There are over 10 000 thousand cryptocurrencies that exist in the investment world according to statista.com. However, this article seeks to reveal the top 5 cryptocurrencies in 2022 based on their market capitalization and the total value of all of the coins currently in circulation.
There is no doubt that Bitcoin remains the top cryptocurrency. This is because it still holds the position of the first top cryptocurrency to emerge in the world.
Check out our latest article on the Ukraine crisis and crypto https://blog.mybitstore.com/ukraine-relies-heavily-on-crypto-to-support-war-economy/
It currently possesses a market cap of over USD$1.17 trillion. Bitcoin was created as a virtual currency in 2009 by Satoshi Nakamoto. To date Bitcoin (BTC) stands as the original cryptocurrency and runs on a blockchain, or a ledger. Currently, its transactions have been distributed across a network of thousands of computers. In 2011, the coin sold for only USD$1. Even as close as five years ago, in 2016, you could buy Bitcoin for USD$500. Currently, a single Bitcoin is selling at over USD$60,000 with a 12,300 percent growth.
Ethereum sells at USD$4,400 with a market cap of over $520 billion. The coin has been in existence since July 2015 and sold at a little under 67 cents. It is currently most loved by program developers. This is due to the fact that they inherit an entire ecosystem of primitives including Dai, Uniswap, Compound, and MetaMask. In terms of active developers, today, Ethereum can boast of an average of over 200 active developers per month. Leading the crypto space with the most active developers.
Binance Coin (BNB)
Binance serves as the platform with the largest daily trading volume in the world. It currently sells at USD$530. A 530,000% increment from the USD$ 0.10 price in 2017 when it was established. With a market cap of over $88 billion, the coin has supporting services for users to earn interest or transact using cryptocurrencies. The coin has advanced and can now be used for booking travel arrangements that can be traded or exchanged for other cryptocurrencies.
According to crypto traders and experts, Tether remains a stablecoin backed by fiat currencies like the U.S Dollar and the Euro. It hypothetically keeps a value equal to one of these denominations. This implies that its value is most likely consistent with other cryptocurrencies. It has a market cap of over USD$70 billion.
Although Cardano was introduced in the latter years of the other coins, it is very notable for its early embrace of proof-of-stake validation. This means that the coin provides a method that expedites transaction time and is eco-friendly by decreasing its energy usage. However, Cardano also works like Ethereum. It enables smart contracts and decentralized applications. It currently has a market cap of over USD$66 billion.