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When it comes to talking about cryptocurrencies people always think about bitcoin, but there are around 18000 cryptocurrencies as of March 2022. In fact, cryptos that are not Bitcoin are called altcoins or alternatives to bitcoin.
As bitcoin is the first major cryptocurrency that debuted in 2009, it is the most popular and its popularity is growing day by day. Today, not only bitcoin is getting popularity other altcoins such as Ethereum (ETH), Tether (USDT), etc.
Here are the largest cryptocurrencies by the market can in 2022. All the data related to the market cap and price of cryptocurrencies are taken from coinmarketcap.com as of May 25, 2022.
Market cap: $570.83 Billion
As the symbol of the cryptocurrency age, Bitcoin remains the currency that people usually think of when talking about digital currencies. Its mysterious founder — who is believed to be Satoshi Nakamoto introduced the coin in 2009 and has been on a journey since. But it was not until 2017, that cryptocurrency exploded into the public consciousness.
Market Cap: $241.22 Billion
Ethereum is the second most likely recognized crypto currency in crypto spaces. Ethereum is a cryptocurrency platform that uses ether (currency) to perform a number of functions but the smart contract aspect of Ethereum helps make it a popular cryptocurrency.
Market Cap: $73.20 Billion
The price of Tether is fixed at $1 for each coin. It’s because what’s called Stablecoins, which are tied to the worth of an asset, in the case of Tether that which is the U.S. Dollar. Tether is often used as a channel in the event that traders shift between different currencies. Instead of returning in dollars, traders make use of Tether. But there are some who are worried that Tether isn’t secured by dollars in reserve, but rather an unsecured form of short-term debt.
Market cap: $54.22 Billion
Binance Coin is the crypto issued by Binance, one of the biggest cryptocurrency exchanges in the world. Although it was initially created as a means of payment for discounted trades Binance Coin can be used to pay for transactions as well as to purchase different goods and services.
Market cap: $53.40 Billion
Similar to Tether, USD Coin is a stablecoin that is tied to the dollar, meaning its value is not subject to fluctuations. The currency’s creators claim that it’s secured by reserve assets or ones that have an “equivalent fair value” and these assets are kept in accounts of controlled U.S. institutions.
Market cap: $19.79 Billion
Previously called Ripple and launched at the end of 2012 XRP provides a means to pay using a variety of real-world currencies. Ripple can be beneficial in cross-border transactions. It makes use of a trust-less mechanism to make payments easier.
Market cap: $17.61 Billion
Cardano is the platform behind ADA, the name that is used to describe the currency. The platform was developed by the co-founders of Ethereum, Cardano also uses smart contracts that allow for the management of identities.
The market for cryptocurrency is an unregulated Wild West so those speculating on these digital assets must not invest more than they are able to lose. There has been a lot of volatility and crypto assets have fluctuated substantially. This market is falling after hitting all-time highs in November 2021. Individual investors could be trading against highly skilled players and this can be a risky experience for those who are new to the market.