28 Jun Types of Cryptocurrencies: Top 10 coins in the market in 2022
There are thousands of different cryptocurrencies in the market which makes it an overwhelming choice when you’re starting off in the industry. We are here with a quick overview of the top picks of cryptocurrencies for this year. Our list is based on the market capitalization or the value of total coins in circulation.
What Is Cryptocurrency?
Cryptocurrency is a digital currency that can circulate without being monitored by a centralized network or the government. There are almost 20,000 cryptocurrency projects in the market right now. Some of which are well-known and popular. Let us have a look at that list for 2022.
- Bitcoin (BTC)
Market capitalization: 406 Billion USD
Developed in 2009, Bitcoin (BTC) is the original cryptocurrency. BTC operates on a blockchain where transactions are distributed across the network. New blocks are verified by solving a cryptographic puzzle that authenticates their credibility.
Bitcoin has significantly increased in price over the last six years. It has gone from 500 USD to 21,262 USD in a matter of years.
- Ethereum (ETH)
Market capitalization: 148 Billion USD
Ethereum has become popular for its smart contracts and non-fungible tokens. Its contract automatically runs as the conditions are met.
ETH saw great growth in the past 6 years as its price went from 11 USD to 1,218 USD.
- Tether (USDT)
Market capitalization: 66 Billion USD
Tether is a Stablecoin, which means it is backed by fiat currencies and keeps its value equal to them. This makes its value more consistent than cryptocurrency. It is the choice for investors to avoid unpredictability.
- U. S Dollar Coin (USDC)
Market capitalization: 55 Billion USD
USDC is a Stablecoin and is backed by U.S dollars. It aims to remain consistent at 1 USD is 1 USDC. It originates from Ethereum and can be used for transactions around the world.
- Binance Coin (BNB)
Market capitalization: 38 Billion USD
Binance Coin was initially developed to trade and pay fees on Binance which, to this day, proves to be the largest crypto exchange company. Since then, it has gone beyond just assisting with Binance transactions.
It is used for trading, payments, and other transactions on various platforms. It can also be traded for other forms of cryptocurrency.
At the time of BNB’s release, it was valued at 0.11 USD, now it stands at 237 USD.
- XRP (XRP)
Market capitalization: 17 Billion USD
XRP was created by the founders of Ripple which is known to be a payment processing company. It is used on the network to accommodate exchanges to fiat currencies and cryptocurrencies.
In the beginning, it was priced at 0.0006 USD, and today we witness it at 0.3611 USD.
- Binance USD (BUSD)
Market capitalization: 17.4 Billion USD
Binance USD is a Stablecoin that was founded to create a cryptocurrency backed by the U.S dollar. To maintain the value, Paxos, one of the founders, hold the amount of U.S dollars equal to the total supply of BUSD.
BUSD offers traders and crypto investors the ability to make transactions and be free from volatility.
- Cardano (ADA)
Market capitalization: 17 Billion USD
Cardano is mostly popular because of the Proof-of-Stake mechanism it operates on. This ensures speedy transactions and consumes less power. It works similarly to Ethereum and offers smart contracts and decentralized applications.
ADA has had a relatively average growth in comparison to other crypto coins. Over 4 years, it has gone from 0.02 USD to 0.55 USD.
- Solana (SOL)
Market capitalization: 13 Billion USD
SOL was launched to assist power decentralized finance uses, apps, and smart contracts. It operates on a hybrid of proof-of-stake and proof-of-history mechanisms.
At the time of its release, it was 0.77 USD, now it stands at 38.7 USD.
- Dogecoin (Doge)
Market capitalization: 9 Billion USD
Dogecoin began as a joke and quickly gained popularity as it became the talk of the town and the subject of many memes on the internet. There is no limit to the supply of Dogecoin which makes room for devaluation as the supply can increase.
Dogecoin’s price at the time of its release was 0.0002 USD. In 2022, it was last seen at 0.07 USD.
Please note that the market capitalization and current price of a cryptocurrency are subject to change.
In The End
As we have listed the top 10 cryptocurrencies of this year for you. It’s always recommended to check the market for an overview of the current situation before you make any considerations. These coins have shown immense growth in the last decade. However, volatility in the cryptocurrency industry is such that nothing is certain at any given time. If you plan on investing, bear in mind all the risks that entail with the attractive numbers you see of their values. It’s a walk on thin ice!