Cryptocurrencies are digital currencies that act as mediums for exchange, just like regular money. One of the differences between cryptocurrencies and paper money is that cryptocurrencies are designed to exchange information digitally through public databases or blockchains. The blockchain is database is distributed across computers that run using blockchain software. No single entity owns or controls the database, and anyone can access the database, offer proof of ownership, and transfer cryptocurrencies through the use of crypto wallets. the global cryptocurrency market in just a decade has grown exponentially.
How Many Cryptocurrencies are There?
The crypto space is vast there are over 10,000 digital currencies in the market today. Due to the relative ease to launch different cryptocurrencies developers and businesses are tapping into the global crypto market to generate profits and connect with tech–savvy communities. Users too are opening cryptocurrency investment accounts in a bid to speculate in the crypto market, trade NFTs, buy digital assets, and more. Bitcoin, Ethereum, Dogecoin, Binance Coin are considered the popular cryptocurrencies in use. While lesser-known cryptos are more speculative and unpredictable. Before you buy look at the top 50 cryptocurrencies to hedge your investments.
What is Cryptocurrency Market Cap?
As of March 2022, the cryptocurrency market cap is $2 trillion. Simply put a cryptocurrency market capitalization or market cap is the total value of all the coins of a particular cryptocurrency that have been mined. It’s calculated by multiplying the number of coins in circulation by the current market price of a single coin.
Top 10 Cryptocurrency Options of 2022 by Market Capitalization
Despite the huge selection of cryptocurrencies in the market, not all cryptocurrencies are the same. Some go strong while others risk withering away. Those that have shown resilience continue to dominate the market. Below are our top ten cryptocurrencies by market capitalization.
1. Bitcoin
Bitcoin was originally created in 2009 making it the original cryptocurrency and the most well-known crypto token that you can buy. Originating as a peer-to-peer digital currency it is the largest cryptocurrency in circulation where its blockchain handles bitcoin cash transactions through a decentralized network without any third party to facilitate trading.
2. Etherium
Ethereum (ETH) is considered the first Bitcoin alternative. It is a favorite among program developers as it offers users a myriad of applications such as executing smart contracts in the trading of Non-Fungible Tokens (NFTs).
3. Tether
Tether is one of the first and most popular of a group of so-called stable coins which means that it is backed by fiat currencies like the U.S. dollars and the Euro is valued is pegged to those currencies. This makes Tether relatively more consistent than other cryptocurrencies, and it’s favored by investors who want some form of control over the extreme volatility of cryptocurrencies.
4. Binance Coin
The Binance Coin is a cryptocurrency that is used to trade and pay fees over the Binance crypto exchange. It has now crossed over to other marketplaces for trading in other crypto exchanges, exchanging with other cryptocurrencies such as Ethereum or Bitcoin, processing payments, or even booking travel arrangements.
5. USD Coin
USD Coin is a stable coin that increases its value as per the fiat currency the US dollar. This is because each circulating unit of the USD Coin cryptocurrency is backed up by US dollar and kept reserved- thus guaranteeing users that they can withdraw one USD coin and receive 1$ in return making it a practical application for real-time transactions.
6. Litecoin (LTC)
Launched in 2011 Litecoin (LTC), was among the first cryptocurrencies to follow the launch of Bitcoin. This is an open-source, peer-to-peer digital currency that enables instant, near-zero cost payments to anyone in the world.
7. Cardano (ADA)
Cardano (ADA) is billed as a third-generation blockchain, following Bitcoin and Ethereum. Cardano aims to compete directly with Ethereum and other decentralized application platforms, saying that it is a more scalable, secure, and efficient alternative.
8. Polkadot (DOT)
Polkadot (DOT) is a unique Proof of Stake (PoS) cryptocurrency where those connected to the network can verify transactions to receive freshly minted tokens. It launched smart contract capabilities as early as May 2021, and already supports hundreds of projects.
9. Avalanche (AVAX)
Avalanche (AVAX) cryptocurrency ensures high transaction security coupled with speed scaling a trillion per second. AVAX functions as a rewards and payment system for users and comes with one of the fastest smart contracts platforms in the blockchain industry.
10. Solana (SOL)
Solana (SOL) aims to make Decentralized Finance (DeFi) globally accessible. Launched in March 2020 it works to improve scalability with the help of the proof-of-history (PoH) and proof-of-stake (PoS) consensus algorithm.
40 More Top Cryptocurrency Options of 2022 by Market Cap
If you are looking in investing in more cryptocurrency options below are some 40 other cryptocurrency options by market cap:
11. XMR (Monero)
Launched in 2014 XMR (Monero) is an open-source cryptocurrency. It was launched with a focus on decentralization and scalability, allowing users complete privacy.
12. Dogecoin (DOGE)
Dogecoin (DOGE) first started as a meme coin in 2021 it has seen its price skyrocket recently with many adopting its usage. Companies like the Dallas Mavericks, Kronos, and even SpaceX have started accepting it as a form of payment.
