With cryptocurrencies having substantial growth, the cryptocurrency market is running parallel to the tech stock market around the world.
Cryptocurrencies are gaining a lot of prominence these days. Much of the interest in digital currencies is to trade for profit, with speculators at times driving prices skyward. Most of the big tech companies such as Apple, Google, Samsung, Facebook, PayPal, and Deutsche Bank have recently included cryptocurrencies in their long-term strategic plans. For crypto investors, it is imperative to examine cryptos from several perspectives, including that of investors, banks, and governments, to consider the fundamental stability of these digital currencies.
Market cap: Over US$1.08 trillion
Bitcoin broke all records in the last couple of months after the launch of the first bitcoin ETF in the US, making it the 6th most capitalized asset class globally. Many businesses have already accepted BTC as payment, which makes it a smart investment option. Even with thousands of cryptos in the market, BTC still makes 43% of the total crypto market.
Market cap: Over US$557 billion
Ethereum is different from bitcoin. Recently, crypto broke its records, stabilizing its position in the market. Its network allows developers to create their cryptocurrency utilizing the ether network. Even though it was launched years after several other cryptocurrencies, it has far exceeded its place in the market because of its unique technology.
Market cap: Over US$64 billion
Lately, Solana has been on fire as it reached its all-time high earlier this week, gaining the title of the fourth largest cryptocurrency in the market. This growth occurred at a time when all other major cryptocurrencies were facing huge price rallies. SOL is one of the fastest blockchain networks. It uses the PoW consensus mechanism where miners solve puzzles to validate transactions and mint new coins.
Market cap: Over US$37 billion
Polkadot is an open-source, sharding protocol that facilitates the cross-chain transfer of any data or asset type, not just tokens, thereby making a wide range of blockchains interoperable with each other. This interoperability seeks to establish a complete decentralized and private web controlled by the users.
Market cap: Over US$104 billion
BNB is one of the few cryptocurrencies in the market to reach its peak after 2017. During that year, the price of all major cryptocurrencies rose to prominence, reaching a peak before diving towards a decrease in value. Unlike other cryptos, the Binance coin started slow but maintained a consistent trend upward after 2017. The crypto primarily focuses on maintaining a strong blockchain network.
Market cap: Over US$28 billion
Thanks to Elon Musk’s moniker as the ‘Dodgemaster’, that brought DOGE to the surface, after months of criticism for being just a meme coin. Nobody expected this coin to become legit and be considered a long-term investment by other crypto traders. DOGE rose to prominence this year and is one of the most cost-effective cryptos in the market. Several crypto analysts are considering dogecoin as a viable investment option.
Market cap: Over US$16 billion
Chainlink’s decentralized oracle network offers tamper-proof inputs and outputs for complex smart contracts on any blockchain. The crypto integrates third-party data into smart contracts. While smart contracts on ether respond to other asset rates, global events, and API calls, smart contracts in LINK are made smarter as it only responds to activities on its network. It is one of the primary data sources used to feed information to Defi applications.
Market cap: Over US$47 billion
XRP was created by the founders of the digital payment processing company Ripple. The crypto serves as a platform for allowing exchanges between both crypto and fiat currencies. Ripple is investing heavily in the NFT projects that use the XRP ledger, which is a public blockchain. Experts believe that this investment indicates that the crypto is positioning itself as another ‘Ethereum killer’.
Market cap: Over US$73 billion
Tether is a stable coin that mirrors the price of the US dollar. The token’s peg to the dollar is achieved by maintaining a sum of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills that are kept in reserve.
Market cap: Over US$52 billion
Cardano continues to remain one of the most popular cryptocurrencies due to its flexible network and fast transactions. Scalability, sustainability, and interoperability are some of its chief selling points. The recent upgrade in the network has enabled the facility to build smart contracts on its network.
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