Top 10 Cryptocurrencies and FAQs
The world of cryptocurrency can be overwhelming for beginners, with thousands of different cryptocurrencies to choose from. To help navigate this complex market, Forbes Advisor has compiled a list of the top 10 cryptocurrencies based on their market capitalization.
1. Bitcoin (BTC): Created in 2009 by Satoshi Nakamoto, Bitcoin is the original cryptocurrency with a market cap of £895 billion. Its price has seen significant fluctuations over the years, from £370 in May 2016 to around £45,313 as of July 11, 2024.
2. Ethereum (ETH): With a market cap of £294 billion, Ethereum is both a cryptocurrency and a blockchain platform known for its smart contracts and NFTs. Its price has ranged from £8 in April 2016 to £2,453 in July 2024.
3. Tether (USDT): Tether is a stablecoin pegged to fiat currencies like the US dollar and the Euro, with a market cap of £14 billion. It aims to maintain a value equal to one of those denominations, making it less volatile than other cryptocurrencies.
4. Binance Coin (BNB): Binance Coin, launched in 2017, has a market cap of £413 billion and has seen its price fluctuate from under 10p at launch to around £484 in July 2017.
5. Solana (SOL): Solana is a cryptocurrency designed for decentralised finance (DeFi) and runs on a unique hybrid proof-of-stake and proof-of-history mechanism. Its price started at £0.57 in 2020 and peaked at around £191 in October 2021.
6. US Dollar Coin (USDC): Another stablecoin pegged to the US dollar, USDC is powered by Ethereum and aims for a 1 USD to 1 USDC ratio. It can be used for global transactions and has a market cap of £14 billion.
7. Ripple (XRP): Created by the founders of Ripple, XRP is used on the Ripple network to facilitate exchanges of different currency types. Its price has ranged from £0.004 in 2017 to £1.19 in April 2021.
8. Toncoin (TON): Toncoin is the native currency of TON (The Open Network), a decentralised internet platform created by Telegram. It has a market cap of £14 billion and currently trades at £5.60.
9. Dogecoin (DOGE): Initially started as a joke in 2013, Dogecoin has gained popularity and has a market cap of £14 billion. Its price has ranged from £0.00016 in 2017 to £0.45 in May 2021.
10. Cardano (ADA): Cardano is known for its early embrace of proof-of-stake validation and smart contracts. Its price has ranged from £0.015 in 2017 to £2.06 in August 2021.
While these cryptocurrencies offer potential investment opportunities, it’s important to remember that cryptocurrency is unregulated in the UK, and investors should be aware of the risks involved. The Financial Conduct Authority has warned investors that they risk losing all their money when investing in cryptocurrency. It’s always advisable to seek appropriate financial advice before investing in any asset class.
