Most Popular Cryptocurrencies other than Bitcoin
Cryptocurrencies are freely tradeable assets, regardless of financial institutions or centralization. There are currently 21,000 cryptocurrency projects in circulation. A cryptocurrency is a type of asset that can be traded freely without relying on financial institutions or central authorities. Twenty-one thousand active cryptocurrency projects currently make up the total $1 trillion cryptocurrency market.
From Dogecoin and Tether to Smart Chain and Bitcoin, dozens of different coins create a vast cryptosystem for individuals interested in the cryptocurrency world. The top 5 essential cryptocurrencies, measured by market valuation, the sum of the values of all coins currently in circulation, are listed below to provide a preview.
1) Bitcoin
The first cryptocurrency was Bitcoin (BTC), invented by Satoshi Nakamoto in 2009. Bitcoin, like most other cryptocurrencies, works on the blockchain. Bitcoins are safely stored and protected from fraudsters by a robust security system.
As Bitcoin's popularity has grown, its value has risen. The price of 1 Bitcoin was around $500 in May 2016. On December 6, 2022, the price of 1 Bitcoin was approximately $17,020. At a market value of $400 billion, that would be an increase of 3,304%, making it a suitable asset for investment.
2) Ethereum
Developers can build their cryptocurrency on the Ethereum network and use it to implement their smart contracts. This is the second most popular cryptocurrency; although it launched several years later than some other cryptocurrencies, it has far outpaced its market position. Thanks to its unique technology. The Merge technology upgrades improved Ethereum's trading system, resulting in fewer coins being created and mining becoming obsolete.
The New technology reduces transaction fees. Although not as popular as Bitcoin, it has been adopted by traditional businesses. Ethereum is expanding its IT team to build the infrastructure needed to provide Ethereum custody and trading services to its customers.
3) Binance Coin
After years of relatively stable prices, at least by cryptocurrency standards, Binance coin surged in early 2021, rising from around $40 in January to a record high of $680. The Binance coin is one of the most stable investment options due to its long-term performance. Binance is the world's largest cryptocurrency exchange. Due to its features, Binance Coin remains highly unpredictable, with lesser risks and investment choices for so many people.
4) USDT
Tether (USDT), a stablecoin with a market capitalization of $65.6 billion, is backed by fiat currencies such as the US dollar. It is different from other specific types of cryptocurrencies. As a result, investors wary of the high volatility of many other coins choose Tether as its value is theoretically expected to be more stable than other cryptocurrencies.
5) Ripple
A company specializing in digital technology and payment processing that shares several founders with Ripple. The network allows trading of various currencies, including fiat currencies and other major cryptocurrencies, using his XRP, which has a market capitalization of $19.5 billion.
XRP was worth $0.010 at the beginning of 2017. It surged to $0.39 on December 6, 2022, up about 6,400%, which indicates a higher possibility of generating profit for investors.
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