Over $730 billion in market capitalization
Bitcoin (BTC) is the first cryptocurrency, having been created in 2009 under the pseudonym Satoshi Nakamoto. BTC, like most cryptocurrencies, is based on a blockchain, which is a distributed ledger that logs transactions throughout a network of multiple computers. Bitcoin is maintained safe and secure from fraudsters because updates to the global accounting records must be confirmed by resolving a cryptographic problem, a process known as proof of work.
Bitcoin’s value has soared as it has grown in popularity. In May 2016, a Bitcoin could be purchased for around $500. The price of a single Bitcoin was above $38,000 on February 1, 2022. This equates to a 7,600% increase.
- Ethereum (ETH)
Ethereum (ETH) has a market capitalization of around $327 billion dollars.
Ethereum is a favourite of programmers for its potential applications, such as smart contracts that run automatically when conditions are satisfied and non-fungible tokens. Ethereum is also a cryptocurrency and a database platform (NFTs).
Ethereum has also exploded in popularity. Its price increased about 25,000 percent from April 2016 to February 2022, from around $11 to over $2,700.
- Tether (USDT)
Over $78 billion in market capitalization
Tether is a stablecoin, which means it is backed by fiat money such as the US dollar and the Euro and has a value that is theoretically equivalent to one of those currencies. Tether’s value is assumed to be more constant than other cryptocurrencies, which is why it’s favoured by stockholders who are wary of other coins’ extreme volatility.
- Binance Coin (BNB)
Over $63 billion in market capitalization
Binance Coin is a cryptocurrency that can be used to exchange and make payments on Binance, which is one of the world’s largest cryptocurrency exchanges. It has grown beyond simply facilitating trades on Binance’s exchange platform since its launch in 2017. It can now be used for making trades, payment processing, and even making travel reservations. It can also be exchanged or traded for other cryptocurrencies like Ethereum or Bitcoin.
It was only $0.10 in 2017; by February 1, 2022, it had continued to rise to approximately $377, a profit of around 377,000 percent.
- U.S. Dollar Coin (USDC)
Over $50 billion in market capitalization
USD Coin (USDC), like Tether, is a stablecoin, which means it’s backed by US dollars and aspires for a 1 USD to 1 USDC ratio. USDC is based on Ethereum, and it can be used to make international transactions.
- Cardano (ADA)
Over $35 billion in market capitalization
Cardano is notable for being one of the first crypto projects to embrace proof-of-stake validation. By trying to remove the competitive, problem-solving element of transaction verification found in platforms like Bitcoin, this method reduces transaction time, energy consumption, and environmental impact. Cardano functions similarly to Ethereum in that it uses ADA, its native coin, to allow smart contracts and decentralised apps.
In comparison to other prominent crypto coins, Cardano’s ADA token has grown slowly. The price of ADA in 2017 was $0.02. Its price was $1.05. on February 1, 2022. This is a 5,150 percent gain.
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