From the very famous Bitcoin and Ethereum to less known Tether and Dogecoin, there are thousands of cryptocurrencies in existence all with their own unique features which makes them different. All of these differences can be a bit overwhelming when you have just begun to enter the cryptocurrency world. In order to help you with this case and to help you acquire more information about the top cryptocurrencies, we have gathered 9 best cryptocurrencies to buy in 2021. The choices are picked based on the total value of their coins in circulation, their market cap and the overall popularity of the cryptocurrency in question.
Bitcoin was created and released in 2009 by an unknown person who is referred to as Satoshi Nakamoto. Bitcoin is actually the first and the original cryptocurrency. As with many other cryptos, BTC also runs a blockchain which is a ledger logging transactions divided among thousands of computers on the Bitcoin network. Additions to the blockchain have to be validated and verified first and this is done via a cryptographic puzzle (the process is called proof of work) and therefore the network is kept safe from fraudsters.
Bitcoin, currently has a market capitalization of over $641 billion. Its price has skyrocketed since 2015. About 5 years ago, each bitcoin was purchasable for the price of $500. However, those days are well over and with the insane growth of about 6,300%, each Bitcoin is worth more than $32,000 in 2021.
Ethereum is the second most popular cryptocurrency right now. It is much more than just a simple cryptocurrency platform. It is such a unique concept. In fact, Ethereum is the most favourite program for many developers mainly due to its potential applications which are more widely known as smart contracts. These contracts have the ability to execute a programmed result when the determined conditions are met. The way smart contracts work bears a close resemblance to how an if clause works.
Just like Bitcoin, Ethereum has experienced huge growth as well. In just 5 years, Ethereum has grown over 22,000% with its price going from near $11 to more than $2,500 which is a lot. The market cap of Ethereum right now is over $307 billion.
Unlike the rest of the cryptocurrencies in the market, Tether is what is called a stablecoin. It means that the cryptocurrency itself is backed by fiat currencies such as Pounds, Euros and Dollars. As a result, it always keeps a value equal to one of such currencies. Hypothetically, this means that Tether’s value is presumably more consistent than its other crypto counterparts and is mostly favoured by those who are not a fan of the extreme volatility that other cryptos possess. With that said, Tether is currently sitting at a market cap of more than $62 billion. It might not be as much as Bitcoin and Ethereum but it is still a huge number.
Binance Coin is a type of crypto asset that lets you trade and pay fees on its mother exchange, Binance, which is the single largest crypto exchange in the world right now.
Since it was created and launched in 2017, Binance Coin has grown to become a famous currency on Binance’s exchange platform which we talked about. Now, you can use BNB for such purposes as payment processing, trading, booking travel arrangements etc. there is also always the possibility of exchanging it for other types of cryptocurrencies like Bitcoin and Ethereum for instance.
Even though Binance Coin was worth only $0.10 in 2017 when it was first released to the public, in 2021, it had risen to more than $350. The growth percentage is massive by 350,000%. Binance Coin has a market capitalisation of $56 billion right now.
Cardano was quite late to come to the cryptocurrency scene but thanks to an early adoption of the proof of stake method of validation, it became highly famous. Due to this method, Cardano needs much less resources and greatly reduces the energy requirement and therefore the impact on the environment. Essentially, it removes the well-known competitive aspect of the transaction validation process that older cryptocurrencies such as Bitcoin and Ethereum use. Also, Cardano works kind of similar to Ethereum as it also enables users to use dApps and smart contracts which are powered by the platform’s native currency, ADA.
ADA has had somewhat modest growth in comparison to other major cryptos. While in 2017, ADA was about $0.02, it is now sold at $1.50 which puts Cardano at a 7,400% growth rate with a market cap of more than $51 billion.
Dogecoin initially started as a joke in 2013 and became famous thanks to celebrities, especially Elon Musk. Dogecoin grew as a result of a dedicated community and creative memes. This cryptocurrency is special in the sense of having no limit on how many Dogecoins can be created. This could become quite problematic as time goes on and the supply increases for it becomes highly vulnerable. Dogecoin was only $0.0002 in 2017 but with a growth rate of 159,000%, it is now worth $0.32 with a market capitalization of more than $44 billion.
XRP was created by the people who founded Ripple, which is a digital tech and payment processing company. In simple words, XRP is Ripple’s native currency and can be used to facilitate different exchanges including other cryptocurrencies and even fiat currencies. In early 2017, XRP was priced at $0.006 but as of right now, it is equal to $0.92. This puts XRP at 15,233% growth percentage and over $40 billion market cap.
Just like Tether, USD Coin is also considered as a stablecoin and it is backed by U.S. dollars. USDC is exchangeable as a 1 to 1 ratio, meaning 1 USD is equal to 1 USDC. USD Coin is actually powered by Ethereum and can be used to complete global transactions. It is currently at a market cap of over $23 billion.
Any number of blockchains can be used by cryptocurrencies. Polkadot’s goal is to combine them and create a network that connects multiple blockchains so that they are able to work together. This integration has the potential to completely change how people manage cryptocurrencies and this is why Polkadot has stimulated growth since its launch in 2020. Even though Polkadot is still fairly new, its price has grown from $2.93 to $20.95 in just one year. The currency is at $21 billion market capitalisation.
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