There are thousands of different cryptocurrencies, like Bitcoin, Ethereum, Dogecoin, and Tether. This makes it hard to know where to start when you’re new to the world of crypto. To help you get started, here are the top 10 cryptocurrencies based on their market price, or the total value of all the coins in circulation.
- Bitcoins (BTC)
Value of the market: $508.1 billion
Bitcoin (BTC) is the first cryptocurrency. Satoshi Nakamoto made it in 2009. As with most other cryptocurrencies, BTC is based on a blockchain, which is a ledger that keeps track of activities across a network of thousands of computers. Because adding to the distributed ledgers requires answering a cryptographic puzzle, which is called “proof of work,” fraudsters can’t steal Bitcoin.
As Bitcoin has become more well-known, its price has gone through the roof. In May 2016, it cost about $500 to buy one Bitcoin. As of September 12, 2023, one Bitcoin was worth about $26,077. That’s a 5,115% increase.
- Ether (ETH)
Capitalization: $192,2 billion
Ethereum is a popular choice among programmers because it can be used in a lot of different ways. For example, smart contracts automatically run when certain conditions are met, and non-fungible tokens (NFTs) can’t be exchanged for money.
There has been a lot of growth in Ethereum as well. Its price went from about $11 in April 2016 to around $1,598 at the end of September 2023, a 14,431% increase.
Capitalization: $83.0 billion
Tether (USDT) is a stablecoin, which is different from some other types of cryptocurrency. This means that it is backed by fiat currencies like the U.S. dollar and the Euro, and its value is supposed to stay the same as one of those amounts. This means that, in theory, Tether’s value should be more stable than other cryptocurrencies. Investors who are wary of the high volatility of other coins tend to like Tether.
- BNB, or Binance Coin
Capitalization: $32.5 billion
Binance Coin (BNB) is a type of coin that you can use to trade and pay fees on Binance, which is one of the biggest crypto exchanges in the world. Since its release in 2017, Binance Coin has grown into more than just a way to buy and sell on Binance’s exchange site. Now, it can be used to buy and sell things, process payments, and even book trips. It can also be traded for other types of cryptocurrency, like Bitcoin or Ethereum.
In 2017, BNB was worth only $0.10. By the end of September 2023, its price had gone up by 211,204%, to about $211.
- United States Dollar Coin (USDC)
Capitalization: $26.1 billion
USD Coin (USDC) is a stablecoin like Tether. This means that it is backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is driven by Ethereum, and you can use it to make transactions around the world.
Sixth, XRP (XRP)
Capitalization: $25.4 billion
Ripple is a digital technology and payment processing business. Some of the same people who started Ripple also started XRP. XRP can be used on Ripple’s network to help exchange different types of currency, including fiat currencies and other major cryptocurrencies.
- ADA, or Cardano
Capitalization: $8.7 billion
Cardano (ADA), which came to the crypto world a little later, is known for being one of the first to use proof-of-stake validation. By taking away the competitive, problem-solving part of transaction proof on platforms like Bitcoin, this method speeds up transactions, uses less energy, and has less of an effect on the environment. Cardano is similar to Ethereum in that it enables smart contracts and open applications, which are powered by ADA, its own coin.
Compared to other big crypto coins, Cardano’s ADA token has not grown as much. In 2017, one ADA was worth $0.02. On September 12, 2023, it cost $0.25. This is 1,141% more than before.
- DOGE, or Dogecoin
Capitalization: $8.7 billion
Dogecoin was widely started as a joke in 2013, but thanks to a strong community and funny memes, it quickly grew into a well-known cryptocurrency. Unlike many other cryptos, there is no limit on how many Dogecoins can be made. This means that as the number of Dogecoins grows, the value of the currency could go down.
In 2017, one Dogecoin was worth $0.0002. By September 2023, the price had gone up 30,617%, to $0.06.
- Solana
Capitalization: $7.4 billion
Solana was made to help power decentralized finance (DeFi), decentralized apps (DApps), and smart contracts. It uses a unique combination of proof-of-stake and proof-of-history to process transactions quickly and safely. The site is powered by SOL, which is Solana’s native token.
When SOL first came out in 2020, it cost $0.77. By September 12, 2023, it was worth about $17.98, which was a 2,235% increase.
- TRX
Capitalization: $7.1 billion
TRON is a blockchain that can run smart contracts and other DeFi apps, just like Solana. The platform’s proof-of-stake consensus algorithm runs on TRX, which is the platform’s original cryptocurrency.
TRON was started in 2017, and each TRX coin was worth $0.0019 at first. At its highest point in 2018, TRX reached $0.2245, which was a gain of 11,715% in just a few months. TRX is worth about $0.08 right now.
*Market caps and prices were taken from coinmarketcap.com at 13:31 UTC on September 12, 2023.
At the start of 2017, one XRP was worth $0.006. As of September 12, 2023, its price had gone up 7,860%, to $0.48.
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