Cryptocurrencies are built on the parlance of a peer-to-peer network, and it comes in the form of a digital token or coin that is decentralized. Launched over a decade and a half back, Bitcoin is a popular cryptocurrency that also happens to be the major trendsetter with an ever-growing investor community.
Bitcoin leads the crypto-coin space in terms of investor base, market cap, and popularity. IN fact, it has become so popular that now a number of companies have started accepting Bitcoin as a mode of payment in the form of currency. Also, a few corporates like Tesla have started using Crypto as an investment instrument.
On that note, let us look at some of the other coins and their details.
Conceptualized in 2008 under Satoshi Nakamoto's pseudonym, Bitcoin(BTC) serves as the first cryptocurrency or coin to be formulated. It runs on a ledger or a blockchain through a decentralized system sharing bandwidth across a huge number of computers.
Bitcoin is designed with the use of a cryptographic puzzle, enabling it to be secured from fraudsters. It holds a market cap of $ 821billion in October 2021 and witnessed a staggering growth of 8,600 percent over five years, increasing from a price of $500 to reach $43,000 in September 2021.
It serves as a blockchain and cryptocurrency platform, a hot favorite among programmers and developers. Ethereum’s potential application called smart contracts stands out among developers. Small contracts are automatically executed when favorable conditions are met, serving as non-fungible tokens(NFT).
Ethereum experienced a skyrocketing growth of roughly 27,000percent from a price of $11 to reach nearly $ 3,000. It holds a market cap of nearly $ 355 billion.
It was launched in 2017 to facilitate trades on the Binance exchange but later expanded to smoothen the processing of payments, trading, and travel-related bookings. Binance Coin can be used for trading and paying fees on its exchange.
Binance Coin can be purchased for above $ 382 apiece, saw a massive growth of 382,000 percent. Its market cap is $ 64 billion.
Cardano popped up in the crypto world later, which is believed to reduce energy and transaction time. It sought to be environmentally friendly, and equally competitive and was developed to smoothen the already existing problems in Bitcoin platforms.
The market cap of Cardano is above $ 67 billion, with a price of$2.10 in September 2021. Over the years, it spiked up by 10,500 percent.
As it is backed by fiat currencies, Tether is a stable coin-like currency ranging from the U.S dollar and Euro, and Tether is pegged to similar and stable values like these currencies. Hence, the value of Tether is considered more stable and less volatile, and it serves a definite purpose for risk-averse investors. Tether holds a market cap above $ 68 billion.
XRP was founded by Ripple, a digital payment company that developed this coin in the same parlance. XRP exchanges different currency types digitally that including fiat currencies and also many cryptocurrencies.
Over the years, it grew by 15,700 percent to reach a pricepoint of$ 0.94 apiece on September 30, 2021, from $ 0.006 when it was initially launched.
Solana was developed in a hybrid mode facilitating proof-of-stake and proof-of-history models to enhance Defi, decentralized apps (DApps), etc. The idea behind the launch was to quickly and securely process transactions.
With the latest market cap valuation of over $ 41 billion, its price reached $ 140, posting a growth of 18,000 percent.
Polkadot connects blockchains of varying natures by creating a cryptocurrency network that works together. With its launch in 2020, Polkadotspurred stunning growth. In one year, it grew by 872 percent to reach a price of $ 25.61 from $ 2.93. It held a market cap of $ 28 billion.
Elon Musk, the first Gen Entrepreneur, revolutionized and sensationalized Dogecoin with a simple joke and tweet in 2013. Dogecoinbecame a household name in cryptocurrency or coin space with a worldwide investing community and creative memes.
Dogecoin posted growth of 101,800 percent over the past 4 years, priced at $ 0.20, increasing from $ 0.0002 in 2017. It held a market cap of nearly $ 26 billion on September 30, 2021.
As cryptocurrencies are open source, anyone can copy and tweak the codes, thereby creating a new coin altogether. The lack of regulation means investors are free to transact without much of a legal requirement. The cryptocurrency dynamics have grown over a decade with more promising and aspirational values.
But eventually, it is a market based on speculation. In order to be careful in this rapidly changing scenario, one needs to have quick access to the correct information. www.coingabbar.com is a platform that shares the right set of information for investors to take the right decision in time.