Top 5 cryptocurrencies by market cap
Welcome to the current top 5 crypto list! Please keep in mind that the ranking below is based on market cap placement and does in no way reflect our interest in the tokens.
Cryptocurrency first made its global mark in 2009, and the revolution which began back then is what has inspired thousands of other crypto projects to follow. There are an estimated 4,000 cryptocurrency tokens and ICO projects in circulation; some failed, while others flourished through niche markets, but we'll be covering the top five today. So let's get started:
Bitcoin was first introduced to the world through a cryptography mailing list, which also entailed blockchain technology, in 2009 - the system that went on to inspire the entire space. Bitcoin was the first cryptocurrency to ever be created, however, the creator remains unknown. Bitcoin found growth through its peer-to-peer payment plan, offering the world a faster, more secure and more transparent system. The currency rose to highs of USD 20,000 in 2017, and it has been acting as the top true driver of cryptocurrency adoption ever since.
Not the first of its kind, Ethereum is forked from Ethereum Classic. The co-founder and face of Ethereum, Vitalik Buterin, went on to propose a better version of Ethereum Classic and found support as more moved to fork the chain by splitting hash power. Ethereum has utilized blockchain technology to enable more to use it; its platform allows people to create their own tokens through smart contracts. Ethereum is the first reputable example of an initial coin offering (ICO), which has now gone on to become a very popular form of project funding and investor recruitment.
A cryptocurrency working closely with banks to propel adoption. The cryptocurrency employs the same system of blockchain technology as the above-mentioned ones, simply offering a better and more efficient way of mining and verifying. Although XRP is considered a cryptocurrency, it lacks a few of the features that characterize blockchain. The supply and control of the cryptocurrency are not decentralized, meaning the Ripple company controls the tokens. Ripple uses this factor to appeal to banks. It has received great praise from celebs such as Ashton Kutcher, driving adoption forward.
Tether's value is meant to mirror this of the US dollar, which turns the cryptocurrency into a stablecoin. According to Tether's website, the stablecoin offers its users "protection from the volatility of cryptocurrencies", thanks to the fact that it is "anchored or 'tethered' to real world currency". However, if some see its backing by the US dollar as a unique selling point, others consider it to be concerning. Moreover, some believe that Tether isn’t always backed by the 1:1 ratio as claimed. Some of the concerns arise from the connection between exchange Bitfinex and Tether.
Another fork, Bitcoin Cash was pioneered and promoted by Roger Ver. There have been many forks of Bitcoin but the most prominently known, thanks to marketing, Bitcoin Cash, has taken the markets by storm. The cryptocurrency bumped its way to the top as it boasts faster, lower cost transactions. The token has been met with speculation from the community, but it has managed to maintain its top ranking.
And that's it for the top crypto list. Keep in mind these are just five of the thousands of cryptocurrency tokens available today. If any of the above isn't for you, that's okay.
Get involved in the revolution before it's too late, expand your knowledge and understanding of cryptocurrency as it reinvents the financial world. So much has happened since 2009, don't wait another 10 years to take back control.
The ranking is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.