The fast-growing industry around the world has had a historic and revolutionary year in 2021, thanks to institutional and retail investors alike. El Salvador was the first nation to make bitcoin legal tender, paving the way for other countries to follow in its footsteps. There are a plethora of cryptocurrencies in use all over the world which is why newcomers find it challenging to consider which is the best. Add in the fact that some undiscovered cryptocurrencies can cause Feelings of inadequacy by skyrocketing in value by over 100% at times.
To remain sustainable on the cryptocurrency wave, let’s stick to a few tried-and-true options before branching out to other, lesser-known options, as crypto is one of the most trusted forms of currency used by various software providers, including GammaStack. To get you started on your cryptocurrency journey, here are ten of the most valuable cryptocurrencies that everyone should be aware of:
Bitcoin is the basic fundamental of them all, having been developed in 2009 by someone or some organization going by the name Satoshi Nakamoto. Bitcoin, like most cryptocurrencies, is based on a blockchain, which is a decentralized network of millions of systems that validates payment activities without the need for an intermediary.
Bitcoin is secure and resistant to hacking attempts thanks to extra principles such as proof of work. Its market valuation was over $882 Billion, with the price of a single Bitcoin growing from around $500 five years ago to over $45,000 today, representing an incredible 8900 percent return.
Ethereum is a decentralized cryptocurrency with the indigenous token Ether (ETH) and is also referred to as a commodity. If you’ve heard of NFTs being sold digitally, you’ve probably heard of the Ethereum blockchain being used. This is one of the most dependable technologies, constantly attempting to improve and maintain a competitive edge; its most recent project aims to reduce dependency on the oil dramatically.
It has also made incredible gains as a cryptocurrency, increasing from $11 to over $3000 in just half a decade, a phenomenal 27,000 percent return. With a market capitalization of roughly $357 billion, it is presently the world’s second-largest cryptocurrency.
3. Binance Coin
Binance Coin is the third most popular cryptocurrency today, with a market capitalization of approximately $86 billion. It may be marketed or converted for other cryptocurrencies like Ethereum or Bitcoin, and it can be used for transactions, transferring funds, and even booking trip reservations.
4. Cardano (ADA)
Cardano is one of the newest cryptocurrencies, but it has already built a name for itself as one of the most popular. It is well-known for using a revolutionary proof-of-stake technique to validate transactions that consume less power than bigger cryptocurrencies. Cardano seeks to become the global economic operating system by implementing Defi products comparable to Ethereum, as well as solutions for chain interconnection, voter fraud, and legal contract tracing. Cardano has a stock price of $42 billion as of December 2021.
5. Terra (Lunna)
Terra is a stable coin blockchain payment network that works by maintaining a balance between two types of cryptocurrencies. TerraUSD and other terra-backed stable coins are linked to the value of actual currencies. Luna, their counterbalance, is used to power the Terra platform and manufacture new Terra stable coins.
Luna stable coins and Terra stable coins work together based on supply and demand: Users are encouraged to burn their Luna to create more Terra stable coins when the price of a stable coin climbs above the value of its associated currency. When the value of the Luna stable coin dips in comparison to the base currency, users are encouraged to burn their Terra stable coins in order to manufacture more Luna. As the Terra platforms become more popular, Luna’s worth rises.
Polkadot (DOT) is a one-of-a-kind Proof-of-Stake cryptocurrency that aims to bring interconnectivity to other blockchains. Its protocol unites implemented and trustless blockchains, as well as prophets, allowing organizations to function together in one place. Polkadot’s relay network is a critical element that permits network standardization. For specialized use cases, parachains, or parallel blockchain technologies with their own national currency, are also an option.
Polkadot was founded by Gavin Wood, another of Ethereum’s major creators who had opposing views on the project’s destiny. Before the beginning of 2022, Polkadot was valued at roughly $25 billion, and one DOT is worth $25.17.
What started out as a sarcastic remark has turned into a $40 billion cryptocurrency. Here’s an interesting fact: Billy Markus and Jackson Palmer, two software programmers, founded Dogecoin in 2013. Two individuals Markus and Palmer apparently created the coin as a prank in response to the cryptocurrency industry’s rampant speculation.
The value of DOGE touched an all-time peak of $0.68 in the week that Elon was scheduled to appear on “Saturday Night Live.” As of December 2021, Dogecoin has a market capitalization of $22.8 billion, and one DOGE is worth around $0.17, creating one of the largest cryptocurrencies all over the world. Dogecoin’s value was $0.0002 in 2017 and is now $0.31, signifying a rise of 154900 percent in just five years!
Ripple, a digital technology company that acts as a channel for the conversion of multiple currencies, including fiat currencies and other significant cryptocurrencies, developed XRP. At the commencement of 2017, the worth of XRP was $0.006. Its price reached $0.83 on January 3, 2022, a gain of more than 13,700 percent.
Tether, which has a market capitalization of $64 billion, is a stable coin that is backed by fiat currencies like US dollars, making it more constant and predictable than other volatile cryptocurrencies. As of December 2021, it is regarded as the fourth-largest cryptocurrency by market valuation.
Last but not least, Solana, a cryptocurrency with a market capitalization of over $20 billion, has lately gained attention for its innovative hybrid proof-of-stake and proof-of-history features, which allow it to process transactions swiftly and safely. Solana was likewise introduced in 2020 at a price of $0.77, and it has since climbed by 9405 percent to trade at $73.19.
Despite the emergence of thousands of competitors, Bitcoin, the first cryptocurrency, continues to be the market leader in terms of usage and monetary value. As of December 2021, one bitcoin (BTC) was worth approximately $47,000, with a market capitalization of approximately $886 billion. There are several more significant cryptocurrencies out there that compete for user bases, market value, and long-term impacts, such as US Dollar Coin, Tezos, NEO, Dash, Stacks, NEM, Decred, and many more because cryptocurrency is the future of the growing world.