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Tips: These are the five largest cryptocurrencies by market capitalization – News

Only a handful of the cryptocurrencies are relevant. Photo: unsplash

There are currently around 10,000 cryptocurrencies. The market capitalization gives an indication. These are the top ten, alongside Bitcoin, Ethereum and Cardano.

The crypto market is still on the upswing. There is a comparison at The market capitalization of all digital currencies hit the $ 2 trillion mark in mid-August. That was the first time since May when she crashed. Recently that figure fell to $ 1.625 trillion.

For comparison: Russia’s gross domestic product in 2020 was 1.47 trillion dollars.

Most of the market capitalization is still made up of Ether and Bitcoin, the largest cryptocurrencies. However, Cardano and Solana have seen a sharp surge in market capitalization over the past few weeks. They have also risen in the rankings of the most popular cryptocurrencies.

Bitcoin still has the largest market capitalization. The rest of the market capitalization of cryptocurrencies is split among 10,000 others. Only a handful of these cryptocurrencies are relevant. Market capitalization is an important metric that will help you filter out the top ten cryptocurrency exchanges. The ratio is roughly the same even if it fluctuates daily as the crypto market can be volatile.

Rank 5 – Binance Coin (BNB)

Binance Coin is the cryptocurrency associated with the Binance Coin. The latter has recently been the subject of media attention as UK authorities accuse the company of offering financial transactions without the required licenses. Binance was then forced to cease part of its business operations. Recent changes have made it impossible to make Sepa payments in euros.

In an email to users of the exchange, Binance stated that this move was caused by “events beyond our control”. Regulators in many countries have targeted Binance.

Binance currently has a market capitalization of $ 66.7 billion, making it fifth among the most valuable cryptocurrencies.

4th place: Tether (USDT)

Like the USD coin, Tether is also a stablecoin that is linked to the development of the dollar. Since the dollar exchange rate fluctuates only slightly, Tether is one of the more stable cryptocurrencies. This is intended to give crypto investors security for a possible investment.

There has been a lot of criticism of the Tether model since its inception. It relates both to the basic structure – only one company issues the currency – and to the opaque background.

Tether is connected to Bitfinex via a joint CEO. There are European bosses as well as Asian offices and addresses in the Caribbean. This has sparked skepticism in the crypto community.

Tether Limited has been tried in the United States. The reason was whether the stablecoin reserves are sufficient. Both institutes had to give the New York attorney general’s office access to their books.

The allegations: Bitfinex is accused of secretly borrowing $ 850 million from Tether Limited to fill its own coffers. The deal included a $ 18.5 million fine and a requirement that Tether submit quarterly reports on its reserves.

Tether is increasingly viewed with suspicion in the industry. Michael Geike, the CEO of Berlin-based cryptocurrency company Advanced Blockchain AG, confirms that Tether could pose a systemic threat in the long run. Because it could be that Tether is suddenly being sold en masse and dollar coverage is not guaranteed, which would have a major impact on the entire crypto market. That’s why he relies on USDC.

However, Tether’s market capitalization is very high. It currently stands at just under $ 68.3 billion, making it fourth among the most popular cryptocurrencies. On January 1, 2021, its market capitalization was $ 21.1 billion.

3rd place – Cardano (ADA)

Cardano is third in the list of the largest cryptocurrencies in 2021. Cardano, a blockchain technology-based cryptocurrency, was created in 2015 by Charles Hoskinson, co-founder of Ethereum. Cardano is a scientifically researched cryptocurrency that seeks to solve all current problems of blockchain currencies.

The Cardano Foundation is the sponsor of the project. It is based in Zug, Switzerland. This city is known as the “Crypto Valley” of Europe. The global transfer of value is made possible by the in-house crypto currency called ADA. Cardano is still under development.

Cardano’s market capitalization is currently $ 77.3 billion. This is an increase from early 2021. On January 1, 2021, the market capitalization was $ 5.45 trillion. With a market capitalization of $ 95.02 billion, the cryptocurrency peaked on September 4, 2021.

2nd place – Ethereum

Ethereum is the second largest cryptocurrency with a market capitalization of over $ 380.1 billion. It is now more than $ 300 billion ahead of Cardano, which is in third place.

Blockchain technology is the basis of the digital infrastructure. The network can store services and contracts as well as trading in the cryptocurrency Ether. Smart contracts, also called smart contracts, automatically execute programmed agreements when the conditions set in the code are met.

Experts see the first signs of an “old season” in the development. This is a period in which Altcoins – an acronym for alternative cryptocurrencies to Bitcoin – are experiencing a significant upswing.

Ethereum was presented at the North American Bitcoin Conference in Miami in January 2014. Since then, Ethereum has become the second most popular cryptocurrency.

1st place – Bitcoin (BTC)

Bitcoin currently tops the list of the world’s largest cryptocurrencies for 2021. Its current market capitalization is $ 842.3 billion. That value has fallen sharply since Bitcoin’s all-time high on April 14, 2021 with a price of $ 64,895 per Bitcoin. As billions of dollars were withdrawn from the cryptocurrency, its market capitalization also fell. However, since July the Bitcoin price has recovered strongly and the market capitalization is heading towards an all-time high.

The market capitalization of the oldest cryptocurrency, Bitcoin, peaked on April 14, 2021 at $ 1.179 trillion. These two values ​​make up over 80 percent of the total market capitalization of cryptocurrencies when you add the market capitalizations of Ethereum and Bitcoin.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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