·
Market cap: Over $846 billion
Created in 2009 by someone under the
pseudonym Satoshi
Nakamoto, Bitcoin (BTC)
is the original cryptocurrency. As with most cryptocurrencies, BTC runs on
a blockchain,
or a ledger logging transactions distributed across a network of thousands of
computers. Because additions to the distributed ledgers must be verified by
solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept
secure and safe from fraudsters.
Bitcoin’s
price has skyrocketed as it’s become a household name. In May 2016, you could
buy a Bitcoin for about $500. As of March 1, 2022, a single Bitcoin’s price was
over $44,000. That’s the growth of about 7,800%.
Related: How to buy BitCoin
· 2. Ethereum (ETH)
Market cap: Over $361 billion
Both a cryptocurrency and a blockchain
platform, Ethereum is
a favorite of program developers because of its potential applications, like
so-called smart contracts that automatically execute when conditions are met
and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous
growth. From April 2016 to the beginning of March 2022, its price went from
about $11 to over $3,000, increasing more than 27,000%.
Related: How to buy Ethereum
Unlike some other forms of cryptocurrency,
Tether is a stablecoin, meaning it’s backed by fiat currencies like U.S.
dollars and the Euro and hypothetically keeps a value equal to one of those
denominations. In theory, this means Tether’s value is supposed to be more
consistent than other cryptocurrencies, and it’s favored by investors who are
wary of the extreme volatility of other coins.
· 4. Binance Coin (BNB)
Market cap: Over $68 billion
The Binance Coin is a form of
cryptocurrency that you can use to trade and pay fees on Binance, one of the
largest cryptoexchanges in the world.
Since its launch in 2017, Binance Coin has
expanded past merely facilitating trades on Binance’s exchange platform. Now,
it can be used for trading, payment processing or even booking travel
arrangements. It can also be traded or exchanged for other forms of
cryptocurrency, such as Ethereum or Bitcoin.
BNB’s price in 2017 was just $0.10. By the
beginning of March 2022, its price had risen to around $413, a gain of
approximately 410,000%.
Related: WhatIs Cryptocurrency?
Created by some of the same founders as
Ripple, a digital technology and payment processing company, XRP can be used on
that network to facilitate exchanges of different currency types, including
fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP
was $0.006. As of March 2022, its price reached $0.80, equal to a rise of more
than 12,600%.
· 6. Terra (LUNA)
Market cap: Over $34 billion
Terra is a blockchain payment platform for
stablecoins that relies on keeping a balance between two types of
cryptocurrencies. Terra-backed stablecoins, such as TerraUSD, are tied to the
value of physical currencies. Their counterweight, Luna, powers the Terra
platform and is used to mint more Terra stablecoins.
Terra stablecoins and Luna work in concert
according to supply and demand: When a stablecoin’s price rises above its tied
currency’s value, users are incentivized to burn their Luna to create more of
that Terra stablecoin. Likewise, when its value falls compared to its base
currency, this encourages users to burn their Terra stablecoins to mint more
Luna. As adoption of the Terra platforms grows, so too does the value of Luna.
From Jan. 3, 2021, when its price was
$0.64, to the beginning of March 2022, Luna has risen over 14,200% to $92.
· 7. Cardano (ADA)
Market cap: Over $33 billion
Somewhat later to the crypto scene, Cardano
is notable for its early embrace of proof-of-stake validation. This method expedites
transaction time and decreases
energy usage and environmental impact by removing the
competitive, problem-solving aspect of transaction verification present in
platforms like Bitcoin. Cardano also works like Ethereum to enable smart
contracts and decentralized
applications, which are powered by ADA, its native coin.
Cardano’s ADA token has had relatively
modest growth compared to other major crypto coins. In 2017, ADA’s price was
$0.02. As of March 1, 2022, its price was at $0.99. This is an increase of
4,850%.
· 8. Solana (SOL)
Market cap: Over $33 billion
Developed to help power decentralized
finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana
runs on a unique hybrid proof-of-stake and proof-of-history mechanisms that
help it process transactions quickly and securely. SOL, Solana’s native token,
powers the platform.
When it launched in 2020, SOL’s price started at $0.77. By March 1, 2022, its price was around $101, a gain of nearly 13,000%.
· 9. Polkadot (DOT)
Market Cap: Over $22 billion
Polkadot (DOT), founded in the year 2016,
is a unique blockchain interoperability protocol designed to connect different
chains together. It also allows exchanging data and processing transactions for
parachains, or parallel blockchains without compromising their security.
Developers can create their own blockchains while using the Polkadot security.
The core founder of Ethereum, Gavin Wood
created Polkadot. The exciting feature of DOT is that it has no hard limit on
its total supply. Rather, a new token is constantly in circulation.
Polkadot’s price reached its heights in May 2020 at $6.30 and later in May 2021, the price hit its all-time high of $55.11.
· 10. Litecoin (LTC)
Market Cap: Over $9 billion
Litecoin (LTC), an open-source blockchain
project launched in 2011, was created by former crypto exchange Coinbase
software engineer Charlie Lee. It was one of the initial cryptocurrencies whose
code is imitated from Bitcoin’s. Despite the fact that it has similarities with
Bitcoin, it is developed to have a faster transaction confirmation time. It can
be used as an avenue for paying people around the world without a mediator. LTC
is frequently considered as “silver to Bitcoin’s gold.”
Litecoin has a total round-off supply of 84
million tokens. In May 2021, it recorded its lifetime high of $413.47 but it
dropped by over 50%. There are a growing number of merchants that undertake
Litecoin. It has a per token value of around $106, the 21st-largest
cryptocurrency in the world.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
