In the course of the last 2-3 years, you may have heard the term “cryptocurrency” too often. So, what is it then, and why is everyone talking about it; a lot of people are, in fact, buying it?! Let’s understand it through this article! Cryptocurrency is, well, virtual currency and it works using a technology called a blockchain. It can be centralized or decentralized, but most/ many cryptocurrencies are decentralized networks based on blockchain technology.
Experts say cryptocurrency is the future of finance and will become the conventional, daily life use money, and its value will increase in the coming years. The fuss is all about cryptocurrency, and on this note, we present to you the Top 10 Cryptocurrency that you can buy or should at least know about being a digital user! Before we head on, one term you must familiarize yourself with is Market cap: coin price multiplied by several coins in circulation.
Market cap is one way to measure if bitcoin will be profitable or not. However, the real-time price does not tell the full story. Bitcoin is the highest valued cryptocurrency. Its market cap is valued at $732 billion as of May 2021. Bitcoin’s price has increased from $1,000 to $6,000 since 2017. Elon Musk tweeted that Tesla will not accept bitcoin anymore, and because of that tweet, its value fell. But, looking at the market cap, it is highly profitable and a great deal to invest in.
Market cap: $304 billion. Ethereum sounds like a name lifted from the periodical table, but it is the second-highest valued cryptocurrency. Its price increased from $200 to $3,000 in the course of two years, which even beat bitcoin as it took four years to reach what it is right now. In fact, this month, it broke its own record by reaching a price of $4,350, and its current value is $2,647.
As a matter of fact, China banned the use of cryptocurrency, which led to the biggest market crash due to which cryptocurrencies have specifically suffered. Still, it should be noted that the market is slowly recovering, and the third-best performing cryptocurrency is Binance Coin. It was launched in 2017, and in February 2021, its value shot up to $600, but because of the market crash, it is now priced at $364. Market cap: $59.2 billion.
The value of one Tether will always equal $1 because it is called the leader of “stable coins” in the market, and its value is linked to a currency. For Tether, it is the US dollar. The value of 1 Tether is $1, and it does not fluctuate whatsoever—market cap: $58.4 billion.
Cardano, being one of the most affordable and safe cryptocurrencies in the market right now. Its price increased to $2 from $0.10, and it has faced market fluctuations so much better than any other cryptocurrency. Its price today is $1.63. Market cap: $52.3 billion.
You may have seen a lot of Dogecoin memes on the internet. It reached its all-time high in April 2021 at $0.70, but it did fall after Elon Musk’s live appearance on May 15 and now stands at $0.38. Market cap: $46. 7 billion.
Ripple (XRP) has been around since 2017 and 2018, but it did not perform so well; it only grew in 2020 and was at $0.60. Its current value is $1.17. Market cap: $41.3 billion.
Polkadot is one of the newest cryptocurrencies in the market and was trading for a value as low as that of Nickel, but it was only recently that its value shot up to $41. Of course, the market crash was not good for anyone hence its value today is $27. Market cap: $26. 6 billion.
You may not have heard of Internet Computer because it is newer than Polkadot. It was launched in May 2021 itself but has managed to be in the Top 10 performing cryptocurrencies list and is priced at $125. Market cap: $15.6 billion.
Not to confuse with Bitcoin, Bitcoin Cash has a long way to go. It reached a high of $4,000 and then dropped to $400 and, after facing many fluctuations, now stands at $770—market cap: $14.5 billion.