Top 10 Cryptocurrencies Of 2022
There are dozens of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started in the world of cryptocurrencies. These are the top 10 cryptocurrencies based on market capitalization, or the total worth of all the coins that are currently in circulation, to help you gain your bearings.
What Are Cryptocurrencies?
A cryptocurrency is a digital asset that may be traded freely, independent of a bank or centralized authority. The $952 billion cryptocurrency industry is now represented by more than 20,000 projects that total more than 20,000 cryptocurrencies.
1. Bitcoin (BTC)
Market cap: $377 billion
The initial cryptocurrency is Bitcoin (BTC), which Satoshi Nakamoto created in 2009. BTC operates on a blockchain, which is a ledger that records transactions and is shared over a network of thousands of computers, like the majority other cryptocurrencies. Bitcoin is maintained secure and protected from fraudsters because updates to the distributed ledgers have to be validated by cracking a cryptographic puzzle, a procedure known as proof of work.
As Bitcoin has gained popularity, its price has risen. The price of a single Bitcoin in May 2016 was around $500. On September 30, 2022, the cost of one Bitcoin was approximately $19,531. That is an increase of about 3,800%.
2. Ethereum (ETH)
Market cap: $165 billion
Because of its potential uses, including so-called “smart contracts” that automatically execute when certain conditions are fulfilled and non-fungible tokens, Ethereum—which is both a cryptocurrency and a blockchain platform—is a darling among programmers (NFTs).
Ethereum has also grown quite fast. Its price increased by roughly 12,518% from about $11 to nearly $1,388 from April 2016 to the end of September 2022.
3. Tether (USDT)
Market cap: $67 billion
Tether (USDT) is a stablecoin, which means it’s backed by fiat currencies like U.S. dollars and euros and theoretically maintains a value equal to one of those denominations, unlike certain other types of cryptocurrencies. As a result, investors who are cautious of the severe volatility of other coins choose Tether since its value is theoretically expected to be more stable than that of other cryptocurrencies.
4. U.S. Dollar Coin (USDC)
Market cap: $47 billion
Similar to Tether, USD Coin (USDC) is a stablecoin that aspires for a 1 USD to 1 USDC ratio and is backed by U.S. dollars. Ethereum powers USDC, and you may use USD Coin to execute cross-border transactions.
5. Binance Coin (BNB)
Market cap: $46 billion
One of the biggest cryptocurrency exchanges in the world, Binance, accepts payments in the form of Binance Coin (BNB), a type of cryptocurrency. Binance Coin has grown since it was introduced in 2017, and it now does more than just enable transactions on Binance’s exchange platform. Now, it may be utilized for trading, processing payments, or even making trip plans. Additionally, it may be sold or converted into other cryptocurrencies like Ethereum or Bitcoin.
In 2017, BNB cost only $0.10. Its price had increased to over $283 by the end of September 2022, a gain of almost 282,900%.
6. XRP (XRP)
Market cap: $24 billion
XRP is a cryptocurrency that may be used on that network to allow trades of many currency kinds, including fiat currencies and other significant cryptocurrencies. It was developed by some of the same founders as Ripple, a digital technology and payment processing firm.
XRP was worth $0.006 at the start of the year 2017. On September 30, 2022, it cost $0.48, an increase of 7,900%.
7. Binance USD (BUSD)
Market cap: $21 billion
In order to develop a cryptocurrency backed by the dollar, Paxos and Binance founded the stablecoin known as Binance USD (BUSD). Paxos retains a quantity of US dollars equivalent to the whole supply of BUSD in order to preserve this value. BUSD, like other stablecoins, enables traders and cryptocurrency users to transact with other crypto assets while lowering the risk of volatility.
8. Cardano (ADA)
Market cap: $14 billion
Cardano (ADA), which entered the crypto world a little later, is renowned for using proof-of-stake validation early on. By eliminating the competitive, problem-solving element of transaction verification in systems like Bitcoin, this technique reduces energy consumption, speeds up transaction times, and has a less negative impact on the environment. Cardano functions similarly to Ethereum in enabling smart contracts and decentralized apps that are powered by ADA, the native token of the platform.
In comparison to other significant crypto currencies, the rise of the Cardano ADA token has been somewhat muted. The cost of ADA was $0.02 in 2017. On September 30, 2022, it cost $0.44. This is a 2,100% increase.
Top 10 Cryptocurrencies Of 2022
9. Solana (SOL)
Market cap: $12 billion
Solana is a platform designed to support decentralized apps, smart contracts, and decentralized finance (DeFi). It utilizes a special hybrid proof-of-stake and proof-of-history approach to handle transactions rapidly and securely. The platform is run by the native token of Solana, SOL.
SOL’s pricing started at $0.77 when it debuted in 2020. Its price increased by almost 4,279% to around $33.72 by the end of September 2022.
10. Dogecoin (DOGE)
Market cap: $8 billion
Famously created in 2013 as a joke, Dogecoin quickly gained popularity as a cryptocurrency owing to a passionate community and clever memes. Dogecoins may be manufactured in an unlimited amount, unlike many other cryptocurrencies, making the currency vulnerable to depreciation as supply rises.
In 2017, Dogecoin cost $0.0002. On September 30, 2022, it cost $0.06, an increase of 29,900%.
Top 10 Cryptocurrencies Of 2022
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