Even though Bitcoin might have been the first significant cryptocurrency to enter the market when it initially appeared in 2009, numerous others have since grown to be very successful, if not nearly as significant as the original.
The largest cryptocurrencies are listed below based on the market capitalization, also known as market cap, which measures the total dollar worth of all coins in circulation. (Data as of October 6, 2022, obtained from CoinMarketCap.com.)
Largest cryptocurrencies by market cap
1. Bitcoin (BTC)
•Market cap:$386 billion
Since it was the first cryptocurrency, Bitcoin is still the coin that most people think of when discussing virtual money. The currency made its debut in 2009, according to its enigmatic creator, Satoshi Nakamoto, and has since experienced a roller-coaster of a ride. The cryptocurrency didn't enter the public consciousness, nevertheless, before 2017.
2. Ethereum (ETH)
•Market cap:$168 billion
The second term you're most likely to remember in the cryptocurrency world is Ethereum, the moniker for the cryptocurrency platform. Although the system allows users to use ether (the currency) for a variety of tasks, Ethereum's smart contract feature contributes to its popularity.
3. Tether (USDT)
•Market cap:$68 billion
The price of Tether is fixed at $1 per coin. This is due to the fact that it is a stablecoin. In the case of Tether, the value of a given asset is linked to the value of the stablecoin. Tether frequently serves as a bridge whenever traders switch between cryptocurrencies. They stick with Tether rather than switching back to dollars. Nevertheless, some individuals worry that Tether uses a short-term type of unsecured debt rather than being securely backed by dollars held in reserve.
4. BNB (BNB)
•Market cap:$47 billion
One of the biggest cryptocurrency exchanges in the world, Binance, has its own coin called BNB. Although Binance Coin was initially designed as a token to pay for discounted transactions, it is now being used to make payments and buy a wide range of products and services.
5. USD Coin (USDC)
•Market cap:$46 billion
Similar to Tether, USD Coin is a stablecoin whose value is fixed to the US dollar and would therefore not change. The creators of the currency claim that it is backed by completely reserved assets or those with "equal fair worth," and that these assets are kept in accounts with supervised U.S. institutions.
6. XRP (XRP)
•Market cap:$25 billion
XRP, formerly named as Ripple, was established in 2012 and provides a means of making payments in a variety of different fiat currencies. Cross-border transactions can benefit from ripple, which uses a trustless approach to make payments easier.
7. Binance USD (BUSD)
•Market cap:$21 billion
Binance USD is a stablecoin backed by the dollar that the leading cryptocurrency exchange created in collaboration with Paxos. The New York Department of Financial Services oversees the 2019 implementation of Binance USD. On top of the Ethereum blockchain, BUSD functions.
8. Cardano (ADA)
•Market cap:$15 billion
The cryptocurrency framework that underpins the ada coin is called Cardano. Cardano, which was developed by the Ethereum co-founder, also makes more use smart contracts to facilitate identity management.
9. Solana (SOL)
•Market cap:$12 billion
Solana is a more recent cryptocurrency that was introduced in March 2020. It boasts of the quickness with which transactions are completed as well as the general durability of its "web-scale" network. The total number of coins that can be issued in the SOL currency is 480 million.
10. Dogecoin (DOGE)
•Market cap:$9 billion
Dogecoin gets its name from an online meme that features a Shiba Inu dog and was first made as a joke following the run-up in Bitcoin. Dogecoin features unrestricted issuance, in contrast to many other digital currencies that cap the number of coins that can be produced. It has the ability to send money or make payments.
11. Polygon (MATIC)
•Market cap:$7 billion
A cryptocurrency called Polygon scales up Ethereum and focuses on being available to folks who are building digital apps. It was founded in 2017 and went by the moniker Matic before changing to Polygon in 2021.
12. Polkadot (DOT)
•Market cap:$7 billion
Polkadot, a digital currency that was introduced in May 2020, links the blockchain technology of numerous distinct cryptocurrencies. One of Polkadot's creators is an Ethereum co-founder, and some industry observers think Polkadot intends to unseat Ethereum.
Those who are speculating in these digital assets must not invest more money than they can risk losing because the cryptocurrency market is a Wild West (even if the U.S. government is planning to play a more active role in regulating the crypto industry). Cryptocurrency assets have experienced severe volatility in 2022. Since the market's record-breaking highs in November 2021, it has been falling. Additionally, it might be risky for beginners to trade because they may be up against highly experienced competitors.