Largest cryptocurrencies by market cap

1. Bitcoin (BTC)
Price: $ 18,119.10
Market cap: $318 billion

As the harbinger of the cryptocurrency era, Bitcoin
is still the coin people generally reference when they talk about
digital currency. Its mysterious creator — allegedly Satoshi Nakamoto —
debuted the currency in 2009 and it’s been on a roller-coaster ride
since then. However, it wasn’t until 2017 that the cryptocurrency broke
into popular consciousness.

2. Ethereum (ETH)
Price: $1,190
Market cap: $146 billion

Ethereum
— the name for the cryptocurrency platform — is the second name you’re
most likely to recognize in the crypto space. The system allows you to
use ether (the currency) to perform a number of functions, but the smart contract aspect of Ethereum helps make it a popular currency.

3. Tether (USDT)
Price: $1.00
Market cap: $66 billion

Tether’s price is anchored at $1 per coin. That’s because it is what’s called a stablecoin.
Stablecoins are tied to the value of a specific asset, in Tether’s
case, the U.S. Dollar. Tether often acts as a medium when traders move
from one cryptocurrency to another. Rather than move back to dollars,
they use Tether. However, some people are concerned that Tether isn’t
safely backed by dollars held in reserve but instead uses a short-term
form of unsecured debt.

4. USD Coin (USDC)
Price: $1.00
Market cap: $44 billion

Like Tether, USD Coin is a stablecoin pegged to the dollar, meaning
that its value should not fluctuate. The currency’s founders say that
it’s backed by fully reserved assets or those with “equivalent fair
value” and those assets are held in accounts with regulated U.S.
institutions.

5. BNB (BNB)
Price: $244.54
Market cap: $39 billion

BNB is the cryptocurrency issued by Binance,
among the largest crypto exchanges in the world. While originally
created as a token to pay for discounted trades, Binance Coin can now be
used for payments as well as purchasing various goods and services.

6. XRP (XRP)
Price: $0.346
Market cap: $17 billion

Formerly known as Ripple and created in 2012, XRP offers a way to pay
in many different real-world currencies. Ripple can be useful in
cross-border transactions and uses a trust-less mechanism to facilitate
payments.

7. Binance USD (BUSD)
Price: $1.00
Market cap: $17 billion

Binance USD is a dollar-backed stablecoin from top crypto exchange Binance
in partnership with Paxos. Binance USD was launched in 2019 and is
regulated by the New York Department of Financial Services. BUSD runs on
top of the Ethereum blockchain.

8. Dogecoin (DOGE)
Price: $0.07033
Market cap: $9 billion

Originally created as a joke after the run-up in Bitcoin, Dogecoin
takes its name from an internet meme featuring a Shiba Inu dog. Unlike
many digital currencies limiting the number of coins in existence,
Dogecoin has unlimited issuance. It can be used for payments or sending
money.

9. Cardano (ADA)
Price: $0.2447
Market cap: $8 billion

Cardano
is the cryptocurrency platform behind ada, the name of the currency.
Created by the co-founder of Ethereum, Cardano also uses smart
contracts, enabling identity management.

10. Polygon (MATIC)
Price: $0.7782
Market cap: $7 billion

Polygon is a cryptocurrency that focuses on being accessible to those
creating digital apps and scales up the Ethereum cryptocurrency. It was
previously known as Matic and was formed in 2017, though switched its
name to Polygon in 2021.

11. Dai (DAI)
Price: $1.00
Market cap: $6 billion

Launched in 2017, Dai is another stablecoin that pegs its value to
the U.S. dollar. The crypto is based on the Ethereum blockchain and uses
a system of smart contracts to maintain that valuation

12. Tron (TRX)
Price: $0.05424
Market cap: $5 billion

Tron is a prominent blockchain-based platform that aims to build the
infrastructure to decentralize the internet. It supports the creation of
coins (TRX) by content makers on the Tron network to facilitate file
sharing and the distribution of dApps.

Bottom line

The cryptocurrency market is a Wild West (although the U.S. government is set to take a more active role in overseeing the crypto space),
so those speculating in these digital assets should not put in more
money than they can afford to lose. Volatility has been intense, with
crypto assets facing downward pressure for much of 2022. And individual
investors can be trading against highly sophisticated players, making it
a fraught experience for novices.

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