Bitcoin in the headlines again. It broke the $100,000 (Rs 84,72,852) ceiling for the first time in December, an all-time best. The value of the world’s largest cryptocurrency has more than doubled in the past four weeks following Donald Trump’s victory. Despite over 16 years of volatility and controversy surrounding its rise, Bitcoin has not been tamed. Its continued growth and resilience despite uncertain economic conditions indicate its growing influence on global financial markets. Likewise, it implies that digital currencies will not disappear very quickly. But not only Bitcoin, there are many other cryptocurrencies whose Jupiter is exalted. As BTC price trends on Google, let’s take a look at the 10 largest cryptocurrencies by market capitalization.
Bitcoin (BTC)
Bitcoin is the largest and most recognized cryptocurrency, created in 2009 by Satoshi Nakamoto. It is a decentralized digital currency with transferable ownership.
Ethereum (ETH)
Ethereum, the second largest cryptocurrency, operates with its token, Ether. The Ethereum network aims to replace traditional financial services such as banks and brokerages through decentralized applications or DeFi used for financial services. Ether serves as the necessary fuel to facilitate transactions on the Ethereum blockchain.
Tether (USDT)
Tether is a stablecoin and differs from Bitcoin and Ether in that it is a centralized crypto. It tries to maintain its value at par with the US dollar. Tether is owned by iFinex, the company behind the Bitfinex exchange.
USD Currency (USDC)
The currency is the second largest stablecoin, abbreviated as USDC. Like Tether, USDC is centralized and backed by cash and US Treasury bills. Its underlying assets include about 20% cash and 80% short-term T-bills. You can view these resources publicly.
Binance Coin (BNB)
Originally built on the Ethereum blockchain, Binance Coin now operates on the Binance Blockchain. Launched in 2017, BNB is used for payments and transaction fees on the Binance exchange and other applications within the Binance ecosystem. It is a centralized cryptocurrency.
Ripple (XRP)
Ripple (XRP) is decentralized and uses the Ripple protocol, which focuses on fast, low-cost digital payments. First introduced in 2012, XRP is considered a fast and secure method for sending digital transactions.
Cardano (ADA)
Cardano is a decentralized, open-source blockchain that began development in 2015 with the help of Ethereum’s co-founders. It was officially launched in 2017, aiming to provide a more secure and scalable blockchain platform.
Binance USD (BUSD)
Binance USD is another stablecoin issued by Binance Exchange. This centralized stablecoin is built on the Ethereum blockchain.
Solana (SOL)
Launched in 2020, Solana is a blockchain platform with its native cryptocurrency, SOL. It is primarily used for smart contracts and non-fungible tokens (NFTs). Solana is often compared to Ethereum due to its similar features, including focus on high speed and low cost transactions.
polkadot (dot)
Polkadot, launched in 2020, was created by an Ethereum co-founder. This decentralized cryptocurrency aims to securely connect different blockchains, enabling interoperability across different networks.