What comes to mind when you think about cryptocurrency? Is it Bitcoin? There is no denying that this new digital currency is taking the world by storm. It is not just a new iteration of the traditional currencies but also represents a revolution in the world of finance.
Though it is the pioneering one, Bitcoin is not the only cryptocurrency you will find in the market now. Various cryptocurrencies are available in the form of tokens and coins. Most of them are gaining massive popularity among the general public, who want to have some stake in it in anticipation of higher returns and quick money.
Let’s look at the most popular cryptocurrencies that are all the rage these days.
1.Bitcoin
Bitcoin was introduced to the market ade ago over a decade ago in 2009 by Satoshi Nakamoto. However, it remains the most popular cryptocurrency to date. It is the original cryptocurrency; the other coins followed in its footsteps. Bitcoin runs on a blockchain system which keeps it secure from frauds and security infringements.
Bitcoin carries the highest value among all the cryptocurrencies, but it has also fought through extreme spells of volatility throughout its history. Initially, it was made as a peer-to-peer fund transfer system. Gradually it developed its own new currency eco-system and inspired a legion of followers and spinoffs.
2.Tether (USDT)
Another popular cryptocurrency is Tether (USDT). It is among many in the group of stablecoins i.e. a cryptocurrency that has the objective to peg its market value to another currency to reduce volatility.
As major cryptocurrencies, including Bitcoin, have faced periods of major price volatility, stablecoins like Tether try to smooth out price vacillations to entice cautious users to invest in the currency. You can buy usdt (Tether) through reliable online platforms with USD instantly as the price of Tether is connected with the U.S. dollar.
Launched in 2014, Tether as of 2022, it is considered one of the largest cryptocurrencies, with a market value cap is $70 billion with a per token value of $0.9999.
3.Ethereum (ETH)
It is both a currency and a blockchain platform and is a favorite of program developers. It enables smart contracts and decentralized applications that can be built and run without any glitches, downtime, fraud, or interference from the third party.
The goal of the creation of Ethereum was to create a decentralized suite of financial products accessible to anyone without any geographical, ethnic, or faith-related boundaries.
To run applications on Ethereum, you need Ether— its platform-specific crypto token. This token is like a vehicle needed to move around on the platform. Developers seek Ether to develop and run applications on the Ethereum platform. Now, it is also used by investors to purchase other digital currencies.
Ether was launched in 2015, and currently, it is the second largest cryptocurrency in the entire crypto world. It lags behind the dominant Bitcoin by a significant margin, but it is still gaining massive popularity among investors.
As of July 2022, Ether is traded at $1702.42 per coin. Its market cap is $147.5 billion, which is less than half of Bitcoin’s.
4.USD Coin (USDC)
Like Tether, it is another stablecoin that pegs its price to the U.S dollar and aims for a 1 USD to 1 USDC ratio. The Ethereum platform backs this currency. You can easily use this coin to complete global transactions.
In 2018, the Center Consortium, cofounded by Circle and Coinbase, introduced USDC. As the Circle is based in the U.S, it is subjected to the country’s regulations making it a regulated stablecoin. As of July 2022, the price of one USDC is $1. It is ranked fourth in the market cap and the trading volume.
5.Binance Coin (BNB)
It is a utility cryptocurrency that works as a payment method for the fees related to trading on the Binance Exchange— one of the largest cryptocurrency exchanges globally. As per market capitalization, it is the third largest digital currency. Traders who use the token as a means of trade can enjoy discounted trade.
Binance coin was developed to facilitate exchanges on the Binance exchange, but it has passed that phase, and now it can be used for trading, making payments, booking travel arrangements, etc. BNB can also be exchanged or traded for other types of cryptocurrencies, such as Ethereum or Bitcoin. As of July 2022, the price of one coin of BNB is $293.70, with a $39 billion market capitalization.
6.Binance USD (BUSD)
This currency was created by Binance exchange and Paxos and was pegged to the U.S dollar. It is another stablecoin approved by the New York State Department of Financial Services— therefore, it is regulated. To maintain its value, Paxos retains an amount of USD equal to the total supply of BUSD.
Like other stablecoins, BUSD gives crypto users and traders the liberty to engage in transactions with other crypto assets while diminishing the risk of volatility. The current value of one coin of Binance USD (BUSD) is $0.9987.
7.Cardano (ADA)
The coin appeared a little later on the crypto scene. Cardano is famous for its early adoption of proof-of-stake validation. It increases transaction time and reduces energy usage and environmental impact by eliminating problem-solving and competitive aspects of transaction confirmations as in platforms like Bitcoin.
The team working on Cardano developed its blockchain through extensive experimentation and peer-reviewed research. And the researchers working on the project have written over 120 papers on blockchain technology spanning various topics. Thus, this research is the backbone of Cardano and makes it one of the notable currencies among its PoS peers and other digital currencies.
Cardano mimics Ethereum in enabling smart contracts and decentralized applications and is powered by ADA, its native coin. Often Cardano is dubbed an “Ethereum killer” because its blockchain is capable of much more than it is today. However, this currency is still in its early stages.
Over the years, Cardano has experienced moderate growth compared to other major cryptos. In 2017 its price was $0.02. As of July 2022, its price has not yet seen any drastic increase. It displays a modest value of $0.529 with a market capitalization of $15.7 billion.
Conclusion
As a decentralized platform, blockchain-enabled cryptocurrencies are gaining immense popularity. People from all walks of life are investing in one or the other coin. It won’t be wrong to say that the world, especially the young population, is under the influence of “crypto fever.” In the coming years, this fever is getting intense, with more people understanding the nitty-gritty of these currencies. The size of the cryptocurrency space has grown exponentially. It is expected to expand even more, with the collective market capitalization surpassing $948 billion.