Analytics Insight has listed the top 10 most valuable cryptocurrencies based on their price in the market.
Given the pace at which cryptocurrencies see rise and fall, the digital currency market is remarkably volatile. However, that doesn’t stop crypto investors from investing more money into the flourishing field. Even though cryptocurrency as a whole is seen as a source to reap profits, each cryptocurrency has its own distinct personality and technology behind it. Bitcoin is the first digital currency that made the world talk about other cryptocurrencies and the market as a whole. Its special features including instant transactions and decentralized nature brought in more users. Following the popularity of Bitcoin, other valuable cryptocurrencies also became the buzz of the web. Some of them have already managed to outperform Bitcoin in terms of speed and flexibility, offering more features and perks. However, before investing in cryptocurrencies, crypt investors should have basic knowledge of their current market conditions. Therefore, Analytics Insight has listed the top 10 most valuable cryptocurrencies based on their price in the market.
Top 10 most valuable cryptocurrencies based on their price
Bitcoin, the decentralized digital currency that functions without administrative authority, is considered the top cryptocurrency by investors. The growing interest in cryptocurrencies by people has brought Bitcoin to the mainstream, while also making many other digital currencies popular in the market. Even though Bitcoin’s growth rate is volatile and faces surge and plummet constantly, the cryptocurrency has marked growth of 276% in the last year alone. Recently, China has banned the mining of bitcoin owing to environmental concerns and its climate change goal. Bitcoin is also seeing a continuous decline after Weibo, a Chinese social media service blocked some crypto influencers’ accounts from its site.
Following the fall of Bitcoin, many other cryptocurrencies are engaging in the tough fight to take over its place. One such digital currency that saw drastic growth during a short period is Maker (MKR). Maker, the governance token of the MakerDAO and the Maker Protocol, has shot up 64.76% and emerged as the third best-performing cryptocurrency recently. Earlier in May, Maker announced a drive to make its community completely decentralized and announced key components to achieving that. Remarkably, the cryptocurrency’s stance also contributed to its price spike.
Ethereum functions on open-source, decentralized blockchain technology. Ethereum currently stands next to Bitcoin by market capitalization. Even though Ether has a smaller market cap than Bitcoin, it is the most widely-used blockchain. Cryptocurrency experts predict that Ethereum will soon take over Bitcoin and become the number one cryptocurrency. When the Bitcoin market was constantly undergoing the worst fluctuations, Ethereum saw the light wind, which was comparatively less. In May, Ethereum dropped by around 11%, but on a year-on-year scale, the digital currency seems to be beating bitcoin.
Bitcoin Cash, the spin-off or altcoin of Bitcoin is performing well in the market recently. Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as ‘peer-to-peer electronic cash.’ First developed in December 2017 as a result of a hard fork with Bitcoin to increase the number of transactions that could be processed, Bitcoin Cash was created to enhance Bitcoin’s ability. Even though Bitcoin and Bitcoin Cash works on the same technology, Bitcoin Cash has unique variations that make it stand out from the cryptocurrency crowd.
Kusama, the wild cousin of Polkadot is doing very well in the market recently. Even though its price dipped to a low of US$438 in the immediate aftermath of the market dip, the cryptocurrency regained its value and resumed its upward trend. Kusama made a significant rise of 33% and reached US$587.24. Kusama network was incarcerated by the same group of developers behind Polkadot with the aim to experiment the blockchain platform before moving to Polkadot.
Binance Coin, the cryptocurrency issued by Binance exchange, initially ran on the Ethereum blockchain and later evolved to become the native coin of the Binance chain. Even though the digital currency’s price continues to grind higher, it is struggling to break the US$433 mark. Unfortunately, Binance Coin also suffered the storm of Bitcoin and Elon break-up with the market sharply falling by over 15%. However, the cryptocurrency has recovered most of its losses recently and is maintaining stable growth.
Monero, a privacy-focused cryptocurrency, has experienced a surge of over 20% in a 24-hour span recently following a warning by the Australian Tax Office (ATO) that the agency has the ability to view transaction data from cryptocurrency exchanges and other businesses. However, this came as a boost after the digital currency faced a major fall of 50% in the first half of May, retreating after it edged past its previous all-time high from 2018.
Litecoin is a cryptocurrency launched in late 2011 by former Google and Coinbase engineer Charlie Lee. Litecoin is one of the popular altcoins that is currently at the 14th position by market capitalization, with a total value of more than US$12.3 billion. Remarkably, Litecoin stands out from other cryptocurrencies by experiencing wild swings during its first 10-year lifespan and it is managing to do well in the market today. However, as with many other digital currencies, Litecoin is also taking a roller coaster ride when it comes to its price.
Zcash is a unique cryptocurrency that provides a way of privacy to crypt investors. Unlike most digital currencies that make every transaction detail public, Zcash offers confidentiality to protect investors’ privacy and their financial history. Fortunately, users get the option to choose between making their transactions transparent and as well as private based on their preference.
Decred is a digital currency specifically designed to encrypt against scalability problems. The cryptocurrency makers were well aware of the issues bitcoin faced due to its confinement. Therefore, they created a cryptocurrency that prevents this kind of rift from happening in the future by giving the community a vote on the future currency. In the past fourteen days, Decred’s price went up by 39.43%, bringing a wave of positive impact to the digital currency.
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