5 Most Popular Cryptocurrencies. What comes to mind when you think about cryptocurrency? Is it Bitcoin? There is no denying that this new digital currency is taking the world by storm. It is not just a new iteration of the traditional currencies but also represents a revolution in the world of finance.
Though it is the pioneering one, Bitcoin is not the only cryptocurrency you will find in the market now. Various cryptocurrencies are available in the form of tokens and coins. Most of them are gaining massive popularity among the general public, who want to have some stake in it in anticipation of higher returns and quick money.
Bitcoin was introduced to the market ade ago over a decade ago in 2009 by Satoshi Nakamoto. However, it remains the most popular cryptocurrency to date. It is the original cryptocurrency; the other coins followed in its footsteps. Bitcoin runs on a blockchain system which keeps it secure from frauds and security infringements.
Bitcoin carries the highest value among all the cryptocurrencies, but it has also fought through extreme spells of volatility throughout its history. Initially, it was made as a peer-to-peer fund transfer system. Gradually it developed its own new currency eco-system and inspired a legion of followers and spinoffs.
A popular cryptocurrency that is a stablecoin is Tether (USDT). Stablecoins are cryptocurrencies that have the objective to peg their market value to another currency to reduce volatility.
As major cryptocurrencies, including Bitcoin, have faced periods of major price volatility, stablecoins like Tether try to smooth out price vacillations to entice cautious users to invest in the currency. You can buy usdt (Tether) through reliable online platforms with USD instantly as the price of Tether is connected with the U.S. dollar.
Launched in 2014, Tether as of 2022, it is considered one of the largest cryptocurrencies, with a market value cap is $70 billion with a per token value.
It is both a currency and a blockchain platform and is a favorite of program developers. It enables smart contracts and decentralized applications that can be built and run without any glitches, downtime, fraud, or interference from the third party.
The goal of the creation of Ethereum was to create a decentralized suite of financial products accessible to anyone without any geographical, ethnic, or faith-related boundaries.
Ethereum is a blockchain platform that is beloved by programmers because it allows for the creation of decentralized applications and smart contracts that can be executed without any issues, downtime, fraud, or interference from a third party.
The goal of Ethereum was to create a suite of financial products that would be accessible to anyone regardless of their location, ethnicity, or religious beliefs. This makes Ethereum an ideal currency for those who want to do business without the restrictions imposed by traditional banking institutions.
Ether was launched in 2015, and currently, it is the second largest cryptocurrency in the entire crypto world. It lags behind the dominant Bitcoin by a significant margin, but it is still gaining massive popularity among investors.
As of July 2022, Ether is traded at $1702.42 per coin. Its market cap is $147.5 billion, which is less than half of Bitcoin’s.
4.USD Coin (USDC)
Like Tether, it is another stablecoin that pegs its price to the U.S dollar and aims for a 1 USD to 1 USDC ratio. The Ethereum platform backs this currency. You can easily use this coin to complete global transactions.
In 2018, the Center Consortium, cofounded by Circle and Coinbase, introduced USDC. As the Circle is based in the U.S, it is subjected to the country’s regulations making it a regulated stablecoin. As of July 2022, the price of one USDC is $1. It is ranked fourth in the market cap and the trading volume.
5.Binance Coin (BNB)
It is a utility cryptocurrency that works as a payment method for the fees related to trading on the Binance Exchange— one of the largest cryptocurrency exchanges globally. As per market capitalization, it is the third largest digital currency. Traders who use the token as a means of trade can enjoy discounted trade.
Binance coin was developed to facilitate exchanges on the Binance exchange, but it has passed that phase, and now it can be used for trading, making payments, booking travel arrangements, etc. BNB can also be exchanged or traded for other types of cryptocurrencies, such as Ethereum or Bitcoin.