Bitcoin is the first cryptocurrency to be introduced into the world. It was launched by an anonymous person in 2009. At that time, it didn’t have much recognition, as people were uncertain about what they would gain after investing in this decentralized digital currency. However, with time, as people started to know more about bit ql, they got more curious about its nature and started investing in it.
The term crypto has been taken of the unusual nature of the coin as it uses high-end cryptography to ensure a safe and decentralized method to transfer all around the world. Cryptocurrencies are generally developed as codes through a process known as mining.
How Many Cryptocurrencies Are There?
As of 2022, there are over 18,000 different types of cryptocurrency available in the market to invest in, with an approximate value of $2 trillion. Asia is the only continent with more than n times more crypto users than any other continent.
What Are The Types Of Cryptocurrency?
Every crypto uses the same methodologies when it comes to developing them. However, certain things make each one of these coins unique among all.
Coins are cryptocurrencies that use their independent blockchain. For instance, Bitcoin and Ether use their blockchain, which makes them coins.
Altcoins are referred to as coins other than bitcoin. At the same time, it may operate the same way as Bitcoin. However, there is a certain AltCoins that work differently, as they offer an unlimited supply of a cryptocurrency, wherein Bitcoin has a limited mining amount of up to 21 Million Coins.
Tokens are also decentralized digital currencies that you can buy and sell. However, miners depend on another blockchain’s infrastructure to create tokens.
What Are The Top 5 Cryptocurrencies?
As mentioned earlier, there will be over 18,000 cryptocurrencies available in 2022. But not every one of those coins is worth investing in as there are many things to consider. However, here are the top 5 Cryptocurrencies that have an outstanding Market value and will be worth investing in.
Bitcoin is the first cryptocurrency ever introduced in the world. Since the time of its introduction, it has remained the best and most expensive cryptocurrency of all time. Bitcoin was developed using its independent blockchain. However, as estimated by the inventor, there are only 21 million bitcoins in the world. As of 2022, the overall value of bitcoin is $$410,202,265,385. Out of the 21 million of digital assets, 18 million Bitcoins are already in circulation in the world. The saddest part is that the investors amnd traders would not be able to invest in or get their hands on 1 million because the inventor of BTC, Satoshi Nakamoto has the digital currencies separately with him.
Ether works in a similar way to Bitcoin which runs on blockchain technology. However, unlike bitcoin, Ether doesn’t have a limited number; the miners can mine unlimited ether coins. Furthermore, ether also supports smart Contracts. It has a market cap of $150,833,549,828.
Tether is the world’s first stablecoin. It means it is designed to have a regular price being interlinked with actual currency, in this case, American Dollar. Being linked with the American Dollar, it differs from other cryptocurrencies regarding price volatility. However, there are also certain debates and doubts about whether Tether is indeed backed by the dollar or not. The current market cap of Tether is around $66,837,248,865.
USD Coin is a stablecoin, just like Tether. The objective of the USD coin is to remove some complications and risks that are associated with crypto allowing users to withdraw their crypto and receive the amount of money in exchange for those coins.
It offers a reduced transaction fee to the users who use BNB to pay. It has encouraged the users to turn to the Binance coin, which has eventually resulted in Binance being one of the world’s largest Cryptocurrencies.
Cryptocurrency has changed many aspects of trading as it has become one of the most common commodities for investors to invest in. However, make sure to trade only in the platform that is reliable and trustworthy, one such platform that offers extensive knowledge, advantages, and vantage point to the investors who are looking to invest in crypto.