Bitcoin and Other Biggest Names in Cryptocurrency World
The creation of Bitcoin in 2008 and its introduction to the market in January 2009 has made its way to the emergence of other cryptocurrencies. In fact, there are already more than 10,000 cryptocurrencies in existence. If you are a novice in this digital industry, it is important that you have knowledge about the major names in the cryptocurrency world. Among the thousands of crypto out there, only a few have made it to the top.
Here are the top 10 biggest names in the crypto world:
Bitcoin. According to CoinDesk, as of this day, 10th of November 2021, 1:42 pm, the price of a single Bitcoin is equivalent to $67,842.30.
Bitcoin is considered the first, the original and the largest cryptocurrency in the market. It was launched in 2009 and was invented by a person or a group of individuals masked under a pseudonym, Satoshi Nakamoto. It was created with the specialised technology called “the blockchain”, which serves as a decentralised public ledger that records all data and transactions.
Blockchain technology is the foundation of all cryptocurrency technologies. Most of the cryptos in the market have software similar to or based on Bitcoin’s blockchain.
Ethereum. Also known as the world’s second-largest cryptocurrency next to Bitcoin. Ethereum has proven to its competitors that it can withstand the test of time, considering the price swings and fluctuations. As of November 10, 2021, at exactly 11:10 am, the price of 1 Ether is equivalent to $4,737.08. Although its market cap may not be as high as BTC, Ethereum has proven its worth not as a rival but as a type of cryptocurrency that coexists with Bitcoin in terms of its purpose. Its smart contracts technology is used to process and verify transactions without the need of a middle man or intermediary.
Ethereum was founded by a programmer and developer, Vitalik Buterin, in 2013. It was first introduced in the market in July 2015.
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Litecoin. This crypto is one of the digital currencies that followed Bitcoin’s footsteps. As Bitcoin is considered the “digital gold”, Litecoin is also referred to as “the silver to Bitcoin’s gold”. It was invented by an MIT graduate and a former Google engineer named Charlie Lee and was first launched in 2011.
Just like Bitcoin, it also works as a decentralised payment network that utilises the scrypt as a proof of work. It can be mined through consumer-grade computers or CPUs.
Although its technology is blockchain-based, users often commend its block as being faster and more efficient compared to Bitcoin. In terms of adaptation, more and more merchants began to recognise LiteCoin as a form of payment to purchases of products and services. As of November 10, 2021, at exactly 12:04 pm, the price of 1 Litecoin is equivalent to $289.38.
Cardano. Cardano was designed with the collaboration of engineers, cryptography experts and mathematicians as part of the research-based project. The crypto was co-founded by one of the initial co-founders of Ethereum, Charles Hoskinson. After leaving Ethereum due to some disagreements, he finally decided to create another cryptocurrency which is now the Cardano(ADA). The backbone of Cardano comprises 90 papers on blockchain technology tackling a range of topics.
It may not be in the highest rank, Cardano surpasses other cryptocurrencies in terms of its technology due to the rigorous process on how it was designed. Its blockchain is more capable and more powerful compared to its proof-of-stake peers and was dubbed as Ethereum killer.
However, it is said that due to its newness in terms of blockchain technology, some say that it still has a long way to go. One ADA trades for $2.22 as of November 10, 2021.
USD Coin. This cryptocurrency is another stablecoin that was first launched in September 2018 by the crypto exchange Coinbase and the peer-to-peer company Circle. Just like any other type of stablecoin, USD Coin aims to establish stability in cryptocurrency. It is currently trading at $0.9996 per coin and has a market capitalisation of $9.12bn.
Tether(USDT). Originally, it was dubbed as Realcoin. It was launched in the market in 2014 as the first-ever cryptocurrency backed by the US dollar. It is also known as a stablecoin due to its stability since it is tied with fiat money. According to CoinDesk, it has a market cap of $37.6 billion, and 1 USDT currently trades for $1.
ChainLink. This cryptocurrency is an Ethereum-based token that was invented by Sergey Nazarov. It was first launched in 2017, facilitating the utilisation of contracts that connect to various payment systems. As of November 2021, 1 ChainLink trades at $34.72 and bears a market cap of $31.4bn.
Bitcoin Cash. Bitcoin cash is bagged as the largest Bitcoin fork due to its market cap of $10.2bn. It was invented by Amaury Sechet, a former Facebook engineer, and was launched in 2017. As of November 2021, a single Bitcoin cash trades for 712.07 USD.
Ripple(XRP). This digital currency has gained popularity with banks and other financial institutions. It was created by Ripple Labs – a blockchain company and launched in 2012. As of today, November 10, 2021, 1 XRP is equal to $1.29.
The takeaway
Among the hundreds of cryptocurrencies and thousands of alternative coins in the market, only a few were able to survive and made it to the top. Most of these cryptocurrencies emerged with better technologies, and some presented themselves as improvised versions of Bitcoin. While some have features that appear more impressive, others are yet to prove themselves.
With regards to crypto investments, you should know that besides Bitcoin, there are also good alternative coins that you may try out. It is important to examine their features first in order to better understand how it works and whether you will be able to gain profit out of your chosen digital currency. Study the trading volumes and the price movements of each cryptocurrency to avoid committing impulsive decisions.
As the cryptocurrency world continuously grows and expands, expect that a new generation of digital coins will emerge in the future. And who knows? Will they be another so-called shitcoins? Or perhaps even surpass the best technology of cryptocurrencies today?
