The cryptocurrency industry has recently experienced substantial expansion, with various tokens and coins winning favor with traders and investors. One way to assess a cryptocurrency’s feasibility and potential is to look at its market capitalization, which represents the total value of all coins currently in circulation. In this post, we’ll look more closely at the top 10 tokens by market cap and give a quick rundown of their key traits.
Some of the most popular and traded cryptocurrencies on the market are represented in the top 10 tokens by market capitalization. Some of these are Bitcoin, Ethereum, Binance Coin, Dogecoin, Cardano, XRP, Tether, Litecoin, Polkadot, and Bitcoin Cash. These tokens have distinctive traits and qualities and have seen considerable growth in market capitalization.
So to help you better, we’ve listed an overview of the top 10 crypto tokens by market capitalization.
Editor’s Note: Every crypto token is unique, and so is its market movement. However, the ones mentioned in our list are the top tokens in terms of their market capitalization. So, while investing in these tokens, don’t miss out on any new opportunities.
Overview Of Top 10 Tokens By Market Capital
#1 Bitcoin (BTC)
Market Capital: $323 million
Bitcoin uses cryptography to maintain its security. Any governmental or financial organization has no control over this decentralized digital currency. It was started in 2009 by an individual or group under the identity of ‘Satoshi Nakamoto.’ Users can use bitcoins to buy goods and services, send and receive payments, and even keep their assets in a digital wallet. Transparency and fraud prevention is achieved by storing transactions on the Blockchain, a public ledger.
One of the main benefits of Bitcoin is the capability of peer-to-peer transactions without using an intermediary. Due to the lack of costs charged by conventional financial institutions, fund transfers are now quicker and more affordable. Despite the potential benefits, there have been issues with regulation and controversy around Bitcoin. There have been cases of hacking and fraud in the bitcoin industry, and its value might fluctuate. Nevertheless, Bitcoin is an advanced, dynamic technology with the potential to overturn current financial systems.
#2 Ethereum (ETH)
Market Capital: $152 million
The open-source, decentralized Ethereum Blockchain technology allows for the creation of smart contracts and decentralized apps (DApps). Vitalik Buterin founded it in 2013. As a result of enabling anyone to run programming on its decentralized platform, Ethereum is frequently referred to as a “global computer.” This program is a smart contract that enables the exchange of anything of value, including cash, assets, and digital material. The specifics of the agreement between the buyer and seller are explicitly written into lines of code in smart contracts. These agreements self-fulfill.
On the Blockchain network, the code and the agreements it contains are present. Ethereum is built on the idea of Blockchain, which records transactions across multiple computers in a decentralized, distributed ledger, making it difficult to modify the past without also changing all blocks that came after it and obtaining network consensus. Decentralized applications and smart contracts are created using Ethereum’s programming language, Solidity.
#3 Tether (USDT)
Market Capital: $66 million
Tether is a cryptocurrency designed to maintain a stable value relative to a particular fiat currency or other assets. Tether was created in 2014 by Tether Limited and intended to store and transfer value without the volatility often associated with other cryptocurrencies. Several Blockchain platforms are used to issue Tether, including Bitcoin’s Omni Layer, Ethereum, and Tron. Each Tether token represents a unit of fiat currency, such as the US dollar, Euro, or Japanese yen.
Tether tokens can be bought, sold, and exchanged similarly to other cryptocurrencies, but their value is intended to remain stable relative to the underlying asset. One of the key features of Tether is that it is “tethered” to a specific fiat currency or asset, meaning that its value is intended to remain stable and not fluctuate significantly in the way that other cryptocurrencies do. This stability is designed to make Tether a useful tool for storing and transferring value and to mitigate the risk associated with volatility in the cryptocurrency markets.
#4 USD Coin (USDC)
Market Capital: $44 million
Fourth on the list of top tokens by market capitalization is the USDC or USD Coin. Interestingly, this token also happens to be the second-largest stablecoin in the market. In terms of definition, USDC is a digital asset pegged in 1:1 terms with the digital dollar.
Regarding the token’s price movement, USDC’s performance is similar to that of the USD in the real world. Currently, the market has over $44 billion tokens in circulation and over 1.6 million holders. For its future, we expect USDC to be the go-to option for future currencies, making it a go-to option for investors of every size.
#5 Binance Coin (BNB)
Market Capital: $40 million
The Binance exchange developed the virtual currency known as Binance Coin that trades under the ticker symbol BNB. The worldwide largest cryptocurrency exchange is Binance Exchange, with a $7.6 billion trading volume as of Q2 2022. Since its first Ethereum Blockchain implementation that complied with ERC 20 in the past, Binance Coin has developed into the native coin of the Binance chain.
