Dec 23 (newsonjapan.com) - Cryptocurrency is the new talk of the investment market these days.
This digital payment system grew popular because it does not need verification from banks for transactions. In this era of digitalization and the instant shift the world has witnessed the unexpected rise of virtual platforms, cryptocurrency is aides by this evolving era.
Cryptocurrency is changing the dynamics of the cashless payment system. Hence, it becomes a must to know everything about the oil trader system in today's time. The first step towards learning about cryptocurrency would be to understand what the top cryptocurrencies are and the reason behind their position and fame. One of the best ways to determine the value of cryptocurrencies and decide which one would be on top is by analyzing their market caps.
Based on these numbers and statistics, here are the top five cryptocurrencies That you can choose to trade. Read on to know further.
Bitcoin
- The first cryptocurrency, Bitcoin, still reigns on the first position of the list of top digital currencies. This digital currency was created in 2009 and has managed to maintain its popularity since then.
- The popularity of Bitcoins is directly related to its claims to offer fewer transaction fees compared to other online payment systems that exist. Another difference between a normal online transaction system and Bitcoin is that any government authorities do not own Bitcoins- decentralized bodies own them.
- This digital currency is secure due to the usage of cryptography. Since cryptocurrencies do not rely on banks to verify transactions, the verification is carried out by heavy loads of computing. This mode of verification of all the transactions through Bitcoins is termed mining.
Ethereum
- Next comes Ethereum in the list which falls under the category of top cryptocurrencies.
- Ethereum was created in 2013, and of the overall market cap of this cryptocurrency is almost half of Bitcoin.
- Ethereum is particularly useful for deploying smart contracts. Smart contracts are computer-based programs that facilitate the exchange of assets between two people.
Binance Coin
- Among all the popular cryptocurrency, Binance Coin is known to be one the 3rd popular cryptocurrency exchange in the world that just became popular right 180 days after its launch This digital coin is used for Binance exchange. It grew popular for offering lower transaction and trading fee payments than when operating on traditional online payment systems.
- Created in 2017, Binance Coin was initially created to run on the blockchain of Ethereum. Binance Coin is now running on its native blockchain- the Binance chain.
- With over 500 traders globally, many cryptocurrencies are supported on Binance.
Tether
- One the fourth position in the list of the top cryptocurrencies today, Tether shows up in the picture. Even with a market cap of just about $73 billion, it is one of the best stable coins out there in the cryptocurrency investment market.
- Launched in 2014 with the name RealCoin, this digital currency took the name of Tether later that year itself. The most attractive feature of Tether is its feature where the cryptocurrency can be redeemed as a dollar. For instance, if you have 45USD in Tether (45USDT), an investor can convert it into 45 USD.
- Now that many platforms and countries have started to accept stable coins as payment modes, the popularity of tethers is growing every single day. This particular type of cryptocurrency can be used everywhere, starting from shopping to trading- the transaction merely takes minutes to complete.
Solana
- Solana falls under the category of top performing cryptocurrenciesof 2021, the cryptocurrency is an open-source project run by the Solana foundation. It was created in 2017 and is designed to host scalable and decentralized applications.
- With the possession of high-speed transactions and a market cap of about $65 billion, this digital coin shows immense growth potential. Solana has witnessed a growth of about 600% in recent years.
- The popular cryptocurrency Solana hosts many respected traders and investors and is a platform for diverse participants.