13. Algo (Algorand)
Algo (Algorand) offers high-speed and low transaction fees compared to other cryptocurrencies. It works using the PoS consensus algorithm which users can use to trade in goods and services.
14. ATOM (Cosmos)
ATOM (Cosmos) is a cryptocurrency being offered by Cosmos network. It offers users the ability to handle smart contracts and automate transactions while working on the Proof-of-Stake consensus blockchain.
15. XRP (Ripple)
XRP is Ripple’s cryptocurrency which allows users to send money at a very low cost, attracting the potential interest of retail customers and banks alike. A key selling point of Ripple is its low transaction costs while offering transaction completions in under five seconds.
16. MATIC (Polygon)
MATIC is a cryptocurrency of the Polygon network that is based on the Ethereum blockchain and can be stored in any Ethereum wallet. It is used for payment services on Polygon and for settlements between users who work on the Polygon trading platform.
17. TerraUSD (UST)
TerraUSD (UST) is a stable coin hosted by the Terra network and pegged to key currencies. TerraUSD coins are all pegged to their respective currencies algorithmically, instead of using reserves of fiat currency.
18. SHIBA INU (SHIB)
Created in August 2020 SHIBA INU is an Ethereum-based cryptocurrency like Dogecoin within the Shiba ecosystem. SHIB can be purchased and sold through ShibaSwap, but can also be found on Uniswap and other crypto exchanges.
19. EGLD (Elrond)
Elrond’s token is EGLD or eGold is used for paying fees, rewarding validators, and staking. Launched in 2020 its blockchain protocol seeks to offer extremely fast transaction speeds by using sharding where data is spread across multiple computers.
20. MANA (Decentraland)
MANA (Decentraland) is an Ethereum token that powers the Decentraland virtual reality platform. MANA can be used to pay for virtual plots of land in Decentraland as well as select goods and services.
21. TRONIX (TRX)
Tronix (TRX) is the primary cryptocurrency of the TRON blockchain which is used to manage transactions between entertainment, content creators, and purchasers. With the help of the TRON blockchain, people who actively use social media networks, and other types of entertainment will benefit from the use of their content by others.
22. Wrapped Bitcoin (WBTC)
Wrapped Bitcoin (WBTC) is an Ethereum cryptocurrency that is intended to represent Bitcoin (BTC) on the Ethereum blockchain. It was created to allow Bitcoin holders to participate in decentralized finance apps that are popular on Ethereum.
23. Dai (DAI)
Dai is a stable coin cryptocurrency that aims to keep its value as close to one United States dollar. Dai is maintained and regulated by MakerDAO, and offers ab automated system of smart contracts on the Ethereum blockchain.
24. Filecoin (FIL)
Filecoin is an open-source cryptocurrency that powers the Filecoin network. The Filecoin network is a decentralized peer-to-peer file storage network that aims to let anyone store, retrieve, and host digital information.
25. TrueUSD (TUSD)
TrueUSD is a stablecoin launched by parent company TrustToken and is pegged to the US dollar. This cryptocurrency facilitates trading in both digital assets and other physical assets.
26. Pax Dollar (USDP)
Launched in September 2018, Pax Dollar is a cryptocurrency that is pegged to fiat money. Pax Dollar offers the advantage of transacting with blockchain assets through minimized price risk.
27. Neutrino USD (USDN)
Neutrino USD (USDN) is stablecoin pegged to the US dollar. Through its Decentralized Forex (DeFo) extension users can swap it for popular national currencies, indices, or commodities.
28. Tribe (TRIBE)
Tribe is the governance cryptocurrency for FEI. Fei Protocol creates a tight peg by providing $1 redeemability for Tribe.
29. Cronos (CRO)
Cronos (CRO) is the cryptocurrency token of Cronos Chain. It is a decentralized, open-source blockchain developed by the Crypto.com payment, trading, and financial services company.
30. FTT
FTT is the cryptocurrency token of the crypto derivatives trading platform FTX. Launched in 2019 FTX claims that it stands out due to features such as clawback prevention, a centralized collateral pool, and universal stable coin settlement.
31. Gemini Dollar (GUSD)
Gemini Dollar (GUSD)is a stable coin that is pegged to the US dollar issued by Gemini. Founded in 2014 this digital currency allows you to buy, sell and store digital assets.
32. Liquity USD (LUSD)
LUSD is the USD-pegged stable coin used to pay out loans on the Liquity protocol. To borrow users must first open a Trove and deposit a certain amount of collateral (ETH) to it and can then draw LUSD up to a collateral ratio of 110%.
33. ECash (XEC)
ECash (XEC) is the rebranded version of Bitcoin Cash ABC (BCHA). This cryptocurrency is designed to act as a means of transaction used to pay for goods and services.
