With the advent of cryptocurrencies, the entire financial world has changed. There are many different types of cryptocurrency in the market today. For a new investor, it becomes difficult to understand what type of crypto to invest in. To help you distinguish and understand the different types of cryptocurrencies, here are the five most popular cryptocurrencies on the market today.
Satoshi Nakamoto created Bitcoin in 2009, and it is the original and first cryptocurrency in the world. Commonly abbreviated to just BTC, Bitcoin functions on blockchain technology. This is a type of ledger that logs all the transactions that take place.
Bitcoin is one of the most popular cryptocurrencies on the market today. It is also leading the cryptocurrency markets in terms of the market cap. Five years ago, it was possible to buy a Bitcoin at just $500. However, as of August 2021, one Bitcoin sells for over $45,000.
Ethereum is a favourite in cryptocurrency markets because of its many potential applications. It is not only a type of cryptocurrency, but it is also the name of the blockchain platform. The biggest application of Ethereum is in non-fungible tokens (NFTs) and smart contracts.
Like Bitcoin, Ethereum has also experienced tremendous market growth. Five years ago, its price was just $11, while today, it sells over $3,000. As of August 2021, Ethereum was trading at $3,326.
Known as BNB, the Binance Coin is a type of crypto used to trade and pay on Binance. Binance is one of the biggest cryptocurrency exchanges in the world.
Launched in 2017, Binance Coin has grown rapidly. The growth of BNB has primarily been due to its use in carrying out trades on the Binance exchange platform. Today, BNB is also used for payment processing, trading, and even for making travel bookings.
Unlike the other kinds of cryptocurrency, Tether is unique. It is a stablecoin. A stablecoin refers to a currency that gets supported by fiat currencies like the Euro and US dollars. Tether is also favoured more by investors who remain wary of the extreme volatility of other cryptocurrencies like Bitcoin. As of August 2021, the market capitalization of Tether is over $64 billion.
Holding a market cap of over $69 billion, Cardano is famous for its proof-of-stake validation. Transactions on Cardano take place on ADA, the native coin of Cardano. The ADA token from Cardano has not experienced much growth when compared to other types of crypto. Nevertheless, it has had modest growth, and in 2017, a single ADA cost $0.02. In August 2021, it costs $2.11.
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