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Top 10 Types of Cryptocurrency You Ought to Know

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Luis Monzon
Luis Monzon
Journalist. Reach me at Luis@ITNewsAfrica.com

Cryptocurrency became a mainstream term when Bitcoin exploded in the early twenty-tens, a term that continues to gain relevance as more and more virtual currencies seem to be popping up in recent years, steadily racing towards a fever pitch.

There were around 5800 different types of cryptocurrencies recorded around the world in August of this year, and while this current number is still a whopping increase from the 66 types of crypto that were being circulated in 2013, the vast majority of them are yet to gain any sort of traction.

CoinMarketCap shows minute-by-minute rankings of the cryptocurrencies, and according to this ranking, the top 10 cryptocurrencies on Earth dominate the market.

Here are the top 10 cryptocurrencies according to their market caps:

1. Bitcoin (BTC)

The originator of crypto launched in 2009 by the nebulous Nakamoto Satoshi (possibly a pseudonym) is still the undisputed leader for cryptocurrency on our little blue rock. It is also the most talked-about cryptocurrency, with sustained media coverage every time the market slumps or rises.

BTC has a market cap of $829.15-billion and trades for $44,100.00.

2. Ethereum (ETH)

The second-largest digital currency after BTC, Ethereum is a standalone blockchain platform that allows the creation of global decentralised financial products. ETH launched its native coin, Ether, in 2015 which is currently trading at $3,117.96,

ETH currently has a market cap of $365.97-billion.

3. Cardano (ADA)

Cardano is a cryptocurrency platform co-founded by Charles Hoskinson, one of the co-founders of Ethereum. Its native virtual currency is called ADA and is currently trading at $2.24.

Cardano has a market cap of $71.59-billion.

4. Tether (USDT)

Tether is what’s known as a “stable coin” which always has the same trading price at $1 per coin. These kinds of crypto are usually tied to the value of specific assets like gold, while Tether is tied to the US dollar.

Its current market cap is $68.63-billion.

5. Binance Coin (BNB)

The native cryptocurrency of the Binance network. Binance Coin was originally created on the Ethereum network but has since moved away and developed its own blockchain network – Binance Smart Chain (BSC)

It currently trades for $378.46 per coin with a market cap of $63.49-billion.

6. XRP

First launched as the cryptocurrency Ripple in 2012, the coin was later changed to XRP.

It has a market cap of $46.29-billion and trades for just under $1.

7. Solana (SOL)

Solana was launched in March of 2020 making it one of the newer cryptocurrencies on this list. Its transaction speed and user experience that has been described as “seamless” have made it the fastest-growing cryptocurrency network in the world.

SOL has a market cap of $43.78-billion and trades for $148.08 per coin.

8. Polkadot (DOT)

Another new crypto also launched in 2020 in May. DOT works uniquely to other cryptos in that it allows the connection of blockchain tech from different cryptocurrencies and allows traders to interoperate between them.

DOT has a market cap of $31.03-billion and trades at $31.59 per coin.

9. USD Coin (USDC)

USD coin is another stable coin that is attached to the US dollar. USDC is reportedly backed by fully reserved assets that are held in accounts of regulated US institutions.

USDC has a market cap of $30.17-billion and trades for just under $1 per coin.

10. Dogecoin (DOGE)

DOGE somehow managed to make it to its market cap of $29.20-billion after its humble origins as an internet joke – it was named after the meme of the Shiba Inu dog (Much crypto. Wow.)

Dogecoin is probably the most controversial cryptocurrency and owes its sustained popularity to the consistent support of Elon Musk, whose tweets in the past have influenced its market cap.

It currently trades for $0.22 per coin.

By Luis Monzon
Follow Luis Monzon on Twitter
Follow IT News Africa on Twitter

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