The strict cap for this initial coin offering (ICO), which began in July 2017, is 200 million BNB tokens. Angel investors received 10% or 20 million BNB tokens; the founding team received 40% or 80 million tokens; and everyone else received the remaining 50% or 100 million tokens.
Market Capital: $17.5 million
XRP is a digital asset for cross-border payment and settlement applications. It is the native digital asset of the XRP Ledger, an open-source, decentralized cryptocurrency platform. XRP was created by Ripple, a company that provides financial settlement services and solutions to banks and other financial institutions. XRP is designed to be a fast and efficient bridge currency for cross-border transactions, enabling the real-time transfer of value between countries and currencies.
It can facilitate cross-border payments, reduce the cost and time required, and increase financial access and inclusion by enabling financial institutions to offer real-time, low-cost payments to a wider range of customers worldwide. One of the key features of XRP is its high transaction speed. It can process thousands of transactions per second, making it much faster than many other cryptocurrencies. XRP is also highly liquid, meaning it can be easily converted into other currencies and is widely accepted by various exchanges and market makers.
#7 Binance USD (BUSD)
Market Capital: $9.5 million
Seventh on our list is the Binance USD; another stablecoin pegged in a 1:1 ratio with the US Dollar. However, the only difference between BUSD and USDC is that the latter is backed by centralized authorities of the states, whereas BUSD is backed by Binance, the world’s largest crypto trading platform.
Launched on September 5th, 2019, BUSD aims to meld the dollar’s stability with Blockchain’s stability. Over its short but comprehensive span, the token has been able to overtake the value of USD in several instances. This factor, backed by Binance’s performance as the leading crypto exchange, makes it a go-to option for several investors.
Market Capital: $9.5 million
Although it fundamentally differs from these well-known coins, it is a cryptocurrency like Bitcoin or Ethereum. At least in part, the creation of Dogecoin—derived from a once-famous meme—was intended as a humorous, practical joke for cryptocurrency enthusiasts. Dogecoin runs on an exclusive, distinct Blockchain.
The digital ledger of Dogecoin, protected by network encryption, is updated continuously with all new transactions. The Dogecoin Blockchain uses a proof-of-work consensus process, where miners use computers to carry out transactions and record them on the Blockchain by resolving challenging mathematical puzzles.
#9 Cardano (ADA)
Market Capital: $9.18 million
One of the largest cryptocurrencies by market cap is Cardano. It is intended to be a versatile, scalable, and endurable Blockchain platform for savvy contracts, allowing the invention of various decentralized financial applications, new cryptocurrency tokens, games, and more. In addition, the cryptocurrency on the Cardano Blockchain, called ADA, can be bought or traded on platforms like Coinbase.
Today, ADA can transmit and receive payments, store value (perhaps as part of your investment portfolio), stake coins, and pay transaction fees on the Cardano network. Cardano strives to become the most environmentally friendly Blockchain platform. It uses the revolutionary proof-of-stake consensus method known as Ouroboros instead of the energy-intensive proof-of-work strategy now used by Bitcoin and Ethereum.
#10 Polygon (MATIC)
Market Capital: $7 million
The 10th on our list of the top crypto by market capital is Polygon (previously Matic Network). This project is the first easy-to-use, a well-structured platform that can be used for scaling Ethereum and developing infrastructure over the network. Talking of its fundamentals, the token boasts the speed, clocking up to 65,000 per transaction.
Now, regarding its performance, MATIC has mostly been the talk of the industry for its updates. The project has a supply of 10,000,000,000 MATIC tokens, of which half are already in circulation. Overall, the token looks positive in the long term.
Editor’s Note: Takeaway Token With Great Potential
#11 Litecoin (LTC)
Market Capital: $5.46 million
Litecoin is a decentralized, open-source cryptocurrency that enables fast, cheap, and secure transactions. It was created in 2011 as a fork of Bitcoin to execute transactions more rapidly and cheaply than Bitcoin. Litecoin is based on a decentralized Blockchain, which records all transactions. Litecoin uses a proof-of-work algorithm to verify transactions and generate new blocks and is designed to resist the development of specialized mining hardware.
There are 84 million Litecoins in total fixed supply, which is four times the number of coins issued by Bitcoin. It also has a faster block generation time than Bitcoin, with a new block being created every 2.5 minutes on average, compared to every 10 minutes for Bitcoin. This faster block generation time allows Litecoin to confirm transactions more quickly than Bitcoin, making it potentially more suitable for small, secured transactions.
Now You Know
This brings us to the end of our overview of the top tokens by market capitalization. Remember, it’s essential to make wise investment choices, regardless of your familiarity with cryptocurrencies or trading. Lastly, it is crucial to comprehend the salient characteristics and potential of these top 10 coins.