34. sUSD
sUSD is a cryptocurrency developed by the Synthetix protocol. It is a stable coin that tracks the price of the US dollar through price feeds supplied by Chainlink’s decentralized network of oracles.
35. Celo Dollar CUSD
cUSD (Celo Dollars) is a stablecoin that is pegged to the US dollar. With cUSD, users can share money on their mobile devices.
36. Qcash
Qcash is a stablecoin that is designed to mirror the value of the Chinese Yuan (CNY). It was created to have a stable cryptocurrency that can be used as a digital CNY.
37. mStable USD (mUSD)
mStable USD is a cryptocurrency that is backed by a basket of USD-pegged stable coins. It also offers some of the best risk-adjusted savings in terms of the rate of return that will be earned in one year in DeFis.
38. Stably USD (USDS)
Stably USD (USDS) is a cryptocurrency and operates on the Ethereum platform. Pegged against the US dollar collateral it is held in FDIC-insured trust accounts managed by Prime Trust.
39. KuCoin Token (KCS)
KCS is a native token of the KuCoin exchange launched in 2017. It is designed to act as a profit-sharing token that allows traders to draw value from the exchange.
40. Huobi Token (HT)
Huobi Token (HT) is a cryptocurrency token of the cryptocurrency exchange Huobi Global. It is based on the Ethereum blockchain platform and is used by Huobi in its loyalty program that rewards members with a range of discounts.
41. Zcash
Zcash is a digital currency that offers fast and confidential process transactions at low fees. With it, users can pay friends, family, and service providers or even use it to purchase at stores or online stores.
42. Fantom (FTM)
Fantom is the digital cryptocurrency for the Fantom exchange an open-source smart contract platform for digital assets and decentralized apps (dApps). Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed.
43. Stellar Lumens (XLM)
Stellar Lumens (XLM) is the native cryptocurrency of Stellar, a blockchain-based payment network. With Lumens, users can trade in assets at relatively lower fees.
44. SAND
SAND is the cryptocurrency used for The Sandbox, a popular 3D metaverse game built on the Ethereum network. With it, users can explore, purchase land and create structures that can be monetized.
45. EOS
EOS is the cryptocurrency underpinning the EOS.IO blockchain protocol. With it, users can execute smart contracts, and help in trading digital assets.
46. Helium (HNT)
Helium (HNT) is a native cryptocurrency for Helium a decentralized blockchain-powered network for the Internet of Things (IoT). The Helium token was created mainly for the maintenance of hotspots and paying network operators.
47. Flow
Flow is the native currency for the Flow network a blockchain built for apps, games, and digital assets. The crypto Flow is designed as a payment method as well as a long-term reserve asset for the entire Flow economy.
48. Maker (MKR)
Maker (MKR) is the cryptocurrency used for MakerDAO and Maker Protocol based on the Ethereum blockchain. MKR token’s purpose is to generate another Ethereum token, called Dai, that seeks to trade on exchanges at a value of exactly US$1.00.
49. Stacks token (STX)
Stacks token (STX) is the cryptocurrency used on the Stacks blockchain. This cryptocurrency is designed to execute smart contracts and purchase decentralized applications, NFTs, and other assets.
50. Chiliz
Chiliz is digital money for sports and entertainment for the Socios.com platform for sports enthusiasts. It lets users trade tokens to show their support for professional sports teams
How to Pick the Right Cryptocurrency
If you’re wondering which cryptocurrency to invest in you should base your purchases on market capitalization, the volume of coins in the market, and what purposes does the cryptocurrency serve. If you do not have the stomach in speculating on a cryptocurrency that is volatile perhaps you should look for stable cryptocurrencies. For additional resources on cryptocurrencies checkout or articles on how to buy cryptocurrency, how to sell cryptocurrency, and how to accept crypto payments.
What are Smart Contracts?
A smart contract is a digital transaction agreement between two people in the form of computer code. They run over a blockchain, which is a network of computers that executes the actions when predetermined conditions have been met and verified such as fund transfers, purchases, or exchanges. The code controls the execution, and transactions are trackable and irreversible. They help in eliminating the need for third-party intermediaries, fraud losses, and accidental transactions.
How Much Does Cryptocurrency Cost?
Simply put prices for cryptocurrency prices are based on supply and demand. The price will rise if demand is greater than supply. However, stablecoins are pegged against a particular currency so they have a 1:1 value.
What is the Most Popular Cryptocurrency?
Bitcoin is the most popular cryptocurrency in the market and is the most traded crypto on blockchains.
What’s the Next Big Cryptocurrency?
Cryptocurrencies have yet to completely go mainstream. They are prone to high volatility and unpredictable as investment advice it is best to keep an eye on cryptocurrencies that have a market cap and good prices. You can also check out.
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This article, “Top 50 Cryptocurrencies” was first published on Small Business Trends
