The realm of cryptocurrency unfolds as a fresh breed of digital currency, meticulously crafted through intricate encryption algorithms. This novel form of currency introduces an ingenious pathway for executing transactions that transcend traditional payment approaches. By harnessing the prowess of encryption techniques, crypto not only assumes the role of a currency but also embodies the essence of a virtual bookkeeping system. To actively participate in the realm of cryptocurrency, having a specialized digital wallet designed explicitly to oversee your virtual holdings is of utmost importance. These wallets can be software-based, either as cloud-based services or stored on your computer or mobile device. Functioning as a protective fortress, a digital vault serves as a robust defense to uphold encryption keys. These encryption keys hold paramount significance in authenticating your identity and forging an indispensable connection to the entirety of your crypto portfolio.
Cryptocurrencies are still relatively new and the market for these digital coins is highly volatile. Since cryptocurrencies don’t require banks or any other third parties to regulate them, they are not backed by collateral, and converting them into physical currency can be challenging.
Here’s a look at the largest cryptocurrency prices in terms of total dollar value, market capitalization, or market cap:
1. Bitcoin (BTC)
• Price: $26,053
• Market Cap: $507 billion Bitcoin is the pioneer of the cryptocurrency era and is still often referred to when people discuss digital currency. Its enigmatic creator, supposedly Satoshi Nakamoto, initiated the currency in 2009, setting it on a roller-coaster journey ever since. Although it gained less popularity until around 2017, it remains a significant player in the crypto market.
2. Ethereum (ETH)
• Price: $1,670
• Market Cap: $201 billion Ethereum, a cryptocurrency platform, is another name you’re likely to hear when talking about the crypto space. Although enabling the utilization of its own currency called Ether for diverse functionalities, Ethereum’s integration of smart contracts has significantly contributed to its rise in prominence as a flexible digital token.
3. Tether (USDT)
• Price: $1.00
• Market Cap: $83 billion Tether is pegged to the value of one US dollar. It’s considered a stablecoin, where stablecoins are tied to a specific asset’s value, in this case, the US dollar. Tether frequently serves as an intermediary when traders shift between different cryptocurrencies, providing a convenient temporary option instead of converting back to traditional currency like dollars.
4. BNB (Binance Coin)
• Price: $209.13
• Market Cap: $32 billion BNB, issued by Binance, one of the world’s largest cryptocurrency exchanges, started as a token for discounted trading fees. Nevertheless, it has now expanded its utility beyond trading and can be employed for a diverse range of transactions and services.
5. XRP (XRP)
• Price: $0.5246
• Market Cap: $28 billion Previously known as Ripple, XRP was created in 2012 to facilitate real-world transactions with various traditional currencies. It enables borderless transactions and utilizes an inherently trust-free mechanism for payments.
6. USDC (USD Coin)
• Price: $1.00
• Market Cap: $26 billion Similar to Tether, USDC is another stablecoin tied to the US dollar. Its creators claim it’s backed by fully reserved assets or “assets with equivalent fair value” and held in regulated US institutions.
7. Cardano (ADA)
• Price: $0.2666
• Market Cap: $9 billion Cardano, a cryptocurrency platform named after Ada Lovelace, co-founder of the first computer program, incorporates smart contracts for identity management.
8. Dogecoin (DOGE)
• Price: $0.06248
• Market Cap: $9 billion Originally created as a joke following Bitcoin’s rapid rise, Dogecoin is named after the Shiba Inu dog meme. Unlike several cryptocurrencies with a capped number of coins, Dogecoin has unlimited issuance.
9. Solana (SOL)
• Price: $21.18
• Market Cap: $9 billion
Launched in March 2020, Solana is a new cryptocurrency that boasts speed in transactions and the strength of its “web-scale” platform. The digital currency, identified as SOL, boasts a capped circulation of 480 million coins in total.
10. Tron (TRX)
• Price: $0.07469
• Market Cap: $7 billion
Introduced by Justin Sun in September 2017, Tron is a blockchain-based ecosystem focused on decentralizing the internet through blockchain technology and decentralized apps. According to CoinMarketCap.com, Tron hosts one of the largest circulating supplies of stablecoins in the world.
11. Polkadot (DOT)
• Price: $4.46
• Market Cap: $5 billion
Launched in May 2020, Polkadot is a digital currency that integrates blockchain technology from various cryptocurrencies. A key figure among the creators of Ethereum is associated with Polkadot, and there’s a perspective that Polkadot intends to contest Ethereum’s supremacy within specific sectors.
12. DAI
• Price: $0.9998
• Market Cap: $5 billion
DAI is a stablecoin backed by the Ethereum blockchain. Founded by Danish entrepreneur Rune Christensen in 2017, DAI received a $15 million investment from venture capital firm Andreessen Horowitz a year later. The designation DAI is drawn from a Chinese character linked to the concept of lending, adding a distinctive touch to its identity.
Additionally, since cryptocurrencies are technology-based intangible assets, they can be susceptible to hacking, similar to any other intangible technological asset. Lastly, as you store your cryptocurrencies in a digital wallet, losing access to your wallet (or its backup) means losing your entire cryptocurrency investment.
For the security of your cryptocurrencies, consider these suggestions:
• Understand before you leap! Prior to delving into cryptocurrency investments, ensure you have a grasp of its functioning, its potential utility, and the mechanics of its transactional processes.
Read up on the currency’s webpages (like Ethereum, Bitcoin, or Litecoin) so that you have a complete grasp of its functioning, and also read independent articles on the cryptocurrencies you are considering.
• Use a trustworthy wallet. Engaging in comprehensive research is vital to ensure the choice of a wallet that best matches your individual needs and preferences. If you choose to manage your cryptocurrency wallet with a local application on your computer or mobile device, you’ll need to secure that wallet at a level suitable for your investment. Just like you wouldn’t carry ten million dollars in a paper bag, don’t opt for an unfamiliar or less-known wallet for the security of your cryptocurrency. You want to ensure you use a trusted wallet.
• Have a backup strategy. Consider what would happen if your computer or mobile device (or wherever you keep your wallet) gets lost or stolen, or if you can’t access it. In the absence of a backup plan, the risk of losing your investment increases since you lack the means to restore your cryptocurrency holdings.
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