There are thousands of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started when you're new to the field. These are the top 15 cryptocurrencies to invest by market capitalization, or the sum of the value of all coins currently in circulation, to help you get your bearings.
1. Bitcoin (BTC)
Market cap: greater than $386.13 billion
The first cryptocurrency, Bitcoin (BTC), was developed in 2009 by a person using the alias Satoshi Nakamoto. Like the majority of cryptocurrencies, BTC is powered by a blockchain, which is a distributed ledger maintained by a network of thousands of computers. Bitcoin is kept secure and protected from fraudsters due to the requirement that updates to distributed ledgers be confirmed by resolving a cryptographic puzzle, a procedure known as proof of work.
2. Ethereum (ETH)
Market cap: greater than $166.43 billion
Ethereum, a blockchain platform and cryptocurrency, is a favorite among programmers due to its potential applications, including so-called smart contracts that automatically execute when certain conditions are satisfied and non-fungible tokens (NFTs).
3. Tether (USDT)
Market cap: greater than $68 billion
Tether is a stablecoin, which means it is backed by fiat currencies like US dollars, UK pounds, and Euros and theoretically maintains a value equal to one of those denominations, in contrast to some other types of cryptocurrencies. As a result, investors who are cautious of the severe volatility of other coins choose Tether because its value is theoretically expected to be more stable than that of other cryptocurrencies.
4. Binance Coin (BNB)
Market cap: greater than $47.80 billion
On Binance, one of the biggest cryptocurrency exchanges in the world, you may trade and pay fees using the Binance Coin cryptocurrency.
Since its introduction in 2017, Binance Coin has become more than just a means of executing deals on Binance's exchange platform. It is now possible to utilize it for trade, processing payments, or even making trip plans. It can also be exchanged or traded for different cryptocurrencies like Bitcoin or Ethereum.
5. U.S. Dollar Coin (USDC)
Market cap: greater than $44.56 billion
Like Tether, USD Coin (USDC) is a stablecoin that seeks to maintain a 1:1 USDC to USD backing. You can use USD Coin to carry out cross-border transactions because USDC is powered by Ethereum.
6. XRP (XRP)
Market cap: greater than $23 billion
The digital technology and payment processing business Ripple was founded by some of the same founders as XRP, which may be used on that network to facilitate swaps of various currency kinds, including fiat currencies and other significant cryptocurrencies.
7. Cardano (ADA)
Market cap: greater than $14.86 billion
Cardano entered the crypto world a little bit later than most, but it stands out by using proof-of-stake validation early on. By eliminating the competitive, problem-solving part of transaction verification found in systems like Bitcoin, this approach reduces energy consumption, increases transaction speed, and has a smaller negative impact on the environment. Similar to Ethereum, Cardano uses its native coin, ADA, to power smart contracts and decentralized apps.
8. Solana (SOL)
Market cap: greater than $28.44 million
Solana was created to support the use of decentralized finance (DeFi), decentralized apps (DApps), and smart contracts. It operates on a special hybrid proof-of-stake and proof-of-history mechanism that aids in the quick and secure processing of transactions. The platform is run by the native token of Solana, SOL.
9. Polkadot (DOT)
Market cap: greater than $6.5 billion
Any number of blockchains may be used by cryptocurrencies. Through the development of a cryptocurrency network that links the many blockchains so they can cooperate, Polkadot (and its namesake coin) intends to combine them. Since Polkadot's inception in 2020, this integration has sparked significant growth and may transform how cryptocurrencies are maintained.
10. Dogecoin (DOGE)
Market cap: greater than $8 billion
Famously created in 2013 as a joke, Dogecoin quickly gained popularity as a cryptocurrency thanks to a passionate community and clever memes. Dogecoins can be manufactured in an unlimited amount, unlike many other cryptocurrencies, making the currency vulnerable to devaluation as supply rises.
11. Avalanche (AVAX)
Market cap: greater than 5.19 billion $
According to Binance, Avalanche is a brand-new "layer one" blockchain that enhances the foundational protocol to increase system scalability. According to CoinMarketCap, it was established as an Ethereum rival by Ava Labs and computer experts at Cornell University, one of them, former professor Emin Gün Sirer, has a long history in cryptographic research.
The three distinct blockchains of Avalanche can independently validate transactions. Due to its scalability, Avalanche can process up to 6,500 transactions per second in high quantities. As a result, it's becoming more and more popular among Ethereum projects, according to U.S. News.
12. Chainlink (LINK)
Market cap: greater than $3.83 billion
According to CoinMarketCap, Chainlink uses a decentralized oracle network to provide safe communication between blockchains and external data feeds, events, and payment options, with the goal of enabling smart contracts to overtake other forms of digital payment.
13. Litecoin (LTC)
Market cap: greater than $3.68B
An early alternative currency called Litecoin was created in 2011 by Charlie Lee, a former Google engineer. It was a direct rival to Bitcoin that sought to reduce transaction costs and speed up cryptocurrency exchanges.
Peer-to-peer (P2P) virtual currency Litecoin allows rapid, cost-free payments that people or institutions can use. As a consensus technique, it makes use of Proof-of-Work (PoW).
14. The Sandbox (SAND)
Market cap: greater than $1.15 billion
The Sandbox is a digital Metaverse where users can play, create, own, and make money from their virtual adventures. It is a user-generated platform that enables anyone to produce content for the metaverse and earn money from it.
SAND is The Sandbox's original utility token and may be used in its ecosystem to create ASSET tokens, buy and sell ASSETs on the market, and take part in LAND transactions. The user-generated experiences that are part of the larger ecosystem can also be used with SAND.
15. Terra 2.0 (LUNA)
Market cap: greater than $324.19 million
Stablecoins, or coins linked to fiat currencies like the US dollar, South Korean won, and the International Monetary Fund's Special Drawing Rights currencies, were employed by the Terra Classic blockchain to power international payment systems, according to CoinMarketCap. The prices of the stablecoins on the blockchain were stabilized by their native coin, which is now known by the sign LUNC.
Terra, however, crashed and burned in the first few days of May, halted the cryptocurrency's successful year, and forced some cryptocurrency platforms into bankruptcy as a result of stablecoin volatility and general market trepidation.
After the crash, Terra launched Terra 2.0 (LUNA), a new blockchain without an algorithmic stablecoin, in an effort to stabilize the Terra ecosystem and aid investors who lost money in recovering some of their investment. Terra Classic was rebranded as Terra Classic (LUNC), the original network. In contrast to the LUNA coins included with Terra 2.0, LUNC coins are traded individually.
Note: the price may change at any time