Cryptocurrency is currently one of the most discussed and googled phrases on the planet. There are many different cryptocurrencies in the cryptoverse. It includes Bitcoin, Dogecoin, Ethereum, Tether, and other cryptocurrencies. It’s impossible to tell which ones will provide a good return on investment or value, making it tough to get started in the cryptoverse (world of cryptocurrency). These are the top 10 cryptocurrencies in the cryptoverse by market capitalization, which is the total worth of all coins currently in circulation.
Bitcoin
Market Cap – $944,676,062,112
Bitcoin is the world’s first decentralized cryptocurrency. It is a type of digital asset that records, signs, and transfers transactions over the Bitcoin blockchain without the need for a central authority’s involvement.
The Bitcoin network was founded in January 2009 by an unnamed computer programmer or group of programmers under the pseudonym “Satoshi Nakamoto.” The network is a peer-to-peer electronic payment system that uses bitcoin as a cryptocurrency to send money over the internet or as a store of value like gold and silver.
Ethereum (ETH)
Market Cap – $4,875,710,607
Ethereum is a decentralized open-source blockchain technology with its own cryptocurrency, Ether. It is a platform that supports a wide range of cryptocurrencies as well as decentralized smart contract execution.
On an annualized basis, your return on investment (ROI) with Ethereum’s current value is over 270 percent, practically quadrupling your investment every year since the summer of 2014.
Tether (USDT)
Market Cap – $78,020,950,624
Tether is a stablecoin with a $1.00 price. It is a blockchain-based cryptocurrency whose tokens are backed by an equal amount of US dollars. Stablecoins, which are kept in a specific bank account, mirror traditional fiat currencies like the dollar, euro, and Japanese yen.
Tether coins were established by BitFinex and trade under the USDT symbol. Tether is the Tether network’s native token. Tether is also the world’s fifth-largest cryptocurrency by market capitalization, having a market valuation of over $68 billion as of October 2021.
Ripple (XRP)
Market Cap – $42,935,889,619
Ripple is a financial system that works as a cryptocurrency and a digital payment network at the same time. It was co-founded by Chris Larsen and Jed McCaleb and first released in 2012. Ripple’s core process is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is used by banks and financial intermediaries transacting in several currencies.
Cardano (ADA)
Market Cap – $50,840,707,406
Cardano is a decentralized proof-of-stake (PoS) blockchain platform designed to outperform proof-of-work (PoW) networks. For PoW networks like Ethereum, the infrastructure burden of escalating costs, energy consumption, and long transaction times limits scalability, interoperability, and sustainability.
Charles Hoskinson, co-founder of the proof-of-work (PoW) blockchain Ethereum, understood the implications of these challenges for blockchain networks when he started developing Cardano and its primary cryptocurrency, the ADA token, in 2015.
USD Coin (USDC)
Market Cap – $42,089,649,059
USD Coin (USDC) has a market capitalization of Rs 3,20,515 crores. USD Coin is a stablecoin that is 1:1 linked to the US dollar. Every unit of USD Coin in circulation is backed by a reserve of $1, which is held in a mix of cash and short-term US Treasury bonds.
USDC is issued by regulated financial institutions, according to the Centre consortium, which established this instrument. In September 2018, the stable coin was made available in limited numbers for the first time. USD Coin’s tagline is “digital money for the digital age,” and the stablecoin is designed for a future where cashless transactions are more common.
Polkadot (DOT)
Market Cap – $29,598,270,810
Polkadot (DOT) is an open-source multichain sharding protocol. It allows any data or asset type to be exchanged between blockchains, not only tokens, making a wide range of blockchains interoperable. This interoperability intends to build a fully decentralized and private web controlled by its users, as well as making it easier to develop new apps, institutions, and services. The founders of Polkadot argue that all stakeholders, not just miners, have a role in the company’s governance.
Dogecoin (DOGE)
Market Cap – $24,233,907,803
DOGE (Dogecoin) is an open-source and peer-to-peer cryptocurrency. It’s a sarcastic meme money that’s classed as an altcoin. Dogecoin’s symbol is a Shiba Inu dog, which was introduced in December 2013. The blockchain of Dogecoin retains value despite the fact that it was created as a joke. It is built on the Litecoin blockchain technology. Dogecoin, which uses the scrypt algorithm, is renowned for its low price and endless supply.
Shiba Inu (SHIB)
Market Cap – $20,432,032,366
The cryptocurrency was born out of a lighthearted allusion to the cute Shiba Inu dog breed, which inspired the internet meme known as ‘Doge.’ Dogecoin, a funny cryptocurrency, was born as a result of this meme, and the Shiba Inu cryptocurrency is a response to it. A Chinese-based creator known only as Ryoshi founded the new currency in August 2021. The Shiba Inu currency has already been pushed by Elon Musk, the rich CEO of Tesla and a crypto aficionado.
Polygon (MATIC)
Market Cap – $18,989,397,933
Polygon (MATIC) is the Polygon Network’s native cryptocurrency, which was established in 2017. The Polygon Network, originally known as the Matic Network, enables developers to create and deploy Ethereum-compatible blockchains with a single click. Besides that, it also allows other Ethereum-based projects to exchange data and tokens via the MATIC sidechain. It remains one of the most misunderstood cryptos in the Cryptoverse, and it is far from a straightforward blockchain to comprehend. To fully appreciate the Polygon Ecosystem and the importance of MATIC, one must first get a thorough understanding of the Ethereum network.