Cryptocurrencies are the most valued digital asset in the whole world. The cryptocurrency market is valued at more than $2.6 Trillion. But most of the value of that market is concentrated in the top 10 crypto coins. As the top 10 cryptos have a combined market value of around $2.16 Trillion. Which is around 83% of the total Market value of cryptocurrencies. Even in that, the most valued cryptocurrency, Bitcoin, holds 48.2% of the total cryptocurrencies valuation with its $1.25 Trillion Market cap.
Below you can find the name and details of the Top 10 Cryptocurrencies by Market Value:
10: USD Coin
Script name: USDC | Price: $0.9998 | Market Value: $32.3 Billion (Approx.)
USD Coin is a digital replica of the US Dollar. It is a stable and secure coin backed by cash and equivalents and short-duration US treasuries. As an open standard and public smart contract, USDC has rapidly grown as the largest stable coin in the industry. Hundreds of companies, products, and services support USDC, including digital wallets, exchanges, Defi protocols, savings, lending, and payment services. USDC is helping create value for the entire blockchain ecosystem.
9: Dogecoin
Script name: DOGE | Price: $0.2531 | Market Value: $33.21 Billion (Approx.)
Dogecoin started off as a meme coin and is now big enough to come under this list. It positioned itself in the market as a “meme coin” which helped it to gain popularity in the market. Then it got some help from the largest cryptocurrency influencer, Elon Musk, whose tweet helped Doge fly off the handle. It features a Shiba Inu dog on its logo. Unlike Bitcoin, Doge does not have an upper capping over the number of coins that can be mined. This coin has one of the most active communities in the world. It has given large returns to its investors, since Jan 2021, it has made a lifetime high of $0.7400 on the 8th of May from 0.0047. That is a 15,645% rise within 4 months. Hell of a meme I’d say.
8. Polkadot
Script name: DOT | Price: $43.3 | Market Value: $42.27 Billion (Approx.)
Polkadot has a success story of its own, it is a multi-chain platform, that lets its users transfer, data, resources, tokens, coins, etc. All through its secure decentralized blockchain network. It is formed by three people, of which one is the co-founder of Ethereum, the second-largest cryptocurrency. Polkadot was launched on the Exchanges in October 2017 initially, its network’s redenomination has been held twice since then, the latest of which was held in July 2020, at $1.25 per token. It has risen 3,364% since then. Polkadot has brought many innovative and successful features to its network.
7. Solana
Script name: SOL | Price: $173.28 | Market Value: $52.1 Billion (Approx.)
Solana is popular for the lightning-fast speed that it provides, for the transactions made through its blockchain network. It aims to provide such fast services, that take much lower validation time, to both retail and institutional users. To make larger transactions easier and in a faster way. Also, it somehow manages to help make all the transactions made on its network, at extremely low charges in transaction fees. Solana is completely focused on developing its Defi(Decentralized Finance) mechanism, and being the industry leader through its better than average services.
6. XRP
Script name: XRP | Price: $1.15 | Market Value: $53.7 Billion (Approx.)
XRP coin started its journey on a pre-established payment platform known as RippleNet. Ripple Net is a subsidiary of another company named Ripple. It does not work on the proof-of-work kind of mechanism like Bitcoins mining happens, instead, the XRP Ledger processes transactions every 3-5 seconds, or whenever an independent validator node gives his consensus to the transaction. XRP is usually confused with Ripple and Ripple Net because of their close association in facilitating the whole mechanism.
5. Tether
Script name: USDT | Price: $0.9999 | Market Value: $69 Billion (Approx.)
Tether is another replica of the US Dollar in the digital form. It is known as the “stablecoin” in the crypto markets. Tether follows the US Dollar movements. Although, it is not circulated by any US company, or the US Government, it was launched by a Hong Kong-based company Tether. They peg the currency to the US Dollar by keeping a tap on fiduciary deposits, treasury bills, reserve repo notes, etc. It has achieved such high market value due to its position as the most stable cryptocurrency in the market. So, the investors who wish to invest in the crypto markets and secure themselves from the highly volatile nature of the cryptos, invest in Tether.
4. Cardano
Script name: USDT | Price: $0.9999 | Market Value: $69 Billion (Approx.)
The biggest concern regarding cryptocurrencies was the environmental damage associated with the mining of cryptocurrencies. This issue was addressed by Elon Musk as well when he had taken back his decision to accept Bitcoins for the payment of Tesla cars. A decision that drove the crypto prices to the ground.
Cardano has been able to deal with the issue by using the “proof-of-stake” mechanism, which would require much lesser energy than other cryptos. Other than that Cardano uses a peer-reviewed process which helps it deploy new technology with consensus from all the Cardano investors and its development team. It also provides the facilities to make smart contracts through its platform.
3. Binance Coin
Script name: BNB | Price: $501.7 | Market Value: $83.9 Billion (Approx.)
Binance Coin is an integral part of the Binance Exchange, it is the world’s largest Crypto trading Exchange by volume. Binance started its operations in 2017, as a crypto exchange, but the pace of its development has helped it reach where it is today. The Binance network includes the Binance Smart Chain, Binance Academy, Research Projects, and Trust Wallets, which all employ the powers of blockchain technology to bring new-age finance to the world.
2. Ethereum
Script name: ETH | Price: $4,110 | Market Value: $483.37 Billion (Approx.)
Ethereum provides one of the Blockchain Networks in the world. It has its own coin named Ether which is valued at $4,103 per coin. If you notice the valuation gap between Ethereum and the 3rd name on the list, Binance Coin. You might be able to understand how big Ethereum really is in the Crypto space. Ethereum is almost 6 times more valued than Binance Coin. It is one of the market leaders, with its robust Blockchain Technology and lightning-fast transaction system. Ethereum also helps facilitate smart contracts through its platform.
It has given multi-bagger returns to its investors, since its launch in 2015. Ethereum provides the services to host other cryptocurrencies on its platform called tokens, through its ERC-20 compatibility standard. Then, Ethereum is also very commonly used as trading pair in various Crypto Exchanges.
1. Bitcoin
Script name: BTC | Price: $65,900 | Market Value: $1.24 Trillion (Approx.)
Bitcoin is the first and the leader in the crypto space. With its market dominance, Bitcoin quite literally rules the crypto world. It comprises 48.2% of the whole crypto market. Since it is the first crypto to be launched, it has become the first choice for maximum investors. And Bitcoins are basically the sole beneficiaries of dark web transactions on the Internet. It is also the most accepted cryptocurrency in the market.
Bitcoins gained maximum popularity through the superficial gains it provided to its investors. But since it has the largest Blockchain network, it is also getting more and more difficult to make transactions through Bitcoins. On the basis of its transaction fee, and the time taken to validate the Bitcoin transactions. Its developers are working on settling the environmental concerns and the miner’s fees. These are the two issues that need to be addressed by the Bitcoin developers.