There are dozens of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started when you’re new to the field. These are the top 10 cryptocurrencies by market capitalization, or the sum of the value of all coins currently in circulation, to help you get your bearings.
1. Bitcoin (BTC)
- Market cap: Over $1.08 trillion
Bitcoin (BTC) is the first cryptocurrency, having been developed in 2009 by a person using the alias Satoshi Nakamoto. BTC operates on a blockchain, which is a ledger that records transactions and is shared over a network of thousands of computers, like the majority other cryptocurrencies. Bitcoin is maintained secure and protected from fraudsters because updates to the distributed ledgers have to be validated by cracking a cryptographic puzzle, a procedure known as proof of work.
As Bitcoin has gained popularity, its price has risen. Five years ago, one Bitcoin cost around $500. On November 30, 2021, the cost of one Bitcoin was above $57,000. 11,400% increase is shown by it.
2. Ethereum (ETH)
- Market cap: Over $557 billion
Because of its potential uses, including so-called “smart contracts” that automatically execute when certain conditions are fulfilled and non-fungible tokens, Ethereum—which is both a cryptocurrency and a blockchain platform—is a darling among programmers (NFTs).
Ethereum has also grown quite fast. Its price increased by more than 42,000% from roughly $11 to over $4,700 in a little more than five years.
3. Binance Coin (BNB)
- Market cap: Over $104 billion
You can trade and pay fees on Binance, one of the biggest cryptocurrency exchanges in the world, using the Binance Coin cryptocurrency.
Binance Coin has grown since it was introduced in 2017, and it now does more than just enable transactions on Binance’s exchange platform. Now, it may be utilized for trading, processing payments, or even making trip plans. Additionally, it may be sold or converted into other cryptocurrencies like Ethereum or Bitcoin.
It cost only $0.10 in 2017; by November 30, 2021, it had increased to about $628, a gain of roughly 627,000%.
4. Tether (USDT)
- Market cap: Over $73 billion
Tether is a stablecoin, which means it is backed by fiat currencies like U.S. dollars and the Euro and theoretically maintains a value equal to one of those denominations, in contrast to some other types of cryptocurrencies. As a result, investors who are cautious of the severe volatility of other coins choose Tether since its value is theoretically expected to be more stable than that of other cryptocurrencies.
5. Solana (SOL)
- Market cap: Over $64 billion
Solana was created to support the usage of decentralized finance (DeFi), decentralized applications (DApps), and smart contracts. It operates on a special hybrid proof-of-stake and proof-of-history system that aids in the speedy and safe processing of transactions. The platform is run by the native token of Solana, SOL.
SOL’s pricing started at $0.77 when it debuted in 2020. Its cost reached over $213.42 on November 30, 2021, an increase of more than 26,500%.
6. Cardano (ADA)
- Market cap: Over $52 billion
Cardano is noteworthy for using proof-of-stake validation early while entering the crypto industry somewhat later. By eliminating the competitive, problem-solving part of transaction verification seen in systems like Bitcoin, this approach reduces energy consumption, increases transaction speed, and has a smaller negative impact on the environment. Similar to Ethereum, Cardano uses ADA, its native token, to power smart contracts and decentralized apps.
In comparison to other significant crypto currencies, the rise of the Cardano ADA token has been somewhat muted. The cost of ADA was $0.02 in 2017. On November 30, 2021, it cost $1.57. This represents a growth of 7,850%.
7. XRP (XRP)
- Market cap: Over $47 billion
XRP is a cryptocurrency that may be used on that network to allow trades of many currency kinds, including fiat currencies and other significant cryptocurrencies. It was developed by some of the same founders as Ripple, a digital technology and payment processing firm.
XRP was worth $0.006 at the start of the year 2017. On November 30, 2021, it cost $1.00, an increase of 16,666%.
8. U.S. Dollar Coin (USDC)
- Market cap: Over $38 billion
Similar to Tether, USD Coin (USDC) is a stablecoin that aspires for a 1 USD to 1 USDC ratio and is backed by U.S. dollars. Ethereum powers USDC, and you may use USD Coin to execute cross-border transactions.
9. Polkadot (DOT)
- Market cap: Over $37 billion
Various blockchains may be used by cryptocurrencies; Polkadot (and its namesake coin) tries to unify them by building a cryptocurrency network that links the different blockchains so they can cooperate. Since Polkadot’s inception in 2020, this integration has sparked significant growth and may transform how cryptocurrencies are maintained. Its price increased almost 1,300% from September 2020 and November 2021, from $2.93 to $38.61.
10. Dogecoin (DOGE)
- Market cap: Over $28 billion
Celebrities and wealthy people like Elon Musk have made Dogecoin a popular issue. A popular cryptocurrency that was infamously introduced as a joke in 2013 quickly rose to prominence, owing to a passionate community and innovative memes. There is no cap on the amount of Dogecoins that may be issued, unlike many other cryptocurrencies like Bitcoin, which makes the currency vulnerable to depreciation as supply rises.
In 2017, Dogecoin cost $0.0002. Its cost reached $0.22 on November 30, 2021, an increase of over 110,000%.