consumption and environmental impact.
Cardano uses ADA, its native coin, for intelligent power contracts and decentralized applications, much like Ethereum.
5. XRP (XRP):
Earnings per share: £16.7 billion
A quick and inexpensive cryptocurrency for international transfers is what XRP intends to be.
A digital technology and payment processing firm founded by some of the same founders as Ripple, XRP may be used on that network to conduct exchanges of various currency types, including fiat currencies and other significant cryptocurrencies.
6. Bitcoin (BTC):
Earnings per share: £363 billion
Bitcoin, the first cryptocurrency, was first proposed in 2008 by an unidentified person or group of persons going by the alias Satoshi Nakamoto. Its creation represented a cryptographic advance.
Bitcoin operates on a blockchain, like most other cryptocurrencies, a piece of software that serves as a digital ledger to record transactions made over a network of thousands of computers.
7. Tether (USDT):
Earnings per share: £54.8 billion
Tether is a form of “stablecoin,” in contrast to some of its cryptocurrency competitors.
Stablecoins make an effort to tie their market value to an outside standard. This means that Tether is backed by recognized “fiat” currencies like the US dollar, the euro, or the British pound and theoretically maintains a value equivalent to one of those denominations.
According to the hypothesis, Tether’s value should fluctuate less than other cryptocurrencies. Investors leery of the significant volatility linked to other coins frequently favor it.
8. US Dollar Coin (USDC):
Earnings per share: £34.2 billion
Another stable currency is the US Dollar Coin (USDC). It is backed by dollar-denominated assets stored in segregated accounts with financial institutions governed by US law and convertible 1:1 for US dollars. Ethereum powers USDC, which may be used to conduct transactions anywhere globally.
9. Dogecoin (DOGE):
Earnings per share: $9.8 billion
In 2013, Dogecoin was created as a joke, but with the help of a passionate community and innovative memes, it quickly became a well-known cryptocurrency. Dogecoins can be created in an unlimited number, unlike many other cryptocurrencies, making the currency vulnerable to devaluation as supply rises.
In 2017, the price of Dogecoin was £0.00016. Its cost was approximately 7p in February 2023.
10. Binance USD (BUSD):
Earnings per share: £13 billion
To create a cryptocurrency backed by the dollar, Paxos and Binance founded the stablecoin known as Binance USD (BUSD). Paxos holds an amount of US dollars equivalent to the entire supply of BUSD to maintain this value. BUSD, like other stablecoins, enables users and traders to conduct exchanges with other crypto assets while reducing the volatility risk.
