Cryptocurrencies were traded on exchanges for almost 8 trillion dollars in 2022. Currently, crypto investors globally trade more than 30 billion dollars daily. At its peak, one-day trading volume reached a staggering $2 trillion in mid-May when the Terra Luna crash rocked the crypto market.
The top 10 cryptocurrencies by market cap are traded by tens of billions of dollars daily, accounting for most of all crypto trading volume. The ten largest cryptocurrencies also comprise 83 percent of the global crypto market value.
Here are the top ten cryptocurrencies of 2022 by market cap
Created by Satoshi Nakamoto in 2009, Bitcoin (BTC) is the world’s first and largest cryptocurrency. Like most cryptocurrencies, BTC operates on a blockchain that records transactions on a network of thousands of computers.
Over the years, the price of Bitcoin has increased by tens of thousands of percent, making it one of the best-performing asset classes of the last decade.
Get to know more: Beginner’s Guide: How to Invest in Bitcoin (BTC)
Ethereum (ETH) is the most popular smart contract platform in the crypto market, on which thousands of software developers create decentralized applications and NFTs.
Founded by Vitalik Buterin, Ethereum was released in 2015. It used the same consensus mechanism (Proof of Work) as Bitcoin for years but made the long-awaited change to the more energy-efficient Proof of Stake mechanism in 2022. The shift was called The Merge.
Throughout its history, Ethereum has been one of the most profitable projects in the crypto market.
Get to know more: All you need to know about Ethereum & ETH price
Unlike the first two, Tether (USDT) is a stablecoin, which means it is supposed to keep its price stable. Tether is pegged to the US dollar, and its market value is tied to the underlying dollar reserve.
Tether is the most popular stablecoin on the market, and its popularity increased even more in 2022 due to high volatility.
Get to know more: What are stablecoins?
USD Coin (USDC)
USD Coin (USDC) is a stablecoin created in 2018 by Coinbase and Circle. That means it is backed by US dollars and aims to maintain a ratio of one dollar to one USDC.
After Tether, USDC is the most popular stablecoin on the market.
Get to know more: What is USDC?
Binance Coin (BNB)
Binance Coin (BNB) is a cryptocurrency created by the crypto exchange Binance that can be used to trade and make payments on Binance. BNB was launched in 2017 to facilitate trading within the Binance ecosystem.
XRP is a digital payment instrument created by Ripple. XRP can be used on its own network to facilitate the exchange of different types of currencies, such as fiat currencies and cryptocurrencies.
Ripple, the company behind XRP, has been in a long legal battle with the US Securities and Exchange Commission, the SEC. The outcome of the legal dispute is believed to strongly determine the future of the crypto market.
Get to know more: How to buy Ripple (XRP)?
Read more: Ripple v. SEC update
Binance USD (BUSD)
Like Tether and USDC, Binance USD (BUSD) is a stablecoin pegged to the US dollar. It was created by Paxos and Binance. Paxos holds an amount of US dollars equivalent to the total supply of BUSD.
Cardano (ADA), like Ethereum, is a platform that enables the creation of smart contracts and decentralized applications. Cardano is known for Proof of Stake validation. This method is said to speed up transaction time and reduce energy consumption and environmental impact.
Dogecoin is the most famous meme in the crypto market. It is a cryptocurrency that was initially founded as a joke in 2013 but quickly grew in popularity thanks to a dedicated community and creative memes. Dogecoin has no supply cap, so it is prone to devaluation as the supply increases.
Get to know more: Is Dogecoin a joke or something bigger?
Founded in 2017, Polygon is a technology platform that enables blockchain networks to connect and scale. With Polygon, the project can increase flexibility, scalability, and sovereignty. Polygon supports more than 7,000 distributed applications.
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