To assess cryptocurrencies fairly and accurately, it’s best to look at how much money has been exchanged for them on the market. The market capitalization of a cryptocurrency is calculated by taking its current price and multiplying it by the total number of coins in circulation. Here are the top 5 cryptocurrencies as of right now.
The Top Five Cryptocurrencies In The Market
Bitcoin is still the number one when it comes to cryptocurrencies. Market cap is close to $1.1 trillion right now. Being the first cryptocurrency still works to its benefit. Because of its longer history, it is generally accepted more than any other kind of digital currency. Since there can never be more than 21 million Bitcoin tokens in circulation, some investors see it as a smart hedge against inflation.
The cryptocurrency market is dominated by Bitcoin, with Ethereum coming in at a respectable second place. Currently, its market valuation is about $500 billion, making it much less than Bitcoin’s. While Bitcoin has its supporters, Ethereum has its own group of believers who think it will replace Bitcoin. Ethereum’s primary advantage is its practical applicability. Smart contracts, which may be implemented in a variety of contexts, are supported by its blockchain.
- Binance Coin
Binance is the largest cryptocurrency trading platform globally. This explains why Binance Coin is the third most traded cryptocurrency today. A cryptocurrency with a market valuation of over $96 billion, it is Binance’s native token. Investors that use Binance Coin to cover their transaction costs get special discounts. When trading traffic is high, Binance restricts the number of digital currency available for purchase by its customers.
Tether (USDT 0.03%), which stands for the United States Dollar, is the fourth most traded digital currency. The market value is in the neighborhood of $73 billion. Tether, on the other hand, is by far the most widely used stablecoin. Every stablecoin bases its value on an underlying asset that already exists. Tether is a “crypto-dollar” that, in theory, should maintain its value in the same way as actual currencies do.
The fifth and final cryptocurrency in our list of the top five is Solana. Its current market worth is close to $65 billion. Solana has gained more over 10,000%, making it the most successful of these top cryptocurrencies. As an alternative to Ethereum, Solana has attracted a large number of investors. Smart contracts may be used on both blockchains. Solana, in contrast to Ethereum, has quicker processing times and reduced transaction costs.