Bitcoin, the most valuable digital currency by market capitalization, has surged in value by more than tenfold over the last year and has also experienced significant price drops. Nonetheless, several cryptocurrencies have emerged victorious.
To say that 2017/2018 was a banner year for digital currencies. The value, interest, and number of digital currencies surged in a few months, only to see their values collapse again before leveling out. Each week, new digital currencies are offered to investors, and a slew of blockchain technology related companies have followed suit, frequently supported by massive fundraising efforts via initial coin offerings (ICOs).
Fortunes fluctuate rapidly and dominate the space over various other aspects in the kingdom of virtual currencies. These are the top ten digital currencies in market capitalization as of mid-July 2018.
There are thousands of cryptocurrencies, ranging from Bitcoin and Dogecoin to Tether and Ethereum to Ripple, which can be overwhelming for those just getting started in cryptocurrency. To assist you in orienting yourself, the following are the top ten cryptocurrencies by market capitalization or the total value of all coins now in circulation.
1. Bitcoin
Bitcoin is the first cryptocurrency, and it continues to be the undisputed market leader. As of this writing, the world’s most valuable digital currency has a market value of $125 billion and a price per coin of more than $7,305.
According to coinmarketcap.com, there are around 17.1 million BTC in circulation. This is despite earlier rumors about a Flipping, where other digital currencies will permanently supplant Bitcoin as the world’s most valuable currency. That has not yet occurred.
2. Bitcoin Cash
Bitcoin cash, a bitcoin fork that occurred due to a hard fork, is ranked fourth on our list. These digital currencies have a market capitalization of approximately $14.5 billion, a market price of $843 per coin, and a total circulation of 17.2 million BCH.
3. Ethereum (ETH)
Ethereum, a cryptocurrency and a blockchain platform, is a favorite of programmers due to the applications it enables, such as so-called smart contracts that run automatically when certain conditions are satisfied and non-fungible tokens (NFTs).
Ethereum has likewise grown at a breakneck pace. Between April 2016 and the beginning of March 2022, its price increased by more than 27,000 percent, from roughly $11 to over $3,000.
3. Ripple
Ripple, which has a market valuation of more than $19.8 billion, takes the No. 3 spot. In comparison to the two highest digital currencies (as well as the one immediately after), the price of each XRP token is relatively low. As of this writing, the price is little more than 50 cents per token. On the other hand, the overall supply of XRP is pretty ample. At the moment, there are about 39 billion crypto tokens in circulation.
5. EOS
EOS rounds out the top five, with a market capitalization of $7.83 billion and a total token supply of more than 896 million. Compete with $100,000 in digital Cash in a risk-free environment
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6. Tether (USDT)
Unlike some other cryptocurrencies, Tether is a stablecoin, which means it is backed by fiat currencies such as US dollars and Euros and hence maintains a value equal to one of those denominations. In principle, this means that Tether’s value should be more stable than that of other cryptocurrencies, which is why it is preferred by investors scared of other coins’ excessive volatility.
7. Binance Coin (BNB)
Binance Coin (BNB) is the best cryptocurrency to use, trade, and pay fees on Binance, one of the largest exchanges globally.
Binance Coin has grown beyond its initial purpose of allowing trades on Binance’s trading platform since its inception in 2017. It can now be used for trading, payment systems, and even travel booking. Additionally, it can be exchanged or swapped for other cryptocurrencies, including Ethereum or Bitcoin.
BNB’s price was just $0.10 in 2017. By March 2022, its price had increased to nearly $413, a gain of about 410,000 percent.
8. Terra (LUNA)
Terra is a stablecoin payment network built on the blockchain-based concept of maintaining a balance between two different types of cryptocurrencies. Stablecoins backed by “Terra,” such as TerraUSD, are pegged to fiat currencies’ value. On the other hand, Luna powers the Terra platform and is used to produce additional Terra stablecoins.
Terra and Luna stablecoins act in tandem in terms of supply and demand: When the price of a stablecoin exceeds the value of its underlying currency, consumers are enticed to burn their Luna to create additional Terra stablecoins. Similarly, as its value declines concerning its base currency, users are enticed to burn their Terra stablecoins to manufacture more Luna. As Terra platform use increases, the value of Luna increases as well.
Wrapping Up!
As of mid-July 2018, these are the top 10 digital currencies in market capitalization. Bitcoin remains the world’s most valuable digital currency, with a market value of $125 billion. There are thousands of cryptocurrencies, ranging from Bitcoin and Dogecoin to Tether and Ripple. The price of each XRP token is little more than 50 cents per token as of this writing. Ripple, which has a market valuation of more than $19.8 billion, takes the No. 3 spot.
Tether and EOS round out the top five. In comparison to the two highest digital currencies (as well as the one immediately after), the price of each XRP token is relatively low. Binance Coin (BNB) is the best cryptocurrency to use, trade, and pay fees on Binance, one of the largest exchanges globally. Terra is a stablecoin payment network built on the blockchain-based concept of maintaining a balance between two different types of cryptocurrencies. Stablecoins backed by “Terra,” such as TerraUSD, are pegged to fiat currencies’ value. On the other hand, Luna powers the Terra platform and is used to produce additional Terra stablecoins.